reports
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
CS AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
CS AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/10/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January. The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26. Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters...
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
OMV OMV AG
PXT PAREX RESOURCES INC.
REP REPSOL SA
CHAR CHARIOT OIL & GAS
LKOH OIL COMPANY LUKOIL PJSC
JAY BLUEJAY MINING
ENOG ENERGEAN PLC
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
SHELL ROYAL DUTCH SHELL
PLSR PULSAR HELIUM INC.
- Juan Ros-Padilla
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Juan Ros-Padilla
- Margaux van Oerle
- Oliver Metzger
- Wim Gille
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
OMV OMV AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ELE ENDESA S.A.
NXT NEXT PLC
BAS BASF SE
CAP CAPGEMINI SE
SY1 SYMRISE AG
SPL SANTANDER BANK POLSKA SA
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
IBE IBERDROLA SA
SNP PETROM S.A.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
FER FERROVIAL SA
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
- Margaux van Oerle
- Oliver Metzger
- Wim Gille
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
OMV OMV AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ELE ENDESA S.A.
NXT NEXT PLC
BAS BASF SE
CAP CAPGEMINI SE
SY1 SYMRISE AG
SPL SANTANDER BANK POLSKA SA
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
IBE IBERDROLA SA
SNP PETROM S.A.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
GSK GSK PLC
FER FERROVIAL SA
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
- Oleg Galbur
- Oleg Galbur
- Research Team
WOOD Morning (29 October 2025)
HEADLINES: • Santander Bank Polska: solid 3Q25 bottom line, but waiting for a change of strategic investor NEUTRAL • Alior Bank: 3Q25 results do not bring much to the table NEUTRAL • Zabka: 3Q25 a notch above the consensus POSITIVE • DataWalk: preliminary 3Q25 results – sales up 59% yoy, to PLN 7.34m POSITIVE • OMV: 3Q25 results – CCS EBITDA above estimates POSITIVE • OMV Petrom: 3Q25 results – net income beat NEUTRAL • Borouge: 3Q25 results – broadly in line NEUTRAL • Solutions by STC: 3Q25 fin...
OMV OMV AG
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
GTC GLOBE TRADE CENTRE S.A.
EUR EUROCASH S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
MCOV B MEDICOVER AB
VRC VERCOM SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
GEV GEVORKYAN A.S.
ZAB ZABKA GROUP
- Research Team
WOOD Morning (28 October 2025)
HEADLINES: • KazMunayGas: crude headwinds (downgraded to HOLD) • Budimex: 3Q25 EBITDA flat yoy, as expected NEUTRAL • ADNOC Drilling: 3Q25 results – in line with expectations NEUTRAL • WOOD Flash – Georgia Capital: solid 3Q25 financial results – positive view maintained, discount to NAV remains attractive POSITIVE • Georgia Capital: 3Q25 conference call takeaways • OTE: increases prices by 2.6% from December 2025 POSITIVE • Borouge: 3Q25E results preview (due out tomorrow) NEUTRAL • OMV: 3Q25E r...
OMV OMV AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
OTP OTP BANK NYRT
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
R22 R22
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ADNOCDRILL KAZMUNAYGAS NC JSC
ELPE ADNOC DRILLING CO
BOROUGE HELLENIQ ENERGY
BOROUGE
- Research Team
WOOD Daily: PL Utilities; MIL PW; AKBNK TI; KTY PW; OPL PW; PKN PW; TL...
HEADLINES: • Polish utilities: a flash in the pan (Enea and Tauron stay HOLD, PGE stays SELL) • Bank Millennium: posts solid 3Q25, all priced in NEUTRAL • Akbank: 3Q25 highlights – no major surprises, but NIM recovery remains slow and 2026E COR guidance appears cautious NEUTRAL • Kety: 3Q25 conference call highlights NEUTRAL • Orange Polska: key takeaways from the 3Q25 earnings call NEUTRAL • Orlen: wins USD 146m from Gazprom POSITIVE • Türkiye macro: CBT delivers 100bps cut, in line with the co...
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALG ALLEGRO.EU SA
- Research Team
WOOD Daily: H2O RO; MONET CP; OPL PW; KTY PW; SAR GA; MOL HB; GPW PW; ...
HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
MOL MOL NYRT
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
APR AUTO PARTNER SA
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
GPP GRUPA PRACUJ DA
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: WIZZ LN; EXAE GA; SOLUTION AB; MOL HB; NOVAL GA; DNP PW
HEADLINES: • Wizz Air: bracing for winter, waiting for spring (stays BUY) • Athens Exchange Group: BoD expresses unanimous support for Euronext's voluntary tender offer NEUTRAL • Solutions by STC: extends the revenue-sharing agreement with Remat Riyadh Development Company POSITIVE • MOL: the company and its Partners increase gas capacity in Iraq POSITIVE • Noval Property: appoints Mr. Koutsopodiotis as CEO NEUTRAL • Dino Polska: 3Q25E preview – 14% yoy EBITDA growth expected (due on 6 November)...
- Research Team
WOOD Daily: PKN PW; VGO PW; Poland macro; BDX PW; PZU PW; SFG RO; CEZ ...
HEADLINES: • Orlen: makes an offer to buy Grupa Azoty Polyolefins NEGATIVE • VIGO Photonics: 3Q25 sales up 48.5% yoy to PLN 23.3m POSITIVE • Poland macro: August balance of payments data underscores weak exports • Budimex: PLN 2.6bn bid from Budimex's consortium scored highest in the PKP PLK tender POSITIVE • PZU: the new CEO gives one of his first interviews, discussing the potential PZU–Pekao merger NEUTRAL • Sphera Group: Hard Rock Cafe joining the company’s brand portfolio POSITIVE • CEZ: AN...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Research Team
WOOD Daily: KAP LI; ESLT US; MONET CP; MBR PW; CAR PW; RBW PW; GTC PW;...
HEADLINES: • Kazatomprom: soft metal still rocks (stays BUY) • Elbit Systems: strong execution at a rich valuation (stays HOLD) • MONETA Money Bank: management recommends CZK 4/share extra dividend due before the year-end POSITIVE • Mo-BRUK: conditions have been met for the acquisition of Eco Point PSA shares POSITIVE • Inter Cars: September sales growth accelerates to 13% yoy POSITIVE • Rainbow Tours: winter season pre-sales 5.7% higher yoy NEUTRAL • GTC: repurchases EUR 195m of 2026 bonds • Er...
KOMB KOMERCNI BANKA A.S.
MIL BANK MILLENNIUM SA
GTC GLOBE TRADE CENTRE S.A.
RBW RAINBOW TOURS S.A.
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AQ AQUILA PART PROD COM
- Martin Marandon-Carlhian
- Stephane Houri
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