reports
- Research Team
WOOD Flash – Coverage discontinued
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
Ciech SA: 1 director
A director at Ciech SA bought 4,057,954 shares at 54.250PLN and the significance rating of the trade was 70/100. 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 clearly s...
- Research Team
WOOD Daily: MOL HB; GR6 BU; RO Banks; GPW PW; CIE PW; PL Telecoms
HEADLINES: • MOL: a multi-faceted, 3D Hungarian puzzle (stays BUY) • Gradus: inflation hedge (but not cheap) (stays HOLD) • Romanian banks: details on the proposed moratorium NEUTRAL • Warsaw Stock Exchange: receives PFSA's approval to launch Global Connect POSITIVE • Ciech: adopts 2022-24 management incentive programme POSITIVE • Polish telecoms: Play sells 50% stake in FiberForce for PLN 1.775bn POSITIVE • Short News (CIE, CEZ, EBS)
- Research Team
WOOD Daily: Polish banks, KOFOL CP, AUG1L LH, CIE PW, DAT PW, HUG PW, ...
HEADLINES: • Polish banks: the draft bill on mortgagors' aid is proceeding in the Parliamentary Commission • Kofola: 1Q22 financial results review POSITIVE • AUGA Group: 1Q22 review - good results, 2022 outlook remains solid • Ciech: tax office challenges PLN 2.7m tax settlement NEUTRAL • DataWalk: sales to an e-commerce platform and the BC Assembly of First Nations NEUTRAL • DataWalk: announces new incentive scheme NEGATIVE • Huuuge Games: May bookings estimate down 6% mom, but flat in flagsh...
- Research Team
The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
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.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: GTC PW; DOM PW; CAR PW; IGN1L LH; GPW PW; BOCH CY; POSR SV...
HEADLINES: • GTC: 1Q22 - in line, stock cheap, but difficult and uncertain macro may continue to weigh on price • Dom Development: Polish residential - a difficult market environment, but we see value in Dom • Inter Cars: 1Q22 EBITDA 7% below our estimate, on lower EBITDA margin NEGATIVE • Ignitis Group: 1Q22 results review - solid beat, 2022E EBITDA guidance hiked POSITIVE • Warsaw Stock Exchange: 1Q22 preliminary EBITDA 4% above market's expectations NEUTRAL • Bank of Cyprus: 1Q22 - solid qu...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
CAR INTER CARS S.A.
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
BANK OF CYPRUS PCL
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
ALPHA ALPHA BANK
TEN TEN SQUARE GAMES
IGN1L IGNITIS GRUPE
- Research Team
WOOD Daily: PZU PW; PKO PW; TBCG LN; GTC PW; NRP NA; CIE PW; AST PW; D...
HEADLINES: • PZU: 1Q22 - investment result holds up better than expected on equities and costs under control POSITIVE • PKO BP: 1Q22 results review - solid results • TBC Bank: 1Q22 highlights - good quarter • GTC: 1Q22 - results in line, DPS proposal of PLN 0.28 (a 5% yield) NEUTRAL • NEPI Rockcastle: 1Q22 - tenants' sales edging above 2019 levels NEUTRAL • Ciech: 2022-24E strategy - high EBITDA target, solid cash generation, regular dividends POSITIVE • Astarta: 1Q22 conference call takeaways...
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
TBCB TBC BANK JOINT STOCK CO
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
19XX NEPI ROCKCASTLE PLC
ALG ALLEGRO.EU SA
ALR ALRO SLATINA
4IG 4IG NYRT
- Research Team
The Rear-View Mirror – EME markets: Turkish equities gain 13.3%, other...
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
PCO PEPCO GROUP NV
KCEL KCELL JSC
- Research Team
WOOD Daily: PEO PW; MONET CP; AKBNK TI; THYAO TI; TOASO TI; TTKOM TI; ...
HEADLINES: • Bank Pekao: 1Q22 results review - strong beat vs. market's expectations • MONETA Money Bank: 1Q22 results review - in line with our expectations and 5% ahead of consensus • Akbank: 1Q22 results highlights - better than expected, due to trading • Turkish Airlines: 1Q22 yet another strong quarter, continued recovery of traffic and yield strength POSITIVE • Tofas: 1Q22 results - strong beat POSITIVE • Turk Telekom: 1Q22 - results in line, no guidance change NEUTRAL • Ford Otosan: 1...
YNDX YANDEX NV CLASS A
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
LVC LIVECHAT SOFTWARE SA
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
FMF FAMUR SA
DAT DATAWALK SA
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
SF3 STS GROUP AG
- Research Team
WOOD Daily: INPST NA; CIE PW; PBK RO; AST PW; CCC PW; LPP PW; SHO PW; ...
HEADLINES: • InPost: e-commerce growth at courier multiples (upgraded to BUY) • Ciech: bumpy road, but got there finally (stays BUY) • Patria Bank: profitability set to grow, but valuation remains fair (stays HOLD) • Astarta Holding: 1Q22 trading update - strong volumes, despite the war POSITIVE • CCC: final 4Q21 results above prelims, mainly on one-off POSITIVE • LPP: 4Q21 slightly below prelims on war-related write-downs; no surprises in FY22E guidance NEUTRAL • Shoper: 4Q21 broadly in line...
ACP ASSECO POLAND SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CIE CIECH S.A.
AST ASTARTA HOLDING
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TRP TERAPLAST
PBK PATRIA BANK SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
INPST INPOST S.A.
SHO SHOPER
PCO PEPCO GROUP NV
- Maria Mickiewicz
- Pawel Wieprzowski
- PhD
Ciech: bumpy road, but got there finally (stays BUY)
Since our previous update on Ciech, the stock is up by 53%, vs. +25% for the WIG index. However, we still keep our BUY rating on the stock, and raise our 12-month price target (PT) from PLN 37.7 to PLN 58.0/share (33% upside). Our key reasons for our valuation hike are: i) the structurally stronger global soda ash market, which should support Ciech’s soda segment’s results in the mid-term; ii) the turnaround in Ciech’s agro business (segment’s EBITDA up by 3x yoy in 2021); and iii) its improved ...
- Research Team
WOOD Daily: TLV RO; KRU PW; LPP PW; CIE PW; SHO PW; MIL PW; SPL PW; AL...
HEADLINES: • Banca Transilvania: profits booming, despite headwinds (stays BUY) • Kruk: issues 1Q22E profit guidance at almost record-high levels • LPP: PLN 350 DPS proposal (3.2% yield) POSITIVE • Ciech: 2022E EBITDA forecast in line with outlook presented during 4Q21 conference call NEUTRAL • Shoper: 4Q21E EBITDA of PLN 8.1m, in line with preliminary guidance (due out tomorrow) • Bank Millennium: 1Q22E preview (due on 26 April) • Santander Bank Polska: 1Q22E preview (due on 26 April) • Al...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
LPP LPP S.A.
CIE CIECH S.A.
ALR ALIOR BANK SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SHO SHOPER
- Research Team
WOOD Daily: Polish financials (PZU PW, PEO PW stay BUY; ALR PW upgrade...
HEADLINES: • Polish financials: PZU - higher rates and for longer (stays BUY); Bank Pekao - standing firm against the headwinds (stays BUY); Alior Bank - too cheap to ignore (upgraded to BUY) • Romania macro: the government announces a support package for both individuals and companies • Fondul Proprietatea: end-March NAV could be at least 5% higher mom • Famur: 4Q21 EBITDA 16% below market expectations NEGATIVE • LPP: FY22E rollout plans raised to 500k sqm POSITIVE • Inter Cars: CFO says tha...
- Research Team
The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
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
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
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.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: CEZ CP; OMV AV; CIE PW; HUG PW; FP RO
HEADLINES: • CEZ: primus inter pares (stays BUY) • OMV: blocked stream, new theme (downgraded to HOLD) • Ciech: final 4Q21 in line with preliminary results, reassuring 2022E forecasts POSITIVE • Huuuge Games: post-results conference call with management - takeaways NEUTRAL • Fondul Proprietatea: asks for FSA approval for tender offer of up to 325m shares POSITIVE • Short News (KRU, TEL, AST)
CIECH SA sees an upgrade to Slightly Positive due to a better fundamen...
The general evaluation of CIECH SA (PL), a company active in the Speciality Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 25, 2022, the closing price was PL...
- Research Team
WOOD Daily: DAT PW; OPAP GA; FOYRK GA; WPL PW; HU Macro; RO Energy; MO...
HEADLINES: • DataWalk: cutting-edge technology in a market niche (BUY - initiation of coverage) • OPAP: 4Q21 results - strong FCF generation, shareholder distribution of EUR 1.40/share • Fourlis: solid 4Q21 numbers, DPS proposal of EUR 0.11 POSITIVE • Wirtualna Polska: key takeaways from the 4Q21 earnings call NEUTRAL • Hungary macro: MNB strengthens its hawkish bias • Romanian energy: support scheme adopted on 18 March fully in line with draft released last week • MOL: announces record HUF...
MOL MOL NYRT
ACP ASSECO POLAND SA
FOYRK FOURLIS HOLDINGS S.A.
CIE CIECH S.A.
DAT DATAWALK SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
4IG 4IG NYRT
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: DOM PW; RU Macro; GPW PW; EME Strategy – MSCI; KRU PW; CIE...
HEADLINES: • Dom Development: 4Q21 - broadly in line, focus on the outlook NEUTRAL • Russia macro: awaiting a downturn, CBR stays on hold • Warsaw Stock Exchange: 4Q21 conference call takeaways NEUTRAL • EME Strategy: MSCI launches consultations over companies with significant links to Russia NEUTRAL • Kruk: buys NPL portfolios in Italy NEUTRAL • Ciech: CEO claims company may be interested in M&A NEUTRAL • Ford Otosan: change of General Manager NEUTRAL • Short News (KER)
- Research Team
WOOD Daily: WIZZ LN; PEO PW; BIMAS TI; CIE PW; SBER RX; LKOD LI; ALRS ...
HEADLINES: • Wizz Air: difficult year ahead, but sell-off excessive (stays BUY) • Bank Pekao: very solid 4Q21, but disappointing dividend proposal • BIM: 4Q21 strongly above expectations POSITIVE • Ciech: 4Q21 preliminary adjusted EBITDA 5% above the consensus, but quality of profit is high POSITIVE • Sberbank: 4Q21 results • Lukoil: FY21 financial results review • Alrosa: 4Q21 IFRS results - EBITDA down 25% qoq, on lower revenues per carat • Polymetal: 2H21 IFRS results - top line and EBIT...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SAR GR. SARANTIS S.A.
CIE CIECH S.A.
POLY POLYMETAL INTERNATIONAL PLC
CPS CYFROWY POLSAT SA
ALRS ALROSA PJSC
WPL WIRTUALNA POLSKA HOLDING SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
- Research Team
The Rear-View Mirror – EME markets: stocks bleed amid Russian invasion...
EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8% in USD terms. Russian stocks, represented by the MOEX Index, lost the most in February, declining by 34.6% in EUR terms and 30.0% in RUB terms. The Hungarian BUX Index lost 21.8% in EUR terms and 18.2% in HUF terms; while the Polish WIG20 Index declined by 11.7% in EUR and 9.5% in PLN. In Prague, the...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
ALRS ALROSA PJSC
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
PLZL POLYUS (GDR)
HMX1R HANSAMATRIX AS
OGZD GAZPROM (GDR)
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
KSPI KASPI KZ
OZON OZON HOLDINGS
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
GDEV NEXTERS INC
PCO PEPCO GROUP NV
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
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