reports
- Research Team
WOOD Daily: LPP PW; PE RO; Polish telecoms; PCO PW; CEZ CP; Hungary ma...
HEADLINES: • LPP: profitable growth (stays BUY) • Premier Energy: M&A-driven growth on track (upgraded to BUY) • Polish telecoms: Revolut enters the Polish mobile market NEUTRAL • Pepco Group: 2H25 in line with guidance; FY26 EBITDA and earnings growth guidance of 9%+ and 25%+, 2025-30E EBTDA CAGR of 9%+ POSITIVE • CEZ: cabinet approves step to lower utility bills NEUTRAL • Hungary macro: MNB softens its hawkish tone • OPAP: EGM for merger with Alwyn set for 7 January; preference shares scrapped...
- Research Team
WOOD Daily: CCC PW; JMT PL; ALE PW; INPST NA; MBR PW; KTY PW; PCO PW; ...
HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...
- Research Team
WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...
HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
GPW WARSAW STOCK EXCHANGE
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
NLBR NLB GROUP
IGN1L IGNITIS GRUPE
- Research Team
WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...
HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover
KRKG KRKA D.D.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
M MED LIFE
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
- Research Team
WOOD Daily: OPTIMA GA; CTPNV NA; PCF PW; CPS PW; WPL PW; BDX PW; 11B P...
HEADLINES: • Optima Bank: buying the dip (stays BUY) • CTP: great story, fairly valued (downgraded to HOLD) • PCF Group: key takeaways from the 3Q25 earnings call • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.37%, while WP TV at 0.46% in November 2025 NEUTRAL • Budimex: plans to pay out 100% of net income in dividends in 2025-29E NEUTRAL • 11 bit studios: finalises agreement with Microsoft on licence for Game Pass POSITIVE • Huuuge Games: October Sensor Tower bookings estimate flat...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
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
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.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Julian Dobrovolschi
- Julian Dobrovolschi
- Research Team
WOOD Morning (28 November)
HEADLINES: • Kaspi.kz: too cheap to ignore (stays BUY) • VIGO Photonics: 3Q25 results review – adjusted EBITDA over 2x above our estimate; order intake up 24% yoy POSITIVE • CCC: final 3Q25 EBITDA spot on prelims NEUTRAL • Rainbow Tours: 3Q25 conference call highlights NEUTRAL • Polish banks: President signs bill on higher CIT for the banks • Murapol: main shareholder sells 20.5% of shares in ABB NEUTRAL • Primoco UAV: promising tactical UAV producer (HOLD - initiation of coverage) • CTP: enters...
- Jakub Krawczyk
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Emmanuel Matot
UNIQA INSURANCE GROUP AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
ITP INTERPARFUMS
VLS VALNEVA SE
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
POS PORR AG
GLB GLANBIA PLC
SOI SOITEC SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
PYT POLYTEC HOLDING
CPS CYFROWY POLSAT SA
ANR ANSWEAR.COM
CABKA CABKA N.V.
ZAB ZABKA GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Emmanuel Matot
UNIQA INSURANCE GROUP AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
ITP INTERPARFUMS
VLS VALNEVA SE
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
POS PORR AG
GLB GLANBIA PLC
SOI SOITEC SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
PYT POLYTEC HOLDING
CPS CYFROWY POLSAT SA
NFN NFON AG
ANR ANSWEAR.COM
CABKA CABKA N.V.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Bojan Djurickovic
- Ahmed Ben Salem
- Baptiste Salaville
- Charlotte Vaisse
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GLJ GRENKE AG
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
MLP MLP SE
NOD NORDIC SEMICONDUCTOR ASA
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
JST JOST WERKE AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
CLA CLARANOVA SE
VK VALLOUREC SA
SFQ SAF-HOLLAND SE
WINE PURCARI WINERIES PCL
NA9 NAGARRO
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
TUI TUI AG
ACAG AUSTRIACARD HOLDINGS AG
- Ahmed Ben Salem
- Baptiste Salaville
- Charlotte Vaisse
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GLJ GRENKE AG
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
MLP MLP SE
NOD NORDIC SEMICONDUCTOR ASA
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
JST JOST WERKE AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
CLA CLARANOVA SE
VK VALLOUREC SA
SFQ SAF-HOLLAND SE
WINE PURCARI WINERIES PCL
NA9 NAGARRO
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
TUI TUI AG
ACAG AUSTRIACARD HOLDINGS AG
- Research Team
WOOD Daily: AEGN GA; ELM AB; EAT PW; CAR PW; HSBK LI; ELPE GA; SNG RO;...
HEADLINES: • Aegean Airlines: summer performance ahead of our estimates (upgraded to BUY) • Elm: clarity is on its way (stays BUY) • AmRest: 3Q25 below expectations NEGATIVE • Inter Cars: 3Q25 EBITDA above our expectations and the market by 3-6% NEUTRAL • Halyk Bank: 3Q25 highlights before the call - good quarter with an 8% beat to our estimate, 2026E guidance POSITIVE • HELLENiQ Energy: 3Q25 results beat, on record-high refining output POSITIVE • Romgaz: 3Q25 results - net income beat our expec...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AEGN AEGEAN AIRLINES SA
CAR INTER CARS S.A.
DAT DATAWALK SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ELPE HELLENIQ ENERGY
ACAG AUSTRIACARD HOLDINGS AG
7203 ELM CO
- Jakub Krawczyk
Dino Polska S.A.: 1 director
A director at Dino Polska S.A. bought 40,000 shares at 42.100PLN and the significance rating of the trade was 91/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
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