WOOD Daily: G2M SS; CZG CP; MBR PW; CPS PW; TPE PW; ESLT IT; EXAE GA; ...

HEADLINES: • Gentoo Media: one step back, two steps forward (stays BUY) • Colt CZ Group SE: 1Q25 results – strong beat, no change in guidance POSITIVE • Mo-BRUK: 1Q25 earnings call – management optimistic on 2H25E, but we see challenges NEGATIVE • Cyfrowy Polsat: key takeaways from the 1Q25 earnings call NEUTRAL • Tauron: 1Q25 conference call highlights NEUTRAL • Elbit Systems: raises USD 512m on the Nasdaq POSITIVE • Athens Exchange Group: 1Q25E preview (due on 26 May) • Motor Oil Hellas: 1Q25E...

Moody's Ratings changes CEZ's outlook to positive; affirms Baa1 rating

Moody's Ratings (Moody's) has today affirmed the Baa1/(P)Baa1 senior unsecured debt/senior unsecured MTN program ratings of CEZ, a.s. (CEZ) and the baa2 Baseline Credit Assessment (BCA). At the same time, we have changed the outlook to positive from negative. RATINGS RATIONALE On 28 April [1], C...

WOOD Daily: ESLT IT; PPC GA; TRESTATE GA; ENA PW; CBF PW; VRC PW; SHO ...

HEADLINES: • Elbit Systems: 1Q25 results – top-down driven beat POSITIVE • Public Power Corporation: uninspiring 1Q25 results, as expected POSITIVE • Trade Estates: 1Q25 – strong turnovers driving rents higher POSITIVE • Enea: full 1Q25 results in line with the preliminaries NEUTRAL • cyber_Folks: 1Q25 results review – EBITDA +46% yoy, 4% above the consensus POSITIVE • Vercom: 1Q25 results review – 24% yoy EBITDA growth, in line with the consensus NEUTRAL • Shoper: 1Q25 above expectations, but F...

WOOD Daily: VGO PW; PGE PW; 11B PW; DNP PW; KRKG SV; GEV CP; ELPE GA; ...

HEADLINES: • VIGO Photonics: top Polish defence industry exposure (downgraded to HOLD) • PGE: strong 1Q25 recurring EBITDA, 26% above our expectations POSITIVE • 11 bit studios: weak 1Q25, misses our forecast, on higher opex NEGATIVE • Dino: 2-7% EBITDA beats in 1Q25 NEUTRAL • Krka: 1Q25 – record net profit, on high FX revaluation gains POSITIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations, but 2025E guidance implies an EBITDA margin contraction POSITIVE • HELLENiQ Energy: 1Q25 r...

OMV Misses Clean CCS EBIT Consensus Amid Continued Refining Weakness

OMV reported a clean CCS EBIT of EUR 1,160 mn in Q1 2025, down 16% quarter-on-quarter and 22% year-on-year, missing the market consensus of EUR 1,232 mn. The shortfall was primarily driven by the continued weak performance of the refining segment, which also disappointed significantly in Q4.

Petrom Posts Solid Quarter, In Line with Consensus

The company reported a clean CCS operating profit of RON 1,257 mn, representing a 32% increase QoQ but a 29% decline YoY. Operational performance remained broadly stable compared to the previous quarter, if we take into consideration that Q4 results were significantly impacted by year-end impairments in the E&P segment totalling RON 630 mn. The results are in line with our expectations and the market consensus, although outlook worsened for the coming quarters.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/15/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 15/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/05/2025

Romgaz : Weaker than expected earnings on higher windfall tax expenses

CEZ : Better than expected EBITDA on stronger distribution results. 20...

Coffee, Croissants & Credit/CEZ, Engie, National Grid, Unibail, Icade,...

Utilities - CEZ: Good 1Q25 but lower FY25 guidance. Engie: 1Q25 results and guidance flat; we remain neutral. National Grid: Yearly results show strong growth

WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...

HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...

WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA ...

HEADLINES: • Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE • Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE • Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss • Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE • InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft do...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/13/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/05/2025

Bank Millennium : Recent re-rating sets the bar high for 2028 strategi...

WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...

HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...

WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...

HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...