reports
- Research Team
WOOD Daily: DSPW CP; DIA PW; DOM PW; GTC PW; TXT PW; EU Oil and Gas Mo...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: ZAB PW; PCF PW; RBW PW; Polish utilities; TEN PW; HUG PW; ...
HEADLINES: • Zabka Group: 2026-28E rollout targets raised to 1.3k stores p.a.; dividend policy announced POSITIVE • PCF Group: 2Q25 losses deeper qoq on lower revenue and material write-offs • Rainbow Tours: consolidated August sales +17.6% yoy, driven by Paralela 45 acquisition; stand-alone sales +7.9% yoy POSITIVE • Polish utilities: electricity sales tariffs for 4Q25 set at PLN 573/MWh POSITIVE • Ten Square Games: September Sensor Tower bookings estimates flat mom, improvement in core games N...
- Research Team
WOOD Daily: ALE PW; CZG CP; MAVI TI; ECH PW; APR PW; LAMDA GA; GEV CP;...
HEADLINES: • Allegro: 1Q25 results spot on our expectations; lower bound of FY25E guidance increased POSITIVE • Colt CZ Group: 2Q25 results – slightly below the consensus; no changes in FY25E guidance • Mavi: 2Q25 results miss expectations; 2025E guidance lowered NEGATIVE • Echo Investment: 2Q25 – sales could unlock net cash equivalent to one-third of market cap • Auto Partner: 2Q25 EBITDA broadly in line with our and the market's expectations NEUTRAL • Lamda Development: 2Q25 – yield compressio...
- Research Team
WOOD Morning (17 September 2025)
HEADLINES: • Noval Property: 1H25 – FFO en route to exceed our FY estimate POSITIVE • Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging NEUTRAL • Tauron: 2Q25 results fully in line with the preliminaries NEUTRAL • OMV Petrom: special dividend proposal POSITIVE • Shoper: acquires remaining 40% stake in Sempire for PLN 15m, as expected NEUTRAL • Solutions by STC: signs framework agreement with Saudi Aramco POSITIVE
- Research Team
WOOD Daily: CAR PW; EU Macro; CZG CP; CEZ CP; PL Utilities; RO Macro; ...
HEADLINES: • Inter Cars: 2Q25 EBITDA misses our and the market's expectations by 4-5% NEGATIVE • Eurozone macro: so far, so good • Colt CZ Group SE: multiple military contracts POSITIVE • CEZ: Babis will not buy CEZ "at any price" NEUTRAL • Polish utilities: PGE, Enea and Tauron contract 5.9 GW of new capacity obligations for 2026 NEUTRAL • Romania macro: inflation soars in August • Türkiye macro: interest rates drop, but monetary stance remains tight • LPP: 2Q25E results preview – 13% yoy EBITD...
- Research Team
WOOD Daily: BOCHGR GA; KZ Macro; PGE PW; APR PW; ASELS TI; DSPW CP; MO...
HEADLINES: • Bank of Cyprus: value is (sometimes) relative (stays BUY) • Kazakhstan macro: State of the Nation Address sets grounds for new constitutional reform and ambitious digitalisation agenda • PGE: 2Q25 conference call highlights NEUTRAL • Auto Partner: August sales growth decelerates to a mere 2% yoy NEGATIVE • Aselsan: massive domestic contract win POSITIVE • Doosan Skoda Power: wins multi-billion CZK tender for new generators at Temelin POSITIVE • MOL: announces discovery of an oil fie...
- Research Team
WOOD Daily: SAR GA; GEKTERNA GA; FTSHP CP; PGE PW; ENA PW; CAR PW; CGE...
HEADLINES: • Sarantis: 1H25 in line with expectations; profit guidance unchanged NEUTRAL • GEK Terna: 1H25 earnings beat on one-offs; broadly in line on an underlying basis POSITIVE • Footshop: 2Q25 broadly in line with our estimates; 2025E guidance unchanged NEUTRAL • PGE: 2Q25 results fully in line with preliminaries NEUTRAL • Enea: 2Q25 conference call highlights NEUTRAL • Inter Cars: August sales growth decelerates to 5% yoy NEGATIVE • Georgia Capital: announces early redemption of USD 100m ...
- Research Team
WOOD Daily: PGE PW; CEZ CP; EME Macro/Strategy Weekly; GR Macro; VGO P...
HEADLINES: • PGE: decent 2Q25 recurring EBITDA, 8% above our expectations; strong cash generation POSITIVE • CEZ: ANO deputy chair puts cost of CEZ nationalisation at CZK 250bn POSITIVE • EME Macro/Strategy: macro all-in-one (1-7 September) • Greece macro: 2Q GDP – first impressions • VIGO Photonics: signs letters of intent with PCO and CRW Telesystem-Mesko POSITIVE • Inter Cars: 2Q25E preview – 12% yoy EBITDA growth forecast (due on 11 September) • Short News (CDR)
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Research Team
WOOD Daily: PZU PW; DOM PW; BHW PW; EUR PW; DAT PW; TPE PW; CAI AV; MO...
HEADLINES: • PZU: 2Q25 results – beat on the bottom line, but insurance operations show some weakness and delivered below expectations NEUTRAL • Dom Development: 2Q25 results – beat driven by stellar 37% gross profit margin POSITIVE • Bank Handlowy: neutral 2Q25 results – beat on underlying bottom line driven by bond sales gains; negative NII trend NEUTRAL • Eurocash: 2Q25 – slightly above low expectations; new strategy publication in November POSITIVE • DataWalk: 2Q25 actual numbers fully in li...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: PE RO; PL Banks; DNP PW; BDX PW; KAP LI; MBR PW; CPS PW; T...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TBCB TBC BANK JOINT STOCK CO
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
DNP DINO POLSKA S.A.
SFG SPHERA FRANCHISE GROUP SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
PE RO PREMIER ENERGY
- Marta Jezewska-Wasilewska
WOOD Flash – Polish banks: FinMin may raise CIT rate for the banks, so...
We see this news as outright negative, which could halt the robust share price performance of the Polish banks, for some time at least. One aspect is the direct financial impact of the proposed tax regime change for the sector, and another is that such a change could reduce trust in the stability of the operating backdrop of banking (and other sectors, potentially) in Poland. This could result in international investors applying a higher market risk premium to the Polish market, going forward, i...
Mercator Medical S.A.: 1 director
A director at Mercator Medical S.A. sold 99,100 shares at 100.000PLN and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
- Research Team
WOOD Daily: ALR PW; RICHT HB; ASELS TI; THYAO TI; ISCTR TI; CIMSA TI; ...
HEADLINES: • Alior Bank: solid 2Q25, with a beat vs. the market's expectations on stronger other income and lower LLPs POSITIVE • Richter: 2Q25 results broadly in line NEUTRAL • Aselsan: 2Q25 results – strong beat, driven by operating performance POSITIVE • Turkish Airlines: 2Q25 – EBIT above the consensus on better costs POSITIVE • Isbank: 2Q25 highlights – a mixed bag, but management sounds confident in sharp margin recovery in 2H25E • Cimsa: 2Q25 financial results review – strong revenue grow...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ELPE HELLENIQ ENERGY
AIRA AIR ASTANA JSC
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; ALPHA GA; KAP LI; GEKTERNA GA; ...
HEADLINES: • EME Macro/Strategy: macro all-in-one (28 July-3 August) • Alpha Bank: 2Q25 highlights – an 11% beat vs. our estimate, but CET1 down 50bpts qoq • Kazatomprom: 2Q operational update NEUTRAL • GEK Terna: boosts construction backlog by almost EUR 0.5bn POSITIVE • Wizz Air: July capacity up 8% yoy, load factor down 1ppt NEUTRAL • Budimex: expects a market rebound in 2026E; decision on FBSerwis in the autumn NEUTRAL • Orange Polska: key takeaways from an interview with the CFO NEUTRAL • C...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...
HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
KTY GRUPA KETY SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
FROTO FORD OTOMOTIV SANAYI A.S.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
DNP DINO POLSKA S.A.
GEB BANK OF GEORGIA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Research Team
WOOD Daily: SPL PW; RBI AV; TUPRS TI; AKBNK TI; OTKAR TI; THEON NA; TI...
HEADLINES: • Santander Bank Polska: 2Q25 results – solid dividend flow expected • Raiffeisen Bank International: 2Q25 results • Tupras: 2Q25 results – EBITDA beats expectations POSITIVE • Akbank: 2Q25 highlights – guidance downgrade, but probably not a surprise for the market NEUTRAL • Otokar: 1H25 inflation-adjusted financials • Theon International: 1H25 trading update POSITIVE • Titan: weak 2Q25 results for Titan America, but guidance remains unchanged NEGATIVE • ADNOC Drilling: 2Q25 results –...
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DIGI DIGI COMMUNICATIONS NV
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
7203 ELM CO
THEON THEON INTERNATIONAL PLC
- Charlotte Vaisse
- Marc Lavaud
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
HO THALES SA
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BIG BIGBEN INTERACTIVE SA
BA. BAE SYSTEMS PLC
MIL BANK MILLENNIUM SA
HEIJM HEIJMANS N.V. CERT
TPS
VASTB ORANGE POLSKA S.A.
CON VASTNED RETAIL BELGIUM NV
WAF CONZZETA AG
INSD SILTRONIC AG
FACC VERIMATRIX SA
LDO FACC AG
FTG111 LEONARDO SPA
SAE FLATEXDEGIRO AG
CASH SHOP APOTHEKE EUROPE NV
GEST PROSEGUR CASH SA
CAF GESTAMP AUTOMOCION S.A.
WAVE CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
TMV WAVESTONE SA
NACON TEAMVIEWER AG
HAG NACON SASU
AERO HENSOLDT AG
AM MONTANA AEROSPACE AG
ALLFG DASSAULT AVIATION
LAT ALLFUNDS (UK) LTD
R3NK LATECOERE
EXENS RENK GROUP AG
CAN EXOSENS
CANAL+
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