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Research Team
  • Research Team

WOOD Daily: TPE PW; 11B PW; KTY PW; KTY PW; Hungary macro; MOL HB; CTP...

HEADLINES: • Tauron: 2025-35 strategy - very ambitious targets, but unrealistic, in our view NEUTRAL • 11 bit studios: decides to discontinue Project 8 NEGATIVE • Kety: preliminary 4Q24 results flat yoy NEUTRAL • Kety: management guidance for 2025E NEGATIVE • Hungary macro: MNB reinforces the hawkish stance • MOL: to acquire additional upstream and infrastructure assets in Hungary NEUTRAL • CTP: buys EUR 155m land plot in Dusseldorf, Germany • Baltic Classifieds Group: CEO sells 4m shares (0.8% ...

Research Team
  • Research Team

WOOD Daily: Greek banks; TPE PW; EME Macro/Strategy

HEADLINES: • Greek banks: government imposes cap on money transfer fees, and new taxes related to real estate and school rebuilding NEGATIVE • Tauron: results of the 2029 capacity market auction NEUTRAL • EME Macro/Strategy: macro all-in-one (9-15 December) • Short News (MBR)

Research Team
  • Research Team

WOOD Daily: LPP PW; RO Macro; EAT PW; 11B PW; ENA PW; RICHT HB; OTP HB...

HEADLINES: • LPP: soft 3Q24 – EBIT down 9% yoy; FY24E guidance maintained; FY25E guidance in line with our expectations on P&L, but rollout acceleration to 35-40% yoy NEGATIVE • Romania macro: update on inflation and the political negotiations • AmRest: interim dividend of EUR 0.07 POSITIVE • 11 bit studios: launches project analysis, may result in impairment losses NEGATIVE • Enea: highlights from management board meeting on strategy update NEUTRAL • Richter: FDA accepts submission for denosuma...

Research Team
  • Research Team

WOOD Daily: BCG LN; KTY PW; CDR PW; 11B PW; BFT PW; BDX PW; OPL PW; PG...

HEADLINES: • Baltic Classifieds Group: strong FY 1H25 financial results; conference call takeaways POSITIVE • Kety: Roman Przybylski (current deputy CEO) to become new CEO NEUTRAL • CD Projekt: update on the US class action lawsuit regarding the technical solutions used by GOG NEUTRAL • 11 bit studios: starts marketing campaign for Moonlighter 2 publishing project NEUTRAL • WOOD's Winter Wonderland EME Conference 2024 • 11 bit studios: postcard from Prague • Benefit Systems: postcard from Prague...

Research Team
  • Research Team

WOOD Daily: RO Macro; PL Macro; PGE PW; HU Macro; TL Macro; ACP PW; TX...

HEADLINES: • Romania macro: important comments ahead of the second round of elections • Poland macro: NBP extends the pause • PGE: CEO comments on strategy, coal assets and nuclear power plant NEUTRAL • Hungary macro: Magyar aims to unlock EU funds and enter the Eurozone • Türkiye macro: November inflation shows key challenge remains in food prices • WOOD's Winter Wonderland EME Conference 2024 • Asseco Poland: postcard from Prague • Text: postcard from Prague • Aquila Part Prod Com S.A.: postca...

Research Team
  • Research Team

WOOD Daily: PL Utilities; GPP PW; PZU PW; HU Macro; 4IG HB; CPS PW; WP...

HEADLINES: • Polish utilities: with coal, through thick and thin (Enea (HOLD), PGE (SELL) and Tauron (HOLD) - transfer of coverage) • Grupa Pracuj: volume rebound expected in 2025E (upgraded to BUY) • PZU: strong profits and attractive shareholder returns implied by 2025-27E strategy update POSITIVE • Hungary macro: MNB nominations and opinion polls swings • 4iG: 3Q24 conference call takeaways NEUTRAL • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.26%, while WP TV at 0.69% in Novemb...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkiye rebounds, Romania declines

EME Equity Market – November 2024 Rebound in Türkiye, Romania hammered. The MSCI EM Europe Index advanced 3.8% in EUR terms and 1.0% in USD terms in November. The Turkish ISE30 recouped the losses of the previous month, adding 10.4% mom in EUR terms. The Hungarian BUX added 4.3% mom in EUR terms, followed by the PX (+2.9% mom), the ASE (+0.8% mom) and the WIG (+0.8% mom) (all in EUR terms). Following the first round of presidential elections, and the polemic and uncertainty that ensued, the BET ...

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
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
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
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
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.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
9526 ARABIAN DRILLING CO.
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
TRESTATES AQUILA PART PROD COM
AIRA TRADE ESTATES REIC SA
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
BANK OF CYPRUS
Bram Buring ... (+3)
  • Bram Buring
  • CFA
  • Jakub Bronicki

Polish Utilities: with coal, through thick and thin (Enea (HOLD), PGE ...

Following a change in analyst responsibilities, we transfer coverage, and update our forecasts and outlook, of the Polish utilities, due to the recent (non) development of the coal carve out. In view of: 1) Enea’s recent strategy update, assuming coal generation within the group until 2035E; 2) Tauron’s comments on “being prepared” for no carve out; and 3) with no dedicated funds in the 2025 budget to finance the plan, we do not see a carve out happening soon. While we do not rule it out, the ch...

Research Team
  • Research Team

WOOD Daily: RO Macro; 4IG HB; GEKTERNA GA; KZ Macro; CBF PW; SHO PW; T...

HEADLINES: • Romania macro: parliamentary elections deliver relative victory to pro-EU parties • 4iG: 3Q24 results review – 14% yoy increase in reported EBITDA, in line with our estimate NEUTRAL • GEK Terna: 3Q EBITDA +13% yoy, slightly above expectations POSITIVE • Kazakhstan macro: NBK hikes by 100bps • cyber_Folks/Shoper: key takeaways from the call on the Shoper stake acquisition POSITIVE • Tauron: 3Q24 conference call highlights NEUTRAL • MOL: to divest its stake in its synthetic rubber bus...

Research Team
  • Research Team

WOOD Daily: PZU PW; CBF PW; SHO PW; DUNAHOUS HB; KAP LI; TPE PW; GE Ma...

HEADLINES: • PZU: newswires drop a bomb just before company's strategic update – Bank Pekao may buy a 32% stake in Alior from PZU • cyber_Folks: concludes preliminary agreement to purchase a 49.9% stake in Shoper for a total of PLN 547.5m NEUTRAL • Shoper: preliminary agreement for the sale of 49.9% of SHO's shares to cyber_Folks at PLN 39/share NEUTRAL • Duna House: 3Q24 results – a good set of numbers POSITIVE • Kazatomprom: 3Q24 results beat expectations POSITIVE • Tauron: full 3Q24 results i...

Research Team
  • Research Team

WOOD Daily: G2M SS; CCC PW; ACP PW; ECH PW; TXT PW; CAI AV; PCF PW; VG...

HEADLINES: • Gentoo Media: let’s roll! (BUY - initiation of coverage) • CCC: 3Q24 results in line with prelims; positive trends maintained in 4Q24 NEUTRAL • Asseco Poland: 3Q24 review –net profit up 18% yoy, 9% above the consensus POSITIVE • Echo Investment: 3Q24 results in line with the consensus; to sell React office in Lodz POSITIVE • Text: 2Q24-25 (calendar 3Q24) results – EBITDA up 12% yoy, in line with the consensus NEUTRAL • CA Immo: 3Q24 in line, focus remains on disposals NEUTRAL • PCF ...

Research Team
  • Research Team

WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM...

HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...

Research Team
  • Research Team

WOOD Daily: EXAE GA; EME Macro/Strategy – Central Asia and the Caucasu...

HEADLINES: • Athens Exchange Group: set sail to dividend wonderland (BUY - transfer of coverage) • EME Macro/Strategy: Central Asia and the Caucasus – USD 1,000bn GDP by 2030! • EME Macro/Strategy: macro all-in-one – the Year-Ahead issue • Graphisoft Park: 3Q24 – on course for another good year POSITIVE • Bank Handlowy: rather neutral set of 3Q24 results NEUTRAL • Pegasus Airlines: 3Q24 – 22% higher CASKX alleviated by 4% higher RASK and 12% lower fuel CASK (in line with the consensus) • Bank of...

Research Team
  • Research Team

WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC ...

HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expect...

Research Team
  • Research Team

WOOD Daily: TLV RO; LOGO TI; SOKM TI; ONE RO; ALARABIA AB; ALPHA GA; C...

HEADLINES: • Banca Transilvania: stellar 3Q24 print sponsored by OTP RO integration POSITIVE • Logo Yazilim: 3Q24 results – small beat; FY24E guidance reiterated; buyback programme expires POSITIVE • Sok Marketler: highly weak set of results in 3Q24 NEGATIVE • ONE United Properties: 3Q24 broadly in line with recent trends NEUTRAL • Al Arabia Outdoor Advertising: weak 3Q24 financial results NEGATIVE • Alpha Services and Holdings: 3Q24 results highlights – improved outlook NEUTRAL • Inter Cars: Oc...

Research Team
  • Research Team

WOOD Daily: OTP HB; CCC PW; DNP PW; INPST NA; MOL HB; WIZZ LN; EUROB G...

HEADLINES: • OTP Bank: solid 3Q24 results, in line with our forecasts; future share price performance depends on growth guidance and/or capital distribution NEUTRAL • CCC: historically-best quarterly EBITDA 9% above our expectations, due to opex control POSITIVE • Dino Polska: 4-8% EBITDA beats in 3Q24, EBITDA back on the rise POSITIVE • InPost: 3Q24 in line with expectations; FY24E guidance upgrade POSITIVE • MOL: 3Q24 results – EBITDA in line with our and the consensus estimates NEUTRAL • Wizz...

Research Team
  • Research Team

WOOD Daily: ILRA CZ; MGROS TI; KLKIM TI; FROTO TI; TUPRS TI; THYAO TI;...

HEADLINES: • Ilirija d.d.: ADRs growth pace cools, cost inflation persists (NOT RATED) • Migros: good set of operating results in 3Q24 POSITIVE • Kalekim: strong bottom-line performance in 3Q24 POSITIVE • Ford Otosan: 3Q24 results – quarterly margin improvement tempered by lower export guidance NEUTRAL • Tupras: 3Q24 results – net income beats the consensus; comment on the fire at the Izmit refinery NEUTRAL • Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff cost...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: only the Czech Republic in the bla...

EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...

BRE MBANK SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
Research Team
  • Research Team

WOOD Daily: TL Macro; GR Macro; YKBNK TI; AKCNS TI; SOLUTION AB; DNP P...

HEADLINES: • Türkiye macro: some good news, within the context of (hopefully) improving inflation in the medium term • Greece macro: the consumer is not happy • Yapi Kredi: 3Q24 – normalising trends, but still a tough quarter • Akcansa: 3Q24 conference call takeaways • Solutions by STC: 3Q24 conference call takeaways • Dino: 3Q24E preview – 4% yoy EBITDA erosion expected (due on 7 November) • Eurocash: 3Q24E results preview – 29% yoy EBITDA decline expected (due on 15 November)

Research Team
  • Research Team

WOOD Daily: EBS AV; MBK PW; ING PW; JMT PL; KOMB CP; MCOVB SS; TKNSA T...

HEADLINES: • Erste Bank: 3Q24 results – strong NII delivery • mBank: underlying 3Q34 business delivery in line; beat on headline net profit due to tax charges NEUTRAL • ING BSK: 3Q24 results – minor miss on high credit risk charges, as corporate NPL ratio surges NEUTRAL • Jeronimo Martins: beat in 3Q24, Biedronka at -2% lfl and stable margin erosion; price war continues POSITIVE • Komercni Banka: 3Q24 results – net profit largely in line with expectations • Medicover: 3Q24 operating numbers in l...

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