reports
- Research Team
WOOD Daily: COLT CP; BDX PW; MBK PW; BHW PW; PKO PW; SAR GA; EME Macro...
HEADLINES: • Colt CZ Group SE: enter Synthesia Nitrocellulose (stays BUY) • Budimex: selected for PLN 353m A2 motorway widening contract NEUTRAL • mBank: 1Q26E preview (due on 30 April) • Bank Handlowy: 1Q26E preview (due on 7 May) • PKO BP: 1Q26E preview (due on 14 May) • Sarantis: 1Q26 trading update in line with expectations POSITIVE • EME Macro/Strategy: macro all-in-one (10-16 April)
- Research Team
WOOD Daily: APR PW; MUR PW; ENA PW; PGE PW; PZU PW; CEZ CP; ARCLK TI
HEADLINES: • Auto Partner: 4Q25 EBITDA 4% above the consensus and 5% below our estimate NEUTRAL • Murapol: 4Q25 conference call takeaways POSITIVE • Enea: proposes PLN 0.56 DPS from the 2025 profit NEUTRAL • PGE: recommends no dividend payment for 2025 NEUTRAL • PZU: conclusion of competition for Management Board member – former CFO not on the list • CEZ: PM Babis says first steps towards privatisation at upcoming AGM NEUTRAL • Arcelik: 1Q26E earnings preview (due on 22 April) • Short News (CBF)
- Research Team
WOOD Daily: MUR PW; ENA PW; XTB PW; MBR PW; 11B PW; ALR PW; MIL PW; PE...
HEADLINES: • Murapol: 4Q25 slightly below our forecasts, but close to the consensus NEUTRAL • Murapol: 1Q26 sales up 8% yoy, handovers significantly lower NEUTRAL • Enea: 4Q25 in line with the preliminaries NEUTRAL • XTB S.A.: KNF issues PLN 20m fine over historical onboarding and product governance shortcomings NEGATIVE • Mo-BRUK: new contract signed for PLN 6.9m net NEUTRAL • 11 bit studios: revised amortisation method for Frostpunk 2 and The Alters NEUTRAL • Alior Bank: 1Q26E preview (due on ...
- Research Team
WOOD Daily: MTLN GA; DVL PW; SNT PW; 11B PW; OPL PW; CEZ CP; DIGI RO; ...
HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...
- Piotr Raciborski
- CFA
WOOD Flash – DIGI Communications: new share issuance; new price target
Yesterday (9 April), DIGI Communications finalised a new share issuance and their distribution among its shareholders, with a 2:1 split ratio, meaning that the owners of both class A and B shares received two shares of the respective class (treasury shares were excluded from the process). As a result, DIGI’s number of shares has increased from 100m to 291.2m. In order to reflect this change, we have reduced our PT from RON 87.4 to RON 30.0/share
- Felix Fischer
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
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.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: DNP PW; BDX PW; BDX PW; CAR PW; KTY PW; MUR PW; VGO PW; KT...
HEADLINES: • Dino Polska: 12-15% EBITDA miss in 4Q25; bearish guidance for 2026E NEGATIVE • Budimex: full 4Q25 results in line with the preliminaries NEUTRAL • Budimex: management recommends DPS of PLN 32.42 from the 2025 earnings (4.9% DY) POSITIVE • Inter Cars: preliminary 4Q25 EBITDA in line with expectations NEUTRAL • Kety: full 4Q25 results in line with the preliminaries NEUTRAL • Murapol: Hampont files for sole control acquisition of Murapol NEUTRAL • VIGO Photonics: acquires InfraRed Asso...
- Research Team
WOOD Daily: LPP PW; MIL PW; PEO PW; PCO PW; WPL PW; EWG LN; MOH GA; MG...
HEADLINES: • LPP: 4Q25 ahead of expectations; FY26E guidance raised despite a slow start to the year POSITIVE • Bank Millennium: to pay PLN 118m of resolution fund charges in 1Q26 NEUTRAL • Bank Pekao: to pay PLN 413m of resolution fund charges in 1Q26 xx NEUTRAL • Pepco: 1H26 trading update - sales up 3.7% yoy; FY26E guidance maintained NEUTRAL • Wirtualna Polska: key takeaways from the 4Q25 earnings call NEGATIVE • Eurowag: 2H25 results and 2026E guidance POSITIVE • Motor Oil: shifts crude sla...
- Research Team
WOOD Daily: WPL PW; BHW PW; PKO PW; TEN PW; VGO PW; CZG CP; Hungary ma...
HEADLINES: • Wirtualna Polska: 4Q25 results - adj. EBITDA -5% yoy, 2% below consensus; gloomy outlook for 1Q26E and subsequent quarters NEGATIVE • Bank Handlowy: to book PLN 132.5m of resolution fund charges this year NEUTRAL • PKO BP: to book PLN 487m of annual resolution fund charges in 2026E NEUTRAL • Ten Square Games – 4Q25 earnings call takeaways NEUTRAL • VIGO Photonics: acquires InfraRed Associates for USD 8.4m POSITIVE • Colt CZ: 4Q25 results and FY26 guidance xx POSITIVE • Hungary macro...
- Russell Waller
- Research Team
WOOD Daily: OMV AV; BFT PW; HUG PW; DIGI RO; GEKTERNA GA; EME Macro/St...
HEADLINES: OMV: Strait-up winner (stays BUY) Benefit Systems: 4Q25 miss on adjusted EBIT; supportive update of 2025-27E strategy POSITIVE Huuuge Games: 4Q25 adjusted EBITDA above expectations, DTC channel continues to grow POSITIVE DIGI Communications: takes steps to enter UK telco market NEUTRAL GEK Terna: increases EYDAP stake to 12.8% POSITIVE EME Macro/Strategy: macro all-in-one (13-19 March) Austriacard: expands US footprint with new card personalisation facility POSITIVE
- Research Team
WOOD Daily: IGN1L LH; ZAB PW; CDR PW; CAR PW; LPP PW; DSPW CP; CZG CP;...
HEADLINES: • Ignitis Group: steady as she goes (stays BUY) • Zabka: beat in 4Q25; FY26E guidance of continued rapid expansion and stable profitability POSITIVE • CD Projekt: 4Q25 results review – beat related to other operating income and income tax POSITIVE • Inter Cars: 4Q25E preview – 16% yoy EBITDA growth expected (due on 28 April) • LPP: 4Q25E results preview – 32% yoy EBITDA growth expected (due on 26 March) NEUTRAL • Doosan Skoda Power: 4Q25 above our expectations, backlog in line, materi...
- Research Team
WOOD Daily: THEON NA; INPST NA; DAT PW; CBF PW; VRC PW; SHO PW; APR PW...
HEADLINES: • Theon International: model update due to KAPPA and Exosens deals (stays BUY) • InPost: 4Q25 well below expectations due to the UK; only flat FY26E EBITDA guidance NEGATIVE • DataWalk: preliminary 4Q25 results – sales down 26% yoy, to PLN 6.68m NEGATIVE • cyber_Folks: final 4Q25 group results fully in line with preliminaries NEUTRAL • Auto Partner: management recommends DPS of PLN 0.15 from 2025 earnings NEUTRAL • OMV Petrom: announces dividend proposal NEUTRAL • Trade Estates: FFO u...
- Research Team
WOOD Daily: MBK PW; BHW PW; DOM PW; TPE PW; BDX PW; BFT PW; INPST NA; ...
HEADLINES: • mBank: bid or no bid? • Bank Handlowy: solid 4Q25, giving support to strong dividend yield expectations NEUTRAL • Dom Development: 4Q25 – a good end to a record year NEUTRAL • Tauron: preliminary 4Q25 EBITDA 7% below our expectations, following provisions in the Supply segment; adjusted EBITDA 11% above our forecast POSITIVE • Budimex: KIO orders rejection of company’s offer in Rail Baltica tender NEGATIVE • Benefit Systems: PLN 40.6m provision to be created in the 4Q25E results NEG...
- Felix Fischer
Iran Conflict – Impact On Supply Chains And Our European Key Sector Co...
Following the attack on Iran by the US and Israel late last month which targeted key military sites and strategic infrastructure, as well as a retaliation by Iran, there have been structural shifts in the oil & gas and energy markets. In this report, we discuss the effects of these structural shifts, as well as the impact of the conflict on global supply chains and our coverage universe.
SCHP SECHE ENVIRONNEMENT
PFD PREMIER FOODS PLC
AMS AMS AG
ETL EUTELSAT COMMUNICATIONS SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INLOT INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS & SERVICES
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
7201 NISSAN MOTOR CO. LTD.
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
PRAA PRA GROUP INC.
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ZURN ZURICH INSURANCE GROUP LTD
CEZ CEZ AS
FHZN FLUGHAFEN ZURICH AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
ZAL ZALANDO SE
ENI ENI S.P.A.
GEBN GEBERIT AG
RWE RWE AG
HEN3 HENKEL AG & CO. KGAA PREF
SLHN SWISS LIFE HOLDING AG
REP REPSOL SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
LDO LEONARDO SPA
BP. BP P.L.C.
ALG ALLEGRO.EU SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ACLN ACCELLERON INDUSTRIES LTD
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ZURN ZURICH INSURANCE GROUP LTD
CEZ CEZ AS
FHZN FLUGHAFEN ZURICH AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
ZAL ZALANDO SE
ENI ENI S.P.A.
GEBN GEBERIT AG
RWE RWE AG
HEN3 HENKEL AG & CO. KGAA PREF
SLHN SWISS LIFE HOLDING AG
REP REPSOL SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ANDR ANDRITZ AG
STR STRABAG SE
LDO LEONARDO SPA
BP. BP P.L.C.
ALG ALLEGRO.EU SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ACLN ACCELLERON INDUSTRIES LTD
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
- Jovan Sikimic
- Research Team
WOOD Daily: PKO PW; ALE PW; PKN PW; CEZ CP; CZG CP; SNP RO; SAR GA; MO...
HEADLINES: • PKO BP: solid 4Q25 numbers – small bottom-line beat, but underlying trends in line with expectations NEUTRAL • Allegro: 4Q25 above the consensus; FY26E guidance in line with our expectations POSITIVE • Orlen: submits new non-binding offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: small 4Q25 beat on EBITDA, 2026E guidance below the consensus NEGATIVE • Colt CZ Group: planning dual AEX listing and a capital increase POSITIVE • OMV Petrom: two exploration projects in Bulgaria now NEUT...
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