reports
- Research Team
WOOD Daily: ARCLK TI; AKBNK TI; YKBNK TI; SOLUTION AB; PL Macro; PCF P...
HEADLINES: • Arcelik: weak set of results in 1Q25 NEGATIVE • Akbank: 1Q25 highlights – management cautious on margin, but positive on fees • Yapi Kredi: 1Q25 highlights, before the call – beat on NII and fees (evolved better than the guidance) • Solutions by STC: weak 1Q25 financial results, disappointing revenue growth NEGATIVE • Poland macro: April data paint an encouraging picture • PCF Group: PLN 173m write-offs to hit the 2024 results, related mostly to Bifrost NEGATIVE • Richter: positive ...
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
GEKTERNA GEK TERNA
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
CPS CYFROWY POLSAT SA
BELA JUMBO S.A.
RICHT RICHTER
MCOV B MEDICOVER AB
SOKM SOK MARKETLER TICARET AS
PCF PCF GROUP SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: DOC AV; DIA PW; ALR PW; MONET CP; MYTIL GA; 11B PW; MBR PW...
HEADLINES: • DO & CO: the art of the meal (BUY - initiation of coverage) • Diagnostyka: strong 4Q24, in line with the prelims NEUTRAL • Alior Bank: 1Q25 a little below 1Q25E expectations, but valuation (1Q25 P/BV at 1.2x) still very low NEUTRAL • MONETA Money Bank: 1Q25 results almost in line with expectations, ROE of 18% fully priced in by 1Q25 P/BV of 2.2x NEUTRAL • Metlen Energy & Metals: 1Q25 sales +31% yoy, to EUR 1.5bn, in line NEUTRAL • 11 bit studios: strategy update, expands pipeline to...
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TKNSA TEKNOSA IC VE DIS TICARET AS
FROTO FORD OTOMOTIV SANAYI A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: HUG PW; PCO PW; TOASO TI; ELM AB; EBS AV; BHW PW; ING PW; ...
HEADLINES: • Huuuge Games: post-4Q24 earnings call takeaways – supportive 2025E outlook, exploring new markets NEUTRAL • Pepco Group: Alteri PE ready to buy Poundland, according to Sky News POSITIVE • Tofas: Competition Authority approves acquisition of Stellantis Otomotiv Pazarlama POSITIVE • Elm: announces completion of procedures to acquire Thiqah POSITIVE • Erste Bank: 1Q25E preview (due on 30 April) • Bank Handlowy: 1Q25E preview (due on 8 May) • ING BSK: 1Q25E preview (due on 8 May) • CCC:...
- Research Team
WOOD Daily: THEON NA; HUG PW; PGE PW; TPE PW; APR PW; INPST NA; DIA PW...
HEADLINES: • Theon International: Noctis in Dies* (BUY - initiation of coverage) • Huuuge Games: 4Q24 adjusted EBITDA 5% above our forecast, share buybacks not a priority NEUTRAL • PGE: key takeaways from the 4Q24 results call NEUTRAL • Tauron: key takeaways from the 4Q24 results call NEUTRAL • Auto Partner: earnings call takeaways – challenging 1Q25E, but rather optimistic on FY25E outlook NEUTRAL • InPost: acquisition of Yodel for GBP 106m debt swap NEUTRAL • Diagnostyka: 4Q24E preview – 35% y...
- Research Team
WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI
HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...
- Research Team
WOOD Daily: BOCHGR GA; PEO PW; APR PW; PGSUS TI; GR Macro; HU Macro; W...
HEADLINES: • Bank of Cyprus: income on tap, with rerating potential (stays BUY) • Bank Pekao: 2025-27E strategic targets • Auto Partner: final 4Q24 results slightly above the prelims NEUTRAL • Pegasus Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Greece macro: improvements in 1Q • Hungary macro: duality in the economy continues • Wirtualna Polska: Warner Bros. Discovery keeps TVN POSITIVE • DataWalk: issues 750,000 shares at PLN 77.76/share POSITIVE • Alior Bank: 1Q25E preview (...
- Research Team
WOOD Daily: WPL PW; OMV AV; BDX PW; BDX PW; CPS PW; ENA PW; 11B PW
HEADLINES: • Wirtualna Polska: shifting up a gear for e-commerce growth (stays BUY) • OMV: making chemical bonds (stays BUY) • Budimex: final 4Q24 results confirm prelims fully NEUTRAL • Budimex: recommends PLN 25.43 DPS from the 2024 earnings, 4.5% dividend yield NEUTRAL • Cyfrowy Polsat: key takeaways from the 4Q24 earnings call NEUTRAL • Enea: key takeaways from the 4Q24 conference NEUTRAL • 11 bit studios: release date of The Alters set as 13 June NEUTRAL
- Lukasz Wachelko
- CFA
- Piotr Raciborski
- CFA
Wirtualna Polska: shifting up a gear for e-commerce growth (stays BUY)
We maintain our BUY on Wirtualna Polska (WPL), and cut our 12M price target (PT) to PLN 129.5/share (from PLN 133.2), implying c.51% upside. WPL’s share price has underperformed the market in the LTM, and we believe that the weak performance of the media segment is the main reason. The strong 4Q24 results, however, are proof, in our view, that the initiatives implemented by management to repair the segment have been effective. Assuming a media segment stabilisation and a solid outlook for the tr...
- Research Team
WOOD Daily: ENA PW; CPS PW; KRU PW; AEGN GA; THYAO TI; APR PW; MIL PW;...
HEADLINES: • Enea: full 4Q24 results in line with preliminaries; PLN 7.9bn capex planned in 2025E NEGATIVE • Cyfrowy Polsat: 4Q24 results review – adjusted EBITDA up 15% yoy, in line with the consensus NEUTRAL • Kruk: issues 1Q25 trading statement NEUTRAL • Aegean Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Turkish Airlines: 1Q25 traffic – 4% ASK growth yoy NEUTRAL • Auto Partner: March sales growth recovers to 13% yoy, but still well below our FY expectations NEUTRAL • Bank M...
- Research Team
WOOD Daily: MAVI TI; TL Banks; GPW PW; BFT PW; MOL HB; EU Macro; DNP P...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
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.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
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.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
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.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Morning (1 April 2025)
HEADLINES: • Athens Exchange Group: bottom-line miss in 4Q24, on higher costs, but proposed DPS in line with expectations NEUTRAL • AROBS Transilvania Software: publishes its 2025 budget POSITIVE • MedLife: publishes its 2025 budget NEGATIVE • CCC: new financing agreement, extending factoring line POSITIVE • DataWalk: sale to Coöperatieve Rabobank; total contract value reaches PLN 66.1m POSITIVE • Orlen: 2024 consolidated results to be affected by one-offs NEUTRAL • Poland macro: preliminary Mar...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Morning (26 March 2025)
HEADLINES: • Warsaw Stock Exchange: strong delivery in 4Q24, due mainly to the lower costs booked POSITIVE • CD Projekt: 4Q24 EBIT 7% above our forecast; The Witcher 4 to be released after 2026E NEUTRAL • KazMunayGas: 4Q24 results – below expectations NEGATIVE • Ten Square Games: earnings call takeaways – focus on flagship games’ monetisation improvement in 2Q25E NEUTRAL • Wirtualna Polska: key takeaways from the 4Q24 earnings call NEUTRAL • Eurowag: takeaways from the 2H24 earnings call NEUTRAL...
- Research Team
WOOD Daily: WPL PW; ALR PW; TEN PW; WPS LN; PL Retail; CEZ CP; PL Macr...
HEADLINES: • Wirtualna Polska: 4Q24 results review – adjusted EBITDA up 17% yoy, 8% above the consensus POSITIVE • Alior Bank: 2027E targets – PLN 2.6bn of net profit; ROE above 18%; payout ratio above 50% POSITIVE • Ten Square Games: mixed newsflow – solid 4Q24 adjusted EBITDA, strong dividend recommendation, but disappointing trading update POSITIVE • Eurowag: 2H24 operating results in line, special dividend announced NEUTRAL • Polish retail: Zabka's 4Q24 below the consensus NEGATIVE • CEZ: up...
- Research Team
WOOD Daily: BFT PW; JMT PL; OPAP GA; TPE PW; TL Macro; ALE PW; INPST N...
HEADLINES: • Benefit Systems: pumping iron (stays BUY) • Jeronimo Martins: small beat in 4Q24, Biedronka margin erosion slows down; tough market environment continues in 2025 POSITIVE • OPAP: the beat goes on, in 4Q24 POSITIVE • Tauron: preliminary 4Q24 EBITDA 45% above our estimate, on strong Generation and Distribution, and lower loss in Supply POSITIVE • Türkiye macro: assessment of recent political events • Allegro vs. InPost: our take on the companies' two calls • cyber_Folks / Shoper: key ...
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