reports
- 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
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: ASELS TI; EMEA Airlines; RBW PW; HUG PW; TEN PW; APR PW; F...
HEADLINES: • Aselsan: master of multi-domain warfare (stays BUY) • EMEA airlines: attack on Iran disrupts global aviation • Rainbow Tours: flattish yoy January sales growth at both the consolidated (+2.6% yoy) and stand-alone (+1.6% yoy) levels NEGATIVE • Huuuge Games: February 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: February 2026 Sensor Tower bookings estimate up 33% mom POSITIVE • Auto Partner: 4Q25E preview – 7% yoy EBITDA deterioration expected (due on 15 Apr...
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
RBW RAINBOW TOURS S.A.
APR AUTO PARTNER SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
HUGE HUUUGE
4IG 4IG NYRT
2381 ARABIAN DRILLING CO.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
SPLUS SHOPPER PARK PLUS ZRT
FTSHP FOOTSHOP A.S.
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Daniela Popov
- Research Team
WOOD Daily: EAT PW; KRU PW; TXT PW; ENA PW; CTPNV NA; RICHT HB; DHS HB...
HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies ...
KRU KRUK S.A.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
WIZZ WIZZ AIR HOLDINGS PLC
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
DUNAHOUSE DUNA HOUSE
CTPNV CTP NV
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
PE RO PREMIER ENERGY
- Chaima Ferrandon
- Sven Edelfelt
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BVI BUREAU VERITAS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
SK SEB SA
FGR EIFFAGE SA
EBS ERSTE GROUP BANK AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
HEI HEIDELBERGCEMENT AG
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
PIRC PIRELLI & C. S.P.A.
ARGX ARGEN-X SE
HAG HENSOLDT AG
STLA STELLANTIS N.V.
CTPNV CTP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
SYENS SYENSQO
- Chaima Ferrandon
- Sven Edelfelt
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BVI BUREAU VERITAS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
SK SEB SA
FGR EIFFAGE SA
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
EOAN E.ON SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
HEI HEIDELBERGCEMENT AG
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
IBE IBERDROLA SA
PIRC PIRELLI & C. S.P.A.
ARGX ARGEN-X SE
HAG HENSOLDT AG
STLA STELLANTIS N.V.
CTPNV CTP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
SYENS SYENSQO
- Rok Stibric
- 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 ...
- Research Team
WOOD Daily: TL Food Retailers; BDX PW; ALE PW; HU Macro; RICHT HB; NRP...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
TBCB TBC BANK JOINT STOCK CO
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
2381 ARABIAN DRILLING CO.
GEV GEVORKYAN A.S.
- 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 ...
- 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 ...
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
WOOD Daily: BFT PW; ING PW; MBK PW; CAR PW; VGO PW; GEKTERNA GA; DIGI ...
HEADLINES: • Benefit Systems: grow baby, grow! (BUY - transfer of coverage) • ING BSK: 4Q25 results beat; solid DPS guidance; recent share price rally might have consumed part of the upside • mBank: solid 4Q25; rather cautious on the 2026E revenue outlook NEUTRAL • Inter Cars: January sales increase by 4.0% yoy NEGATIVE • VIGO Photonics: 4Q25E results preview – solid yoy adjusted EBITDA improvement expected (due on 16 March) • GEK Terna: seals c.EUR 1bn of Romanian railway projects – positive, b...
- 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%...
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
- Research Team
WOOD Daily: KOMB CP; TPE PW; ENA PW; WPL PW; CZ Macro; MTELEKOM HB; BR...
HEADLINES: • Komercni Banka: neutral 2025 results and DPS; 2026E dividend payout ratio trimmed and no major upside surprise in the 2026E guidance NEUTRAL • Tauron / Enea: URE initiates proceedings over FWRC settlements NEUTRAL • Wirtualna Polska: 4Q25E preview – a weak quarter, with a 10% yoy pro-forma adjusted EBITDA drop expected (due on 24 March) • Czech Republic macro: CNB on hold • Magyar Telekom: 4Q25E preview – 12% yoy EBITDA growth expected (due on 25 February) • BRD-GSG: 4Q25 net profit...
- Research Team
WOOD Daily: LPP PW; PL Macro; BDX PW; EBS AV; SNG RO; RO Macro; HTO GA...
HEADLINES: • LPP: 4Q prelims in line with expectations NEUTRAL • Poland macro: NBP on hold • Budimex: bids rank highest in two PSE tenders NEUTRAL • Romgaz: 4Q25 operational results NEUTRAL • Romania macro: positive news • OTE: Greek telecoms regulator launches public consultations on 900MHz and 1,800MHz spectrum POSITIVE • Metlen Energy & Metals: sells 283MW UK solar portfolio to Schroders Greencoat POSITIVE • Aselsan: strategic JV agreement with CSG POSITIVE • Erste Bank: 4Q25E preview (due on...
- Nicolas David
- Nicolas Thorez
ODDO : Shift to more favourable cycle to ease AI pressure on sector va...
While we do not deny the uncertainties and risks associated with artificial intelligence (pricing pressures, organisational change, etc.), we remain constructive on this issue, given the significant volume opportunities in prospect for the sector with the integration of agentic AI. Moreover, improving growth momentum in 2026 should reduce pressure on sector valuations (discount >30% vs Stoxx 600 vs a premium of 10% four years ago). On this basis, we have upgraded Bechtle (Outperform vs Neutral),...
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Nicolas David
- Nicolas Thorez
ODDO : L’entrée dans un cycle plus favorable devrait réduire la pressi...
Sans nier les incertitudes et risques liés à l’IA (pressions tarifaires, changements organisationnels, etc.), nous restons constructifs sur cette thématique tant les opportunités de volumes autour de l’intégration de l’IA agentique sont importantes pour le secteur. D’autant plus que l’amélioration de la dynamique de croissance en 2026 devrait permettre de réduire la pression sur les valorisations du secteur (décote >30% vs Stoxx 600 contre une prime de 10% il y a 4 ans). Dans ce contexte, nous r...
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
ATE ALTEN SA
CAP CAPGEMINI SE
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
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.