reports
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 April 2025
The investors on the Bulgarian stock exchange remained in the “wait and see” mood and light volume trades defined the positive outcome for the main indexes. SOFIX (888.88) won 0.31%, led by the sharp move of Smart Organic (SO, BGN 30.40, +7.04%) and Bulgarian Stock Exchange (BSE, BGN 7.65, +1.32%). BGREIT (214.31, -0.15%) alone booked a loss as the negative price actions in Advance Terrafund (ATER, BGN 3.06, -1.29%) reflected on the REIT index. Trading activity was poor and the volumes continued...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 April 2025
The Bulgarian equity market had a quiet start of the short week with less enthusiasm and poor trading activity. Neochim (NEOH, BGN 24.60, +5.13%), Sirma (SGH, BGN 1.08, +2.86%) and Smart Organic (SO, BGN 28.00, +1.45) were the leading names among gainers, though all major indexes settled on the negative side – SOFIX (880.53%, -0.60%) , BGBX40 (169.12, -0.49%) , BGTR30 (864.88, -0.11%) and BGREIT (214.10, -0.25%), as the negative price actions in First Investment Bank (FIB, BGN 3.80, -6.40%), Syn...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 3 April 2025
Opposite and very rapid moves of index members set SOFIX (902.65, -0.06%) almost unchanged on Wednesday. Doverie United Holding (DUH, BGN 8.10, +1.25%) jumped to BGN 8.36 in the early trading session but profit taking pull back the holding at the end of the day. Speculative trades lifted Sirma Group Holding (SGH, BGN 1.11, +1.83%) with insignificant daily turnover while Eurohold (EUBG, BGN 1.90, -0.52%) registered block trade with 114K shares. Chimimport (CHIM, BGN 0.735, -2.00%) and First Inves...
- 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
- Marta Jezewska-Wasilewska
- Miguel Dias
Warsaw Stock Exchange: just move on up (stays BUY)
We maintain our BUY on Warsaw Stock Exchange (GPW), with a slightly higher price target (PT) of PLN 56.5/share (from PLN 55.4), implying 24.6% upside from the current share price. Despite the significant ytd rally, we believe that Polish equities are still attractively valued and offer exposure to one of the fastest-growing economies in Europe, creating a compelling argument for a strong stock market performance in the years ahead. Equity turnover is set to be quite strong this year, which could...
- 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: DSPW CP; ESLT IT; CBF PW; KAP LI; VRC PW; OPL PW; PEO PW; ...
HEADLINES: • Doosan Škoda Power: steaming ahead (BUY - initiation of coverage) • Elbit Systems: 4Q24 – strong results, record FCF generation POSITIVE • cyber_Folks: 4Q24 results review – 27% yoy EBITDA growth, in line with our estimates and the consensus POSITIVE • Kazatomprom: 4Q24 results POSITIVE • Vercom: key takeaways from the 4Q24 earnings call NEUTRAL • Orange Polska: 2025-28E strategy announcement – at least PLN 1.2bn FCF in 2028E POSITIVE • Bank Pekao: recommends DPS of PLN 12.6 and des...
- Research Team
WOOD Daily: DIA PW; EME Macro/Strategy Ukraine Primer; EME Macro/Strat...
HEADLINES: • Diagnostyka: take a test (BUY - initiation of coverage) • EME Macro/Strategy: Ukraine – a macro primer • EME Macro/Strategy: Ukraine’s peace deal – WOOD’s equity playbook • EMEA airlines: some notes on the potential Ukraine reopening • Aegean Airlines: 4Q24 – material beat vs. our estimates, on higher revenue and lower employee costs POSITIVE • Dom Development: 4Q24 – strongest year on record POSITIVE • Vercom: 4Q24 results review – 29% yoy EBITDA growth, in line with the consensus ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 10 March - 14 March 2025
The Bulgarian stock market remained volatile over the past week, as the benchmark SOFIX dropped 0.8% and all other major indexes closed down, ranging from -0.5% to -1.4%. The trading activity was weak, as block deals with some unpopular names boosted the volumes (+105.1% YTD) and the turnover (+51.6% YTD) higher than average numbers. The worst performer in our list of selected securities was Telelink Business Services Group (TBS, BGN 9.65, -12.3%), followed by SOFIX members Agria Group (AGH, BGN...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 March 2025
The trading activity was narrowly ranged on Friday, which provided mixed outcomes for the main indexes. SOFIX (896.14, -0.04%) and BGREIT (214.69, -0.27%) dove even more in this trading session as Bulgarian Real Estate Fund (BREF, BGN 4.14, -0.96%) and Advance Terrafund (ATER, BGN 3.21, -0.31%) weighed on the index’s performance. Some light-volume price actions with Synergon (SNRG, BGN 0.995, +13.07%), Zarneni Hrani (ZHBG, BGN 0.13, +4.84%) and M+S Hydraulic (MSH, BGN 9.55, +4.37%) provided supp...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 4 March 2025
The Bulgarian market had a rough showing on Friday though the initial selling pressure in the early hours was replaced by more optimistic price actions at the end on the session. The major indexes settled mixed as Agria Group (AGH, BGN 20.40, -2.86%) and the heavy member Shelly Group (SLYG, EUR 37.50, -0.53%) weighed on the indexes, while M+S Hydraulic (MSH, BGN 9.35, +2.19%) and Smart Organic (SO, BGN 26.20, +2.34%) recovered the losses on the opposite side. SOFIX (904.25, -0.13%) slipped below...
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
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
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Mihaly Gajda
MOL heavily miss pre-tax profit and profit consensus due to one-off it...
MOL slightly missed Clean CCS-based EBITDA consensus, reporting USD 682 mn vs. USD 704 mn. However, pre-tax profit and net profit fell significantly short due to one-off factors, including a larger-than-expected CCS effect in Downstream, a year-end impairment in Upstream, and a substantial FX loss from HUF depreciation—partially offset by a much lower-than-expected extra tax in Slovakia. Annual operating cash flow is up 4% YoY, and 2025 guidance is 10% above Bloomberg consensus, support...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 17 February - 21 February 2025
The Bulgarian stock market ended the week mixed, as the main indexes followed the global mood and recorded a strongly negative Friday trading session. The local benchmark SOFIX lost 0.5% to settle at 892.61, while the broad ones BGBX40 (171.40, -0.3%) and BGTR30 (862.12, +0.2%) closed in opposite directions. The industrial M+S Hydraulic (MSH, BGN 9.40, +4.4%) was the top gainer within our list, followed by SOFIX members Chimimport (CHIM, BGN 0.72, +2.9%) and Shelly Group (SLYG, EUR 37.20, +2.5%)...
- Research Team
WOOD Daily: CEZ CP; TKNSA TI; EME Macro/Strategy Weekly; MOL HB; EME S...
HEADLINES: • CEZ: Green Deal and grievances (downgraded to SELL) • Teknosa: weak set of results in 4Q24 NEGATIVE • EME Macro/Strategy: macro all-in-one (17-23 February) • MOL: 4Q results and 2025E guidance • EME Strategy: FTSE GEIS March 2025 Semi-Annual Review • Bank of Cyprus: launch of share buyback programme • Benefit Systems: decides on PLN 1bn five-year bond issue NEUTRAL • 4iG: 4Q24E preview – 20% yoy reported EBITDA increase expected (due on 28 February) • Sphera Group: 12% yoy EBITDA de...
- Jonathan Lamb
WOOD Flash – MOL: 4Q results and 2025E guidance
MOL reported its fourth quarter results this morning (21 February), which were below expectations, and announced its guidance for 2025E. The EBITDA was 24% lower than the previous quarter, at HUF 226bn, and 16% and 18% below our and the consensus expectations, respectively. The EBITDA was affected negatively by a large CCS effect of HUF 35.5bn, related mostly to carbon emissions permit costs. This accounted for almost all of the underperformance in downstream. The circular economy segment was hi...
- Research Team
WOOD Daily: WIZZ LN; GSPARK HB; MOL HB; NLBR SV; MYTIL GA; AKCNS TI; T...
HEADLINES: • Wizz Air: knocked out, beat down, black and blue (stays BUY) • Graphisoft Park: 4Q24 results, and another strong year • MOL: 4Q24 results below expectations, posts a net loss NEGATIVE • NLB Group: bottom-line miss in 4Q24, but equity story remains intact NEUTRAL • Metlen Energy & Metals: 2024 EBITDA +7%, to EUR 1.1bn, as expected NEUTRAL • Akcansa: proposed dividend almost in line with our estimate NEUTRAL • Piraeus Financial Holdings: 4Q24E preview (due on 24 February) NEUTRAL • Gr...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 20 February 2025
The positive sentiment raised SOFIX to 902.19 (+0.58%) on Wednesday. The main index crossed psychological level of 900 for a third time this year on the back of Advance Terrafund (ATER, BGN 3.24, +2.86%), Chimimport (CHIM, BGN 0.71, +2.16%) and First Investment Bank (FIB, BGN 3.90, +1.04%). Negative impact on SOFIX came from Bulgarian Real Estate Company (BREF, BGN 4.12, -0.48%) driven by small speculative trades. Liquidity remained low as most of investors are awaiting the release of Q4 2024 co...
- Research Team
WOOD Daily: BFT PW; GE Macro; BIMAS TI; OPAP GA; MYTIL GA; WPL PW; SNP...
HEADLINES: • Benefit Systems: 4Q24 headline profit a touch below forecasts, due to the accelerated recognition of the incentive plan POSITIVE • Georgia macro: insights on a Ukraine deal spillover to Georgia • BIM: Competition Authority imposes administrative fine of TRY 1,296m NEGATIVE • OPAP: Greek gaming market +6% yoy in December and 11% in 2024 POSITIVE • Metlen Energy & Metals: reaches 11-year bauxite supply/alumina offtake agreement with Rio Tinto POSITIVE • Wirtualna Polska: announces ten...
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