reports
- Research Team
WOOD Daily: DIA PW; PZU PW; PEO PW; TEN PW; PL Telecoms; GTC PW; TPEIR...
HEADLINES: • Diagnostyka: risk of the gradual loss of key customer, Luxmed NEGATIVE • PZU / Bank Pekao: potential merger continuing • Ten Square Games: 3Q25 bookings up 4.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 3Q25 NEUTRAL • GTC: prices EUR 455m bond with an 8% yield POSITIVE • Piraeus Financial Holdings: prices EUR 600m AT1 bond POSITIVE • Czech Republic macro: elections – forced cooperation should keep the economy strong • EME Macr...
- Jakub Krawczyk
- Bruno Cavalier
- Emmanuel Matot
- Nicolas David
- Philippe Ourpatian
- Thomas Zlowodzki
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
BEI BEIERSDORF AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
BRBY BURBERRY GROUP PLC
KER KERING SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
LPP LPP S.A.
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
EUR EUROCASH S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BFSA BEFESA SA
DNP DINO POLSKA S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
ATRY ATRYS HEALTH
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
ALG ALLEGRO.EU SA
ANR ANSWEAR.COM
ZGN ERMENEGILDO ZEGNA NV
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Bruno Cavalier
- Emmanuel Matot
- Nicolas David
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
LPP LPP S.A.
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
EUR EUROCASH S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
BRAV BRAVIDA HOLDING AB
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BFSA BEFESA SA
DNP DINO POLSKA S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
ATRY ATRYS HEALTH
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
ALG ALLEGRO.EU SA
ANR ANSWEAR.COM
ZGN ERMENEGILDO ZEGNA NV
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Bruno Cavalier
- Emmanuel Matot
- Nicolas David
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
LPP LPP S.A.
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
EUR EUROCASH S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
BRAV BRAVIDA HOLDING AB
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SAE SHOP APOTHEKE EUROPE NV
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BFSA BEFESA SA
DNP DINO POLSKA S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
ATRY ATRYS HEALTH
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
ALG ALLEGRO.EU SA
ANR ANSWEAR.COM
ZGN ERMENEGILDO ZEGNA NV
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Bruno Cavalier
- Nicolas David
- Philippe Ourpatian
- Thomas Zlowodzki
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
BEI BEIERSDORF AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
BRBY BURBERRY GROUP PLC
KER KERING SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
LPP LPP S.A.
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
EUR EUROCASH S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BFSA BEFESA SA
DNP DINO POLSKA S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
ATRY ATRYS HEALTH
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
ALG ALLEGRO.EU SA
ANR ANSWEAR.COM
ZGN ERMENEGILDO ZEGNA NV
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
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
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: GTC PW; ZAB PW; PCF PW; CCC PW; BFT PW; WIZZ LN; OTE/DIGI ...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
- Research Team
WOOD Daily: PCO PW; BELA GA; THEON NA; Czech Republic macro; EWG LN; P...
HEADLINES: • Pepco: lfl recovery continued in 4Q25, with Poland falling behind W. Europe; another EUR 50m buyback announced POSITIVE • Jumbo: 1H25 earnings slightly lower than expected - adj. EBITDA +7% yoy to EUR 165m NEGATIVE • Theon International: wins another sizeable OCCAR contract POSITIVE • Czech Republic macro: CNB on hold • Eurowag: TA Associates completes GBP 56m ABB • PZU: new acting CEO appointed, pending PFSA approval NEUTRAL • Banca Transilvania: proposes an extraordinary DPS of RO...
- Research Team
WOOD Daily: INPST NA; GTC PW; AROBS RO; RO Macro; TL Macro; Greek Bank...
HEADLINES: • InPost: 2Q25 in line with expectations; FY25E EBITDA guidance broadly maintained; domestic market recovery in 3Q POSITIVE • GTC: 2Q25 – bond refinancing critical • AROBS Transilvania Software: 2Q25 – trending up, despite continuing headwind from automotive vertical • Romania macro: fiscal consolidation effort moves forward, but politics remain jittery • Türkiye macro: 2Q GDP momentum points to a stronger 2025E outlook • Greek banks: commit an additional donation of EUR 75m each to s...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT 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.
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
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Research Team
WOOD Daily: OTP HB; CZG CP; 11B PW; CDR PW; TXT PW; SFG RO; M RO; ACAG...
HEADLINES: • OTP Bank: all about capital returns (stays BUY) • Colt CZ Group SE: acquires SNC – a strategic move POSITIVE • 11 bit studios: 2Q25 EBITDA 14-24% above our and the market's expectations; guidance on new projects POSITIVE • CD Projekt: 2Q25 EBITDA 19-24% above our and the market's expectations POSITIVE • Text: 1Q25-26 (calendar 2Q25) results – EBITDA down 21% yoy, 5% below the consensus NEGATIVE • Sphera Group: 2Q25 soft, but better than we expected; FY25E budget cut NEGATIVE • MedLi...
- Christophe-Raphaël Ganet
- Hela Zarrouk
- Oliver Metzger
EVN EVN AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
FIE FIELMANN AG
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
SEM SEMPERIT HOLDING AG
EUR EUROCASH S.A.
SRAIL STADLER RAIL AG
MRX MISTER SPEX SE
FI-N GEORG FISCHER AG
TLT THE LONDON TUNNELS PLC
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Christophe-Raphaël Ganet
- Hela Zarrouk
- Oliver Metzger
EVN EVN AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
FIE FIELMANN AG
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
SEM SEMPERIT HOLDING AG
EUR EUROCASH S.A.
SRAIL STADLER RAIL AG
MRX MISTER SPEX SE
FI-N GEORG FISCHER AG
TLT THE LONDON TUNNELS PLC
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jakub Krawczyk
- Research Team
WOOD Daily: PZU PW; DOM PW; BHW PW; EUR PW; DAT PW; TPE PW; CAI AV; MO...
HEADLINES: • PZU: 2Q25 results – beat on the bottom line, but insurance operations show some weakness and delivered below expectations NEUTRAL • Dom Development: 2Q25 results – beat driven by stellar 37% gross profit margin POSITIVE • Bank Handlowy: neutral 2Q25 results – beat on underlying bottom line driven by bond sales gains; negative NII trend NEUTRAL • Eurocash: 2Q25 – slightly above low expectations; new strategy publication in November POSITIVE • DataWalk: 2Q25 actual numbers fully in li...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: PE RO; PL Banks; DNP PW; BDX PW; KAP LI; MBR PW; CPS PW; T...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TBCB TBC BANK JOINT STOCK CO
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
DNP DINO POLSKA S.A.
SFG SPHERA FRANCHISE GROUP SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: GPW PW; KMGZ KZ; CPS PW; MBR PW; PKN PW; BGEO LN; GEV CP; ...
HEADLINES: • Warsaw Stock Exchange: bottom-line beat in 2Q25, due mostly to non-operating net revenues POSITIVE • KazMunayGas: 2Q25 results – EBITDA in line with our forecast NEUTRAL • Cyfrowy Polsat: 2Q25 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEUTRAL • Mo-BRUK: 2Q25 EBITDA up 6% yoy, in line with our and the market's expectations NEUTRAL • Orlen: 2Q25 results – broadly in line NEUTRAL • Lion Finance Group: 2Q25 highlights – in line, but not strong enough to sh...
- Research Team
WOOD Daily: CDR PW; PZU PW; MOL HB; ELPE GA; NLBR SV; CCC PW; AKCNS TI...
HEADLINES: • CD Projekt: opening the next chapter (upgraded to BUY) • PZU: CEO Klesyk dismissed NEGATIVE • MOL: 2Q25 results hit by one-off charge NEUTRAL • HELLENiQ Energy: 2Q25 results NEUTRAL • NLB Group: material bottom-line beat in 2Q25, due mainly to provisions and impairments released POSITIVE • CCC: preliminary 2Q25 EBITDA beats expectations by 1-5%, on the top line POSITIVE • Akcansa: 2Q25 conference call takeaways NEUTRAL • Brisa: takeaways from the 2Q25 earnings call POSITIVE • Cimsa:...
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
APR AUTO PARTNER SA
NLBR NLB GROUP
ELPE HELLENIQ ENERGY
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; ALPHA GA; KAP LI; GEKTERNA GA; ...
HEADLINES: • EME Macro/Strategy: macro all-in-one (28 July-3 August) • Alpha Bank: 2Q25 highlights – an 11% beat vs. our estimate, but CET1 down 50bpts qoq • Kazatomprom: 2Q operational update NEUTRAL • GEK Terna: boosts construction backlog by almost EUR 0.5bn POSITIVE • Wizz Air: July capacity up 8% yoy, load factor down 1ppt NEUTRAL • Budimex: expects a market rebound in 2026E; decision on FBSerwis in the autumn NEUTRAL • Orange Polska: key takeaways from an interview with the CFO NEUTRAL • C...
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