reports
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
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.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP 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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: DOC AV; ACP PW; CZG CP; AKCNS TI; TKNSA TI; EME Macro/Stra...
HEADLINES: • DO & CO: new kitchens, same discipline (stays BUY) • Asseco Poland: Adam Góral resigns from incentive scheme POSITIVE • Colt CZ Group SE: gets add-on order from Danmark POSITIVE • Akcansa: 4Q25 conference call takeaways • Teknosa: 4Q25E earnings preview (due on 24 February) • EME Macro/Strategy: macro all-in-one (6-12 February) • Solutions by STC: weak 4Q25 financial results, with a miss on the 2025 revenue guidance NEGATIVE • Short News (4IG)
- Jakub Caithaml
- Peter Palovic
DO & CO: new kitchens, same discipline (stays BUY)
We reiterate our BUY on DO & CO and set our new 12M price target (PT) at EUR 250/share. Since our upgrade in November 2025, the stock is up 11%, and we still see further upside, as 3Q FY26 has confirmed that the investment case is about disciplined growth, with strong cash generation. Over 9M FY26, DO & CO participated in 76 tenders and won 52%, underlining its continued commercial momentum across its core aviation catering footprint. The FCFF generation over 9M FY26 surprised positively, coming...
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Patrick Steiner
- Research Team
WOOD Daily: DOC AV; PKN PW; PZU PW; TXT PW; MOL HB; H2O RO; MTLN GA; M...
HEADLINES: • DO & CO: mixed 3Q FY26 P&L results; strong FCFF generation, double vs. last year NEUTRAL • Orlen: acquires stake in the Afrodite discovery in Norway NEUTRAL • PZU: 4Q25E results preview (due on 26 February) • Text: 3Q25-26E preview – 28% yoy EBITDA decline expected (due on 26 February) • MOL: to explore for oil and gas in Libya with TPAO and Repsol POSITIVE • Hidroelectrica: preliminary 4Q25 total volumes sold 18% above our estimate POSITIVE • Metlen Energy & Metals: secures access ...
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
G1A GEA GROUP AG
APAML APERAM SA
LI KLEPIERRE SA
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
SK SEB SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
EN BOUYGUES SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
AFX CARL ZEISS MEDITEC AG
SCR SCOR SE
MMK MAYR-MELNHOF KARTON AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PHA PHARMAGEST INTERACTIVE SA
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
RBT ROBERTET SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
A1XA4J CARBIOS SA
FR VALEO SE
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
POS PORR AG
FIE FIELMANN AG
DEZ DEUTZ AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
SIX2 SIXT SE
AIXA AIXTRON SE
NDA AURUBIS AG
DOC DO & CO AKTIENGESELLSCHAFT
KRN KRONES AG
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
ANDR ANDRITZ AG
ARG ARGAN SA
IBE IBERDROLA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
SMHN SUESS MICROTEC AG
FACC FACC AG
COFA COFACE SA
VLTSA VOLTALIA
CLNX CELLNEX TELECOM S.A.
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
RUI RUBIS SCA
DHER DELIVERY HERO SE
NKT NKT A/S
PIRC PIRELLI & C. S.P.A.
BFSA BEFESA SA
REY REPLY S.P.A.
TFF TFF GROUP
DNP DINO POLSKA S.A.
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
JEN JENOPTIK AG
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
ALG ALLEGRO.EU SA
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
AERO MONTANA AEROSPACE AG
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
ACLN ACCELLERON INDUSTRIES LTD
PLX PLUXEE NV
PLNW PLANISWARE
EXENS EXOSENS
4X0 STEYR MOTORS AG
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
ATO ATOS SE
SHA SCHAEFFLER AG
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
G1A GEA GROUP AG
APAML APERAM SA
LI KLEPIERRE SA
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
SK SEB SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
EN BOUYGUES SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
AFX CARL ZEISS MEDITEC AG
SCR SCOR SE
MMK MAYR-MELNHOF KARTON AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
RBT ROBERTET SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ZAL ZALANDO SE
ALO ALSTOM SA
A1XA4J CARBIOS SA
FR VALEO SE
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
POS PORR AG
FIE FIELMANN AG
DEZ DEUTZ AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
SIX2 SIXT SE
AIXA AIXTRON SE
NDA AURUBIS AG
DOC DO & CO AKTIENGESELLSCHAFT
KRN KRONES AG
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
ANDR ANDRITZ AG
ARG ARGAN SA
IBE IBERDROLA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
SMHN SUESS MICROTEC AG
FACC FACC AG
COFA COFACE SA
VLTSA VOLTALIA
CLNX CELLNEX TELECOM S.A.
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
RUI RUBIS SCA
DHER DELIVERY HERO SE
NKT NKT A/S
PIRC PIRELLI & C. S.P.A.
BFSA BEFESA SA
REY REPLY S.P.A.
TFF TFF GROUP
DNP DINO POLSKA S.A.
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
JEN JENOPTIK AG
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
ALG ALLEGRO.EU SA
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
AERO MONTANA AEROSPACE AG
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
ACLN ACCELLERON INDUSTRIES LTD
PLX PLUXEE NV
PLNW PLANISWARE
EXENS EXOSENS
4X0 STEYR MOTORS AG
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
ATO ATOS SE
SHA SCHAEFFLER AG
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
G1A GEA GROUP AG
APAML APERAM SA
LI KLEPIERRE SA
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
SK SEB SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
EN BOUYGUES SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
AFX CARL ZEISS MEDITEC AG
SCR SCOR SE
MMK MAYR-MELNHOF KARTON AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PHA PHARMAGEST INTERACTIVE SA
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
RBT ROBERTET SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
A1XA4J CARBIOS SA
FR VALEO SE
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
UTG UNITE GROUP PLC
POS PORR AG
FIE FIELMANN AG
DEZ DEUTZ AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
SIX2 SIXT SE
AIXA AIXTRON SE
NDA AURUBIS AG
DOC DO & CO AKTIENGESELLSCHAFT
KRN KRONES AG
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
TECN TECAN GROUP AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
SLIGR SLIGRO FOOD GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
SIGHT GENSIGHT BIOLOGICS SA
EDR EDREAMS ODIGEO SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
ANDR ANDRITZ AG
ARG ARGAN SA
IBE IBERDROLA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
SMHN SUESS MICROTEC AG
FACC FACC AG
COFA COFACE SA
VLTSA VOLTALIA
CLNX CELLNEX TELECOM S.A.
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
RUI RUBIS SCA
DHER DELIVERY HERO SE
NKT NKT A/S
PIRC PIRELLI & C. S.P.A.
BFSA BEFESA SA
REY REPLY S.P.A.
TFF TFF GROUP
DNP DINO POLSKA S.A.
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
JEN JENOPTIK AG
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
ALG ALLEGRO.EU SA
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
AERO MONTANA AEROSPACE AG
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
ACLN ACCELLERON INDUSTRIES LTD
PLX PLUXEE NV
PLNW PLANISWARE
EXENS EXOSENS
4X0 STEYR MOTORS AG
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
ATO ATOS SE
SHA SCHAEFFLER AG
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
G1A GEA GROUP AG
APAML APERAM SA
LI KLEPIERRE SA
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
SK SEB SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
EN BOUYGUES SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
AFX CARL ZEISS MEDITEC AG
SCR SCOR SE
MMK MAYR-MELNHOF KARTON AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PHA PHARMAGEST INTERACTIVE SA
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
RBT ROBERTET SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ALO ALSTOM SA
A1XA4J CARBIOS SA
FR VALEO SE
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
UTG UNITE GROUP PLC
POS PORR AG
FIE FIELMANN AG
DEZ DEUTZ AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
SIX2 SIXT SE
AIXA AIXTRON SE
NDA AURUBIS AG
DOC DO & CO AKTIENGESELLSCHAFT
KRN KRONES AG
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
TECN TECAN GROUP AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
SLIGR SLIGRO FOOD GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
SIGHT GENSIGHT BIOLOGICS SA
EDR EDREAMS ODIGEO SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
ANDR ANDRITZ AG
ARG ARGAN SA
IBE IBERDROLA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
SMHN SUESS MICROTEC AG
FACC FACC AG
COFA COFACE SA
VLTSA VOLTALIA
CLNX CELLNEX TELECOM S.A.
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
RUI RUBIS SCA
DHER DELIVERY HERO SE
NKT NKT A/S
PIRC PIRELLI & C. S.P.A.
BFSA BEFESA SA
REY REPLY S.P.A.
TFF TFF GROUP
DNP DINO POLSKA S.A.
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
JEN JENOPTIK AG
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
ALG ALLEGRO.EU SA
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
AERO MONTANA AEROSPACE AG
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
ACLN ACCELLERON INDUSTRIES LTD
PLX PLUXEE NV
PLNW PLANISWARE
EXENS EXOSENS
4X0 STEYR MOTORS AG
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
ATO ATOS SE
SHA SCHAEFFLER AG
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
DG VINCI SA
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
G1A GEA GROUP AG
APAML APERAM SA
LI KLEPIERRE SA
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
SK SEB SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
MF WENDEL SE
EN BOUYGUES SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
TFI TELEVISION FRANCAISE 1 SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
AFX CARL ZEISS MEDITEC AG
SCR SCOR SE
MMK MAYR-MELNHOF KARTON AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
RBT ROBERTET SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
ALTA ALTAREA SCA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ZAL ZALANDO SE
ALO ALSTOM SA
A1XA4J CARBIOS SA
FR VALEO SE
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
POS PORR AG
FIE FIELMANN AG
DEZ DEUTZ AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
SIX2 SIXT SE
AIXA AIXTRON SE
NDA AURUBIS AG
DOC DO & CO AKTIENGESELLSCHAFT
KRN KRONES AG
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
EDR EDREAMS ODIGEO SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WBD WEBUILD S.P.A.
ALBFR SIDETRADE SA
ANDR ANDRITZ AG
ARG ARGAN SA
IBE IBERDROLA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
SMHN SUESS MICROTEC AG
FACC FACC AG
COFA COFACE SA
VLTSA VOLTALIA
CLNX CELLNEX TELECOM S.A.
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
RUI RUBIS SCA
DHER DELIVERY HERO SE
NKT NKT A/S
PIRC PIRELLI & C. S.P.A.
BFSA BEFESA SA
REY REPLY S.P.A.
TFF TFF GROUP
DNP DINO POLSKA S.A.
JST JOST WERKE AG
VOD VODAFONE GROUP PLC
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
JEN JENOPTIK AG
WAVE WAVESTONE SA
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
FQT FREQUENTIS AG WIENER
HAG HENSOLDT AG
ALG ALLEGRO.EU SA
TE TECHNIP ENERGIES NV
AG1 AUTO1 GROUP
AERO MONTANA AEROSPACE AG
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
ACLN ACCELLERON INDUSTRIES LTD
PLX PLUXEE NV
PLNW PLANISWARE
EXENS EXOSENS
4X0 STEYR MOTORS AG
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
ATO ATOS SE
SHA SCHAEFFLER AG
- 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
- Emira Sagaama
- Emmanuel Matot
- Emira Sagaama
- Emmanuel Matot
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Jakub Caithaml
- Peter Palovic
DO & CO: value á la carte (upgraded to BUY)
We have upgraded DO & CO to BUY (from Hold), and set our new 12M price target (PT) at EUR 224/share. Since our August 2025 downgrade, the shares have fallen 23%, despite no fundamental change in the investment case, in our view. The 2Q FY26 results were in line with our estimates and management kept its FY26E guidance unchanged. IATA’s international traffic data remain supportive, and management sees no pressure on flights or passenger numbers. The group’s defensive model – anchored by long-term...
- Patrick Steiner
DO & CO : First Class catering with potential for higher share price a...
We initiate coverage with an Outperform rating and a TP of € 240. DO & CO is a fast-growing premium catering group (20% sales CAGR since FY 2019-20) that should continue its revenue growth path to € 3.0bn (8.8% CAGR) and EBIT margin expansion from 8.0% in FY 2024-25 to 9.0% by FY 2027-28e based on its focus on freshly cooked, high-quality catering as well as procurement and automation-related cost savings. This should translate into a 12% EPS CAGR out to FY 2027-28e. The group’s shares currently...
- Research Team
WOOD Daily: GSPARK HB; AEGN GA; ALARABIA AB; DOC AV; IGN1L LH; BOCHGR ...
HEADLINES: • Graphisoft Park: 3Q25 – results boosted by land plot sale POSITIVE • Aegean Airlines: 3Q25 – EBIT 13% ahead of our estimate, driven by 1% better CASK POSITIVE • Al Arabia Outdoor Advertising: weak 3Q25 financial results NEGATIVE • DO & CO: 2Q FY26 results in line with our estimates NEUTRAL • Ignitis Group: 3Q25 adjusted EBITDA 3% lower yoy on weak Green Generation and Reserve Capacities NEUTRAL • Bank of Cyprus: 3Q25 results highlights • Titan: takeaways from the Investor Day; ambit...
- Research Team
WOOD Daily: PEO PW; KOMB CP; ING PW; MBK PW; KRU PW; JMT PL; RBI AV; B...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
DOC DO & CO AKTIENGESELLSCHAFT
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
9526 JAHEZ INTERNATIONAL CO
H2O HIDROELECTRICA S.A.
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