reports
Research Team
- Research Team
WOOD Daily: CCOLA TI; PGE PW; TPE PW; CDR PW; AQ RO; GEKTERNA GA; TL A...
HEADLINES: • Coca-Cola Icecek: 4Q25 results – operational recovery masked by higher tax expenses NEUTRAL • PGE: recognises deferred tax asset of c.PLN 2bn in the Conventional Generation Segment POSITIVE • Tauron: PLN 392m positive impact from impairment reversal in stand-alone accounts; no impact on consolidated results NEUTRAL • CD Projekt: Cyberpunk 2077 available on Xbox Game Pass on 10 March POSITIVE • Aquila Part Prod Com S.A.: 4Q25 earnings beat, on slowing opex POSITIVE • GEK Terna: surpr...
Research Team
- 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...
BRE
MBANK SA
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
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
Bruno Cavalier ... (+4)
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
SN.
SMITH & NEPHEW PLC
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MUV2 MUNICH REINSURANCE COMPANY
MERY MERCIALYS SA
AGS AGEAS SA/NV
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
YPSN YPSOMED HOLDING AG
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
ARGX ARGEN-X SE
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
RMV RIGHTMOVE PLC
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALC ALCON INC.
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
CVC CVC CAPITAL PARTNERS PLC
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MUV2 MUNICH REINSURANCE COMPANY
MERY MERCIALYS SA
AGS AGEAS SA/NV
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
YPSN YPSOMED HOLDING AG
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
ARGX ARGEN-X SE
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
RMV RIGHTMOVE PLC
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALC ALCON INC.
WDP WAREHOUSES DE PAUW SCA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
CVC CVC CAPITAL PARTNERS PLC
Ahmed Ben Salem ... (+3)
- Ahmed Ben Salem
- Bruno Cavalier
- Thomas Zlowodzki
FP
TOTAL SE
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
CGM CEGEDIM SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BON BONDUELLE SCA
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
SUN SULZER AG
CAI CA IMMOBILIEN ANLAGEN AG
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
VK VALLOUREC SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
ARYN ARYZTA AG
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
CGM CEGEDIM SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
FII LISI SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BON BONDUELLE SCA
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
SUN SULZER AG
CAI CA IMMOBILIEN ANLAGEN AG
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
VK VALLOUREC SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
ARYN ARYZTA AG
Florent Laroche-Joubert ... (+2)
- Florent Laroche-Joubert
- Roy Külter
LI
KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
Research Team
- Research Team
WOOD Daily: EBS AV; PZU PW; PGE PW; CDR PW; CTPNV NA; MTELEKOM HB; AQ ...
HEADLINES: • Erste Bank: 4Q25 results – net profit beats expectations • PZU: 4Q25 results – in line with expectations • PGE: to book a PLN 0.7bn provision NEGATIVE • CD Projekt: releases Reigns: The Witcher, card-swiping game NEUTRAL • CTP: 4Q25 – both FFO and guidance trail our and the consensus estimates slightly NEUTRAL • Magyar Telekom: 4Q25 results review – EBITDA up 11% yoy, in line with the consensus; conservative 2026E guidance NEUTRAL • Aquila Part Prod Com S.A.: 4Q25E preview (due out ...
Luis de Toledo Heras
- Luis de Toledo Heras
OUT1V
OUTOKUMPU OYJ
VCT VICAT-CIMENTS VICAT SA
DKSH DKSH HOLDING AG
INEA FONCIERE INEA
NOEJ NORMA GROUP SE
ISP INTESA SANPAOLO S.P.A.
BON BONDUELLE SCA
SOLB SOLVAY SA
HEIJM HEIJMANS N.V. CERT
NDA
UCG AURUBIS AG
CON UNICREDIT S.P.A.
ENG CONZZETA AG
ALSN ENAGAS SA
TLV ALSO HOLDING AG
SANT BANCA TRANSILVANIA S.A.
ALFEN S&T AG
ALFEN NV
VCT VICAT-CIMENTS VICAT SA
DKSH DKSH HOLDING AG
INEA FONCIERE INEA
NOEJ NORMA GROUP SE
ISP INTESA SANPAOLO S.P.A.
BON BONDUELLE SCA
SOLB SOLVAY SA
HEIJM HEIJMANS N.V. CERT
NDA
UCG AURUBIS AG
CON UNICREDIT S.P.A.
ENG CONZZETA AG
ALSN ENAGAS SA
TLV ALSO HOLDING AG
SANT BANCA TRANSILVANIA S.A.
ALFEN S&T AG
ALFEN NV
Luis de Toledo Heras
- Luis de Toledo Heras
VCT
VICAT-CIMENTS VICAT SA
DKSH DKSH HOLDING AG
INEA FONCIERE INEA
NOEJ NORMA GROUP SE
ISP INTESA SANPAOLO S.P.A.
BON BONDUELLE SCA
SOLB SOLVAY SA
HEIJM HEIJMANS N.V. CERT
NDA
UCG AURUBIS AG
CON UNICREDIT S.P.A.
ENG CONZZETA AG
ALSN ENAGAS SA
TLV ALSO HOLDING AG
SANT BANCA TRANSILVANIA S.A.
ALFEN S&T AG
ALFEN NV
DKSH DKSH HOLDING AG
INEA FONCIERE INEA
NOEJ NORMA GROUP SE
ISP INTESA SANPAOLO S.P.A.
BON BONDUELLE SCA
SOLB SOLVAY SA
HEIJM HEIJMANS N.V. CERT
NDA
UCG AURUBIS AG
CON UNICREDIT S.P.A.
ENG CONZZETA AG
ALSN ENAGAS SA
TLV ALSO HOLDING AG
SANT BANCA TRANSILVANIA S.A.
ALFEN S&T AG
ALFEN NV
Adrian Pehl ... (+2)
- Adrian Pehl
- Klaus Ringel
Johanna Jourdain
- Johanna Jourdain
LR
LEGRAND
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
Hela Zarrouk ... (+2)
- Hela Zarrouk
- Oliver Metzger
UBI
UBISOFT ENTERTAINMENT SA
ETL EUTELSAT COMMUNICATIONS SA
TFI TELEVISION FRANCAISE 1 SA
BLC BASTIDE LE CONFORT MEDICAL SA
RBT ROBERTET SA
LSS LECTRA SA
EOAN E.ON SE
RWE RWE AG
FIE FIELMANN AG
HEIJM HEIJMANS N.V. CERT
TIETO
DLG TIETOEVRY OYJ
AED DE'LONGHI S.P.A.
WAF AEDIFICA SA
XIL SILTRONIC AG
JEN XILAM ANIMATION SA
NLBR JENOPTIK AG
DSC1 NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 DUTCH STAR C SHAR
UNIPER SE
ETL EUTELSAT COMMUNICATIONS SA
TFI TELEVISION FRANCAISE 1 SA
BLC BASTIDE LE CONFORT MEDICAL SA
RBT ROBERTET SA
LSS LECTRA SA
EOAN E.ON SE
RWE RWE AG
FIE FIELMANN AG
HEIJM HEIJMANS N.V. CERT
TIETO
DLG TIETOEVRY OYJ
AED DE'LONGHI S.P.A.
WAF AEDIFICA SA
XIL SILTRONIC AG
JEN XILAM ANIMATION SA
NLBR JENOPTIK AG
DSC1 NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 DUTCH STAR C SHAR
UNIPER SE
Johanna Jourdain
- Johanna Jourdain
LR
LEGRAND
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
EDEN EDENRED SA
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
ADP AEROPORTS DE PARIS SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
OR L'OREAL SA
HAL HAL TRUST
EOAN E.ON SE
RWE RWE AG
SAF SAFRAN S.A.
CAP CAPGEMINI SE
HM B H&M HENNES & MAURITZ AB CLASS B
MOCORP METSO OUTOTEC OYJ
MAP MAPFRE SA
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
UN0 UNIPER SE
PLX PLUXEE NV
ULVR UNILEVER PLC
Jovan Sikimic
- Jovan Sikimic
Research Team
- Research Team
WOOD Daily: OPAP GA; WPL PW; BDX PW; PKN PW; INPST NA; ENA PW; TPE PW;...
HEADLINES: • OPAP: only 6.7% of shares elect for cash exit; free float to remain above all-important 20% level POSITIVE • Wirtualna Polska: TUI renews cooperation with Wakacje.pl POSITIVE • Budimex: signs PLN 481m contract with GAZ-SYSTEM NEUTRAL • Orlen: 4Q25E results preview (due on 19 February) NEUTRAL • InPost: 4Q25E preview – flattish adjusted EBITDA expected (due on 18 March) NEUTRAL • Enea: 4Q25E preview – 11% EBITDA drop on weaker Generation and Mining (prelims due on 23 March; full due ...
OPAP
GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
INPST INPOST S.A.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
7203 ELM CO
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
INPST INPOST S.A.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
7203 ELM CO
Research Team
- Research Team
WOOD Daily: EAT PW; SFG RO; INPST NA; MIL PW; PGE PW; APR PW; DVL PW; ...
HEADLINES: • AmRest/Sphera Group: no beauty and no beast (AmRest stays BUY, Sphera downgraded to HOLD) • InPost: EUR 15.6 offer from FedEx, Advent, A&R and PPF consortium POSITIVE • Bank Millennium: solid 4Q25 delivery, beat due to tax differences NEUTRAL • PGE: URE initiates proceedings over FWRC settlements NEUTRAL • Auto Partner: January sales growth drops to 3.4% yoy NEGATIVE • Develia: 4Q25E preview – 30% EBITDA drop, following margin normalisation (due on 3 April) • 4iG: 4Q25E preview – 4%...
MIL
BANK MILLENNIUM SA
MYTIL MYTILINEOS S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
BRD BRD-GROUPE SOCIETE GENERALE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
EAT AMREST HOLDINGS SE
INPST INPOST S.A.
4IG 4IG NYRT
ADNOCDRILL ADNOC DRILLING CO
MYTIL MYTILINEOS S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
BRD BRD-GROUPE SOCIETE GENERALE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
EAT AMREST HOLDINGS SE
INPST INPOST S.A.
4IG 4IG NYRT
ADNOCDRILL ADNOC DRILLING CO
Bruno Cavalier ... (+3)
- Bruno Cavalier
- Jean-François Granjon
- Martial Descoutures
SCHP
SECHE ENVIRONNEMENT
IPN IPSEN SA
CRI CHARGEURS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
TIETO TIETOEVRY OYJ
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SSO SCATEC ASA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
IPN IPSEN SA
CRI CHARGEURS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
TIETO TIETOEVRY OYJ
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SSO SCATEC ASA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
Florent Laroche-Joubert ... (+2)
- Florent Laroche-Joubert
- Roy Külter
LI
KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
Bruno Cavalier ... (+3)
- Bruno Cavalier
- Roy Külter
- Steven Boumans
IPN
IPSEN SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
CAP CAPGEMINI SE
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
ALIV SDB AUTOLIV INC.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
CAP CAPGEMINI SE
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
ALIV SDB AUTOLIV INC.
Research Team
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
PEO
BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
Florent Laroche-Joubert ... (+2)
- Florent Laroche-Joubert
- Roy Külter
ODDO : Nos top picks pour 2026, la 2e année d’un nouveau cycle
La stabilisation des taux d’intérêt et de l’inflation devrait créer un climat plus favorable à l’investissement et permettre aux sociétés immobilières de poursuivre la mise en œuvre de leur feuille de route tout en faisant preuve de prudence. Dans ce contexte, le commerce et la logistique nous semblent les mieux positionnés et nous privilégions CTP, Merlin Properties, Shurgard, URW, VGP comme les plus à même d’exécuter leur stratégie de croissance. Nous relevons notre opinion à Surperformance su...
LI
KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
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