reports
- Jonathan Lamb
European Oil and Gas Monthly: June 2025 – bullish cues from Hormuz
Brent crude oil prices rose USD 5.8/bbl vs. the previous month, on the fear of a disruption in the Strait of Hormuz. Despite rising crude prices, a strong diesel crack means that the WOOD benchmark also improved, to USD 13.0/bbl, the highest level since March 2024. Petrochemicals margins were lower, but not affected by the high oil prices, as may have been expected.
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
SOP SOPRA STERIA GROUP SA
PUM PUMA SE
ORA ORANGE SA
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
EOAN E.ON SE
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
ELIS ELIS SA
SY1 SYMRISE AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RUI RUBIS SCA
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
EOAN E.ON SE
SDF K+S AG
ACX ACERINOX SA
BAS BASF SE
SOLB SOLVAY SA
ERA ERAMET SA
ELIS ELIS SA
SY1 SYMRISE AG
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
RUI RUBIS SCA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
VUL VULCAN ENERGY RESOURCES
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
AAL ANGLO AMERICAN PLC
- Oleg Galbur
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
Orlen S.A: 2 directors
Two Directors at Orlen S.A bought 4,010 shares at between 76.890PLN and 77.000PLN. The significance rating of the trade was 54/100. 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 ...
- Research Team
WOOD Daily: EXAE GA; WIZZ LN; MBR PW; CPS PW; WPL PW; OPL PW
HEADLINES: • Athens Exchange Group: Euronext bids for 100% all-share takeover POSITIVE • Wizz Air: June pax up by 10% yoy • Mo-BRUK: NSA verdicts on 2015 and 2017 increased fees NEUTRAL • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.73%, while WP TV at 0.70% in June 2025 NEUTRAL • Orange Polska: 2Q25E preview – flat EBITDAaL yoy expected (due on 28 July)
- Research Team
WOOD Daily: LPP PW; ADNOCDRI UH; RICHT HB; HUG PW; TEN PW; GPW PW; Mac...
HEADLINES: • LPP: fire at Romanian warehouse causes temporary disruption in SEE operations; c.PLN 400m in assets destroyed (all insured) NEGATIVE • ADNOC Drilling: oilfield services awarded a five-year contract for hydraulic fracturing POSITIVE • Richter: European Commission approval for denosumab biosimilars NEUTRAL • Huuuge Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Warsaw Stock Exchange: PLN 3.15/share...
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Jovan Sikimic
- Jovan Sikimic
- Jovan Sikimic
- Research Team
WOOD Daily: SPL PW; TL Macro; DNP PW; CZG CP; 4IG HB
HEADLINES: • Santander Bank Polska: sells 60% stake in SCB for 2024 P/BV of 1.2x, books modest gain of PLN 0.4bn NEGATIVE • Türkiye macro: weak BoP, but improving budget • Dino: AGM approves 1:10 share split NEUTRAL • Colt CZ Group SE: closes VSS acquisition • 4iG: signs non-binding term sheet to acquire nine defence subsidiaries from N7 Holding NEUTRAL
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
MSCI ACWI and EM Breakouts; Upgrading Korea to Overweight We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115). ACWI-US is now breaking out above 6-month resistance to all-time highs and EEM-US is breaking above $47, further confirming our bullish outl...
- Research Team
WOOD Daily: LPP PW; DOC AV; PL Macro; INPST NA; PL Retail; OPL PW; HU ...
HEADLINES: • LPP: beat vs. 1Q25 consensus expectations, slow start to 2Q, FY25E rollout plans cut to 1,200 stores POSITIVE • DO & CO: strong 4Q FY25 numbers beat the consensus and our expectations POSITIVE • Poland macro: PM Tusk wins vote of confidence, as expected POSITIVE • InPost: English High Court dismisses motion against Yodel POSITIVE • Polish retail: possible retail sales tax extension to e-commerce NEGATIVE • Orange Polska: key takeaways from Parkiet interview with the CEO NEUTRAL • Hu...
- Research Team
WOOD Daily: CAR PW; 11B PW; OPL PW; CBF PW; DOC AV; TXT PW
HEADLINES: • Inter Cars: May sales growth accelerates to 13% yoy POSITIVE • 11 bit studios: Steam demo of Moonlighter 2 attracted limited interest and disappointing reviews NEGATIVE • Orange Polska: increases prices for its Nju mobile post-paid tariffs POSITIVE • cyber_Folks: acquires Romanian hosting company Hosterion for EUR 6.7m NEUTRAL • DO & CO: 4Q FY25E preview - 7% EBITDA growth yoy (due on 12 June) • Text: 4Q24-25E preview – 10% yoy EBITDA increase expected (due on 27 June)
- Jonathan Lamb
European Oil and Gas Monthly: May 2025 – bottomed out
Brent crude prices continued to decline in May, but trends within the month suggest that we may have hit the bottom. The WOOD benchmark refining margin strengthened again, to USD 11.5/bbl, with all product groups and differentials playing their part. Petrochemicals remained in the doldrums, despite lower input costs. The gas market appears to be stable, but prices are sticky. Storage rose to 48% full at the end of the month, similar to the seasonal average. LNG imports declined a little, but cum...
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
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