reports
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Usama Tariq
SOP SOPRA STERIA GROUP SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
BIO BB BIOTECH AG
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
ASY ASSYSTEM SA
BEN BENETEAU SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
ATE ALTEN SA
ACX ACERINOX SA
FR VALEO SE
BAMNB KONINKLIJKE BAM GROEP NV
FAE FAES FARMA S.A.
COFB COFINIMMO SA
SUN SULZER AG
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
MBWS
CTAC MARIE BRIZARD WINE & SPIRITS SA
PAL CTAC N.V.
CON PALFINGER AG
LIGHT CONZZETA AG
NVG SIGNIFY NV
WBD NAVIGATOR COMPANY SA
RENE WEBUILD S.P.A.
ROVI REDES ENERGETICAS NACIONAIS SA
COL LABORATORIOS FARMACEUTICOS ROVI S.A.
ALM INMOBILIARIA COLONIAL SOCIMI SA
TEC ALMIRALL SA
HOME TECHNIPFMC PLC
VOS NEINOR HOMES SA
2CRSI VOSSLOH AG
VK 2CRSI SA
WDP VALLOUREC SA
ALHG WAREHOUSES DE PAUW SCA
LOUIS HACHETTE GROUP
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Usama Tariq
SOP SOPRA STERIA GROUP SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
BIO BB BIOTECH AG
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
ASY ASSYSTEM SA
BEN BENETEAU SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
ATE ALTEN SA
ACX ACERINOX SA
FR VALEO SE
BAMNB KONINKLIJKE BAM GROEP NV
FAE FAES FARMA S.A.
COFB COFINIMMO SA
SUN SULZER AG
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
MBWS
CTAC MARIE BRIZARD WINE & SPIRITS SA
PAL CTAC N.V.
CON PALFINGER AG
LIGHT CONZZETA AG
NVG SIGNIFY NV
WBD NAVIGATOR COMPANY SA
RENE WEBUILD S.P.A.
ROVI REDES ENERGETICAS NACIONAIS SA
COL LABORATORIOS FARMACEUTICOS ROVI S.A.
ALM INMOBILIARIA COLONIAL SOCIMI SA
TEC ALMIRALL SA
HOME TECHNIPFMC PLC
VOS NEINOR HOMES SA
2CRSI VOSSLOH AG
VK 2CRSI SA
WDP VALLOUREC SA
ALHG WAREHOUSES DE PAUW SCA
LOUIS HACHETTE GROUP
- Research Team
WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...
HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
DOC DO & CO AKTIENGESELLSCHAFT
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
CTPNV CTP NV
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
EQNR EQUINOR ASA
GPRK GEOPARK
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
- Research Team
WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPR...
HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...
- Felix Fischer
- Haidje Rustau
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Research Team
WOOD Daily: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...
- Research Team
WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...
HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...
- Marta Jezewska-Wasilewska
- Miguel Dias
MONETA Money Bank: priced for perfection, but needs to deliver (stays ...
We have increased our 12M price target (PT) for MONETA Money Bank to CZK 149.4/share (from CZK 116.2/share), while we keep our HOLD rating on the stock, due to its dividend angle. However, with a 2025E P/E and P/BV of 11.4x and 2.2x, respectively, we see its valuation as full, with no room for a multiples rerating, and we consider MONETA as one of our least preferred names in the CE3 banking space. On the one side, if there is any issue with the bank’s equity story, e.g., political risks after t...
- Oleg Galbur
- Arnaud Autier
- Pierre Tegner
- Oleg Galbur
- Oleg Galbur
- Research Team
WOOD Daily: OMV AV; SNP RO; MIL PW; APR PW; TL Macro; TITC GA
HEADLINES: • OMV: 2Q25 trading statement NEUTRAL • OMV Petrom: 2Q25 trading statement NEUTRAL • Bank Millennium: 2Q25E FX mortgage saga provisions information NEUTRAL • Auto Partner: monthly sales disappoint again – limited 8% yoy growth in June NEGATIVE • Türkiye macro: June budget data shows stable, but wide, deficit • Titan: invests in fly-ash processing facility in the UK NEUTRAL
- Research Team
WOOD Daily: ASELS TI; EU Oil and Gas Monthly; BCG LN; TXT PW; SNP RO; ...
HEADLINES: • Aselsan: growth prism – new angles, brighter future (stays BUY) • European oil and gas monthly: June 2025 – bullish cues from Hormuz • Baltic Classifieds Group: solid FY 2H25 results, affected by one-offs NEUTRAL • Text: key takeaways from the preliminary 1Q25-26 earnings call NEUTRAL • OMV Petrom: makes new natural gas discovery POSITIVE • Arabian Drilling: secures contract extensions for four rigs POSITIVE
- 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.
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.