reports
- Research Team
WOOD Daily: SNT PW; EEMEA Macro; CPS PW; WPL PW; PRIUA CP; RICHT HB; T...
HEADLINES: • Synektik: healthcare play, with multiple tailwinds (BUY - initiation of coverage) • EEMEA macro: early takes on the Iran conflict • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 21.21%, while WP TV at 0.51% in February 2026 NEUTRAL • Primoco UAV: EUR 4m order for Spanish Guardia Civil POSITIVE • Richter: acquires WHC discovery portfolio of Celmatix NEUTRAL • Banca Transilvania: 2026E guidance NEUTRAL • Premier Energy: acquisition of six minority stakes and sale of stake in ...
SNT SYNEKTIK
BIMAS BIM BIRLESIK MAGAZALAR A.S.
MGROS MIGROS TICARET A.S
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
KSPI KASPI KZ
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
PRIUA PRIMOCO UAV SE
PE RO PREMIER ENERGY
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
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.
OMV OMV AG
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP 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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: TL Food Retailers; BDX PW; ALE PW; HU Macro; RICHT HB; NRP...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
TBCB TBC BANK JOINT STOCK CO
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
2381 ARABIAN DRILLING CO.
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: GSPARK HB; KRU PW; CPS PW; DNP PW; DIGI RO; BIMAS TI; EME ...
HEADLINES: • Graphisoft Park: 4Q25 – low LTV, high ROE POSITIVE • Kruk: issues preliminary 2025 net profit, almost in line with expectations NEUTRAL • Cyfrowy Polsat: main shareholders (Mr. Solorz's heir) want to participate in next nuclear power project NEGATIVE • Dino Polska: 4Q25E preview – 3% yoy EBITDA growth expected (due on 26 March) NEGATIVE • DIGI Communications: 4Q25 preliminary results – adjusted EBITDA up 7% yoy, 6% below our estimate NEGATIVE • BIM: BoD decides to increase the paid-...
- Research Team
WOOD Daily: BFT PW; ING PW; MBK PW; CAR PW; VGO PW; GEKTERNA GA; DIGI ...
HEADLINES: • Benefit Systems: grow baby, grow! (BUY - transfer of coverage) • ING BSK: 4Q25 results beat; solid DPS guidance; recent share price rally might have consumed part of the upside • mBank: solid 4Q25; rather cautious on the 2026E revenue outlook NEUTRAL • Inter Cars: January sales increase by 4.0% yoy NEGATIVE • VIGO Photonics: 4Q25E results preview – solid yoy adjusted EBITDA improvement expected (due on 16 March) • GEK Terna: seals c.EUR 1bn of Romanian railway projects – positive, b...
- Lukasz Wachelko
- CFA
- Marek Szymański
Benefit Systems: grow baby, grow! (BUY - transfer of coverage)
We transfer coverage of Benefit Systems (BFT), maintaining our BUY on the stock. We set our 12-month price target (PT) at PLN 5,000 (from PLN 4,300), 32% potential upside. After solid results in 2025E, we expect BFT to maintain its earnings momentum and deliver an adjusted EBIT CAGR of 18% in 2025-27E. We turn more optimistic on the operations in Türkiye, as we expect the addition of sports cards to accelerate from 2026E-onwards, and the Fitness segment to remain highly profitable. As a result, ...
- Research Team
WOOD Daily: SPL PW; Polish media; DVL PW; SNP RO; BELA GA; Turkish aut...
HEADLINES: • Santander BP: posts solid 4Q25 numbers; rebranding costs guidance in line; DPS of PLN 46 seems very feasible NEUTRAL • Polish media: CPS's audience share at 22.30%, while WP TV is at 0.57% in January 2026 NEUTRAL • Develia: management targets for 2026E close to our forecasts NEUTRAL • OMV Petrom: 4Q25 results and dividend proposal NEUTRAL • Jumbo: January sales +8% on easy comps; guiding for 5% sales growth and EUR 310-320m net earnings in 2026E NEUTRAL • Turkish automotive: strong ...
Bank Handlowy W Warszawie: 1 director
A director at Bank Handlowy W Warszawie bought 1,325 shares at 116.400PLN and the significance rating of the trade was 54/100. 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 y...
- Research Team
WOOD Daily: PL Banks; CBF PW; VRC PW; SHO PW; TEN PW; MUR PW; MONET CP...
HEADLINES: • Polish banks: still opportunities, if the growth continues (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • cyber_Folks: 4Q25E results preview – 18% yoy organic adjusted EBITDA growth (due on 18 March) • Shoper: 4Q25E results preview – 11% yoy adjusted EBITDA growth (due on 18 March) • Vercom: 4Q25E results preview – 23% yoy adjusted EBITDA growth (due on 18 March) • Ten Square Games: 4Q25E preview – adjusted EBITDA -7% qoq on higher U...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
PPC PUBLIC POWER CORPORATION S.A.
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
R22 R22
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
VRC VERCOM SA
SHO SHOPER SA
MUR2 MURAPOL SA
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: still opportunities, if the growth continues (PKO BP, Ba...
We keep our positive bias on the Polish banks, although the upside is melting away, with the continuous positive share price performance. The upside left for our median 12M PTs lands at 17%+, just enough to keep our marginally positive stance on the sector. The WIG Banks index has returned c.45%+ in the LTM, mostly a function of a multiples expansion, as the 2025E median EPS change was almost zero in the LTM and the 2026E EPS saw a median cut of 10% in the LTM, driven mostly by the change in the...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
JMT JERONIMO MARTINS SGPS S.A.
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
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
- Research Team
WOOD Daily: SPLUS HB; ACP PW; PL telecoms; PE RO; MTLN GA; Türkiye mac...
HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)
- Research Team
WOOD Daily: BCG LN; KRU PW; BFT PW; SNP RO
HEADLINES: • Baltic Classifieds Group: the perfect storm cannot last forever (stays BUY) • Kruk: plans to change organisational structure NEUTRAL • Benefit Systems: Poland's antitrust watchdog brings charges against the company NEGATIVE • OMV Petrom: State-owned Bulgarian Energy Holding to become a partner in Han Asparuh offshore project POSITIVE
- Research Team
WOOD Daily: OPAP GA; BFT PW; OPL PW; PEO PW; BHW PW; MONET CP; KOMB CP
HEADLINES: • OPAP: waiving of the 5% exit threshold paves the way for the Allwyn merger NEUTRAL • Benefit Systems: changes in the Supervisory Board NEUTRAL • Orange Polska: 4Q25E – 4% yoy EBITDAaL growth expected (due on 18 February) • Bank Pekao: 4Q25E preview (due on 19 February) • Bank Handlowy: 4Q25E preview (due on 17 March) • MONETA Money Bank: 4Q25E preview (due on 3 February) • Komercni Banka: 4Q25E preview (due on 6 February)
- Research Team
WOOD Daily: CPS PW; EME Strategy – OFEs; GPP PW; MIL PW; ING PW; MBK P...
HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...
- Atinc Ozkan
- Piotr Raciborski
- CFA
Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL)
We have downgraded our rating on Cyfrowy Polsat (CPS) to SELL (from Hold) and cut our price target (PT) to PLN 11.86/share (from PLN 15.42), implying 12% downside potential. We believe that the positive short-term triggers in CPS’ story have materialised already (succession completion, interest rates cuts supporting the FCF), while the weak 4Q25 results and 2026E outlook (we expect further declines in the telecoms segment) could fuel drops. Most importantly, in the long term, we see structural h...
Benefit Systems S.A.: 1 director
A director at Benefit Systems S.A. sold 1,000 shares at 3,760.000PLN and the significance rating of the trade was 100/100. 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...
- Research Team
WOOD Daily: KTY PW; ALE PW; BFT PW; MBR PW; TEN PW; PL Telecoms; GEKTE...
HEADLINES: • Kety: still fuel in the tank (stays BUY) • Allegro: disposal of Mall’s Slovenian and Croatian business with a PLN 235m loss POSITIVE • Benefit Systems: net addition of 145.6k sports cards in 4Q25, acceleration in Türkiye POSITIVE • Mo-BRUK: SKO cancels increased fees for 2016 and 2020 NEUTRAL • Ten Square Games: 4Q25 bookings up 12.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 4Q25 NEUTRAL • GEK Terna / Motor Oil Hellas: EC cle...
- Research Team
WOOD Daily: CEZ CP; TXT PW; DAT PW; APR PW; CPS PW; WPL PW; JMT PL; TL...
HEADLINES: • CEZ: government reiterates intention to seek full control of generation assets NEUTRAL • Text: key takeaways from the 3Q25-26 preliminary earnings call NEUTRAL • DataWalk: key takeaways from an interview with the CEO NEUTRAL • Auto Partner: December sales growth accelerates to 17.9% yoy POSITIVE • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 23.20%, while WP TV at 0.57% in December 2025 NEUTRAL • Jeronimo Martins: 4Q25E trading update preview – 8% yoy sales growth expected...
- Research Team
The Rear-View Mirror – EME markets: Czech PX in the lead in December
EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SNP PETROM S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
BCG BALTIC CLASSIFIEDS GROUP PLC
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
THEON THEON INTERNATIONAL PLC
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
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