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Research Team
  • Research Team

WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...

HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...

Jakub Krawczyk
  • Jakub Krawczyk

CCC : Multifaceted business positioned for dynamic growth

We like the combination of CCC’s established and highly profitable business, with the dynamic growth potential of its newer banners, as well as a leaner and more profit-oriented approach to e-commerce. The increase in floor space should drive the top line (2025-2027e CAGR of 16%), while the EBITDA margin should continue to 18-19% in 2026-27e. We remain 6% below consensus for FY 2025e EBITDA but think that the recent underperformance of the share offers an attractive entry point to one of Europe’...

Bruno Cavalier ... (+3)
  • Bruno Cavalier
  • Oliver Metzger
  • Sinan Doganli
Bruno Cavalier ... (+3)
  • Bruno Cavalier
  • Oliver Metzger
  • Sinan Doganli
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FME FRESENIUS MEDICAL CARE AG
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EVT EVOTEC SE
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
GLJ GRENKE AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
BAS BASF SE
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
HEN3 HENKEL AG & CO. KGAA PREF
01913 PRADA S.P.A.
IMPN IMPLENIA AG
DEZ DEUTZ AG
INH INDUS HOLDING AG
AIXA AIXTRON SE
KRN KRONES AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
BC8 BECHTLE AG
ADN1 ADESSO AG
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
MONC MONCLER SPA
WAF SILTRONIC AG
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NN NN GROUP N.V.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
BFSA BEFESA SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
SANT S&T AG
JEN JENOPTIK AG
AEIN ALLGEIER HOLDING AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
SFQ SAF-HOLLAND SE
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
STM STABILUS SE
IOS IONOS GROUP SE
TUI TUI AG
SCHOTT PHARMA AG
CVC CVC CAPITAL PARTNERS PLC
Bruno Cavalier ... (+3)
  • Bruno Cavalier
  • Oliver Metzger
  • Sinan Doganli
Bruno Cavalier ... (+3)
  • Bruno Cavalier
  • Oliver Metzger
  • Sinan Doganli
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FME FRESENIUS MEDICAL CARE AG
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EVT EVOTEC SE
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
GLJ GRENKE AG
UTDI UNITED INTERNET AG
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
BAS BASF SE
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
HEN3 HENKEL AG & CO. KGAA PREF
01913 PRADA S.P.A.
IMPN IMPLENIA AG
DEZ DEUTZ AG
INH INDUS HOLDING AG
AIXA AIXTRON SE
KRN KRONES AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
BC8 BECHTLE AG
ADN1 ADESSO AG
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
MONC MONCLER SPA
WAF SILTRONIC AG
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NN NN GROUP N.V.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
JUN3 JUNGHEINRICH AG PREF
BFSA BEFESA SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
SANT S&T AG
JEN JENOPTIK AG
AEIN ALLGEIER HOLDING AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
SFQ SAF-HOLLAND SE
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
STM STABILUS SE
IOS IONOS GROUP SE
TUI TUI AG
SCHOTT PHARMA AG
CVC CVC CAPITAL PARTNERS PLC
Oliver Metzger ... (+2)
  • Oliver Metzger
  • Sinan Doganli

ODDO : Final Feedback. The German paradox: Strong index performance, b...

While the DAX year-to-date has clearly outperformed most of the large European and US indexes (except the IBEX), many corporates presenting at the 16th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, were still focused on the macroeconomic environment, geopolitical tensions and tariffs and the related impact on their sectors. Unsurprisingly, the clearly most positive sector was defence. For others, the picture was more mixed inside the sectors. Based on the feedb...

Oliver Metzger ... (+2)
  • Oliver Metzger
  • Sinan Doganli

ODDO : Feedback Day 1

ODDO BHF and Commerzbank are jointly hosting the 16th edition of the Corporate Conference on 3 and 4 of September 2025 in Frankfurt am Main. This year, we are welcoming 88 German small, mid and large cap companies. Among the companies which presented during the first day, we highlight, notably, positive feedback from Adesso, BASF, Befesa, Commerzbank, Fresenius Medical Care, Fresenius SE, Fuchs, Hannover RE, Hensoldt, Implenia, Sartorius, Schott Pharma, Tonies and Zalando ADESSO (+) - Positive ...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Poland – worst performer in August

EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...

PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
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.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT 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.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
Philip Hettich
  • Philip Hettich
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