reports
- ING Helpdesk
- Research Team
WOOD Daily: BOCHGR GA; PL Utilities; PKN PW; CEZ CP; SNP RO
HEADLINES: • Bank of Cyprus: paid to wait (stays BUY) • Polish utilities: 2030 capacity market price set at PLN 465/kW/year NEUTRAL • Orlen: receives response from Grupa Azoty about offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: new government aiming to reduce power bills by c.10% or more NEUTRAL • OMV Petrom: preparing to drill offshore Bulgaria by the year-end NEUTRAL
- Research Team
WOOD Daily: TBCG LN; LPP PW; CBF PW; PL Utilities; TPE PW; MBR PW; TIT...
HEADLINES: • TBC Bank: rough patch in Uzbekistan, but stock is cheap (upgraded to BUY) • LPP: 3Q25 ahead of expectations; FY25E profitability guidance upped; FY26-27E EBITDA guidance 10-11% above the consensus POSITIVE • cyber_Folks: acquires PrestaShop for EUR 55m POSITIVE • Polish utilities: capacity market auction results for 2030 POSITIVE • Tauron: to build a 600 MW OCGT unit in Jaworzno POSITIVE • Mo-BRUK: administrative court ruling on increased landfill fees for 2019 NEUTRAL • Titan: sign...
- ING Helpdesk
Benelux Morning Notes
Belgian Telecoms: DIGI Belgium CEO Interview: ‘We are running a marathon, not a sprint' IBA: IBA to install a Rhodotron in East China. Ontex: Another quarter, another profit warning. Theon International: Backlog visibility indeed. Xior: 2026 outlook positive but with no major surprise. Events Calendar
- Research Team
WOOD Morning (11 December 2025)
HEADLINES: • Eurocash: key takeaways from the strategy presentation NEGATIVE • Allegro/InPost: Allegro launches C2X locker service NEGATIVE • Budimex: PLN 2.6bn bid from BDX's consortium selected in PKP PLK tender NEUTRAL • Theon International: signs its largest ever contract, worth EUR 1bn, with OCCAR POSITIVE • Mavi: strong beat in 3Q25 results POSITIVE • Al Arabia Outdoor Advertising: wins 10-year contract to operate advertising at Prince Mohammad bin Abdulaziz Airport (PMIA) in Madinah POSIT...
THEON signs the largest contract ever for 100,000 NVGs with OCCAR, val...
THEON signs the largest contract ever for 100,000 NVGs with OCCAR, valued at c.€1 billion PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) Contract Revision for a firm order of 100,000 NVGs for the German BundeswehrPlus partial exercise of existing OCCAR option by the Belgian Armed Forces for 4,000 NVGsImmediate c.€1 bn increase to backlog, providing significant visibility until 2029Total backlog, including options, now c.€2.4 bn more than 2x vs Year End 2024 10 December 2025 – is pleased to announce the signing of a Contract Revision between OCCAR and THEON/Hensoldt consortium,...
Harder Digital secures new €25 million orders from major defence compa...
Harder Digital secures new €25 million orders from major defence companies PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) The new orders for 3rd Generation IIT require deliveries in 2026-2027, expected to significantly improve the profitability performance of Harder Digital in the coming yearsThis is the biggest order intake Harder Digital ever hadTHEON’s backlog is consequently increased by €25 million 8 December 2025 – announces that its subsidiary, Harder Digital has received orders for €25 million Image Intensifier Tuber (IIT) which require deliveries in 2026-2027. This i...
- Research Team
WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...
HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
GPW WARSAW STOCK EXCHANGE
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
NLBR NLB GROUP
IGN1L IGNITIS GRUPE
Kruk S.A.: 1 director
A director at Kruk S.A. sold 17,000 shares at 464.962PLN and the significance rating of the trade was 67/100. 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 clearly show...
- Research Team
WOOD Morning (5 December)
HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan
- ING Helpdesk
THEON and Exosens announce extension of Long-Term Commercial Agreement...
THEON and Exosens announce extension of Long-Term Commercial Agreement for Image Intensifier Tube Supply for another 3 years until 2030 PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 3 December 2025 – and Exosens are pleased to announce an extension to their existing long-term commercial agreement for the supply of Image Intensifier Tubes (IITs) by an additional three years, now covering deliveries through to the end of 2030. This extension secures an even higher annual supply of tubes to THEON, compared to the existing agreement in place spanning 2025-2027. The agreement ens...
- Research Team
WOOD Daily: ACP PW; PCF PW; 4IG HB; THEON NA; Rear-View Mirror
HEADLINES: • Asseco Poland: 3Q25 review – net profit up 28% yoy, 6% above the consensus; 2025 backlog up 12% yoy POSITIVE • PCF Group: 3Q25 results review – quarter harmed by PLN 92m write-off • 4iG: 3Q25 conference call takeaways POSITIVE • Theon International: EUR 150m rights issue kicks off POSITIVE • The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in November
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX 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.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
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
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- ING Helpdesk
- Research Team
WOOD Daily: EME Macro/Strategy – Years Ahead; RBW PW; ALR PW; BHW PW; ...
HEADLINES: • EME Macro/Strategy: the years ahead – 2026-27E • Rainbow Tours: consolidated October sales 20.7% higher yoy, driven by Paralela 45 acquisition; stand-alone sales 14% higher yoy POSITIVE • Alior Bank: c.PLN 105m positive DTA revaluation in 4Q25E NEUTRAL • Bank Handlowy: c.PLN 120m positive DTA revaluation in 4Q25E NEUTRAL • mBank: PLN 125m positive DTA revaluation and estimated 2026E CIT increase impact NEUTRAL • LPP: PLN 788m write-down of Russian assets NEGATIVE • Bank Millennium: ...
- Research Team
WOOD Morning (28 November)
HEADLINES: • Kaspi.kz: too cheap to ignore (stays BUY) • VIGO Photonics: 3Q25 results review – adjusted EBITDA over 2x above our estimate; order intake up 24% yoy POSITIVE • CCC: final 3Q25 EBITDA spot on prelims NEUTRAL • Rainbow Tours: 3Q25 conference call highlights NEUTRAL • Polish banks: President signs bill on higher CIT for the banks • Murapol: main shareholder sells 20.5% of shares in ABB NEUTRAL • Primoco UAV: promising tactical UAV producer (HOLD - initiation of coverage) • CTP: enters...
- ING Helpdesk
- Research Team
WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...
HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...
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