reports
- Research Team
WOOD Daily: MBK PW; BHW PW; DOM PW; TPE PW; BDX PW; BFT PW; INPST NA; ...
HEADLINES: • mBank: bid or no bid? • Bank Handlowy: solid 4Q25, giving support to strong dividend yield expectations NEUTRAL • Dom Development: 4Q25 – a good end to a record year NEUTRAL • Tauron: preliminary 4Q25 EBITDA 7% below our expectations, following provisions in the Supply segment; adjusted EBITDA 11% above our forecast POSITIVE • Budimex: KIO orders rejection of company’s offer in Rail Baltica tender NEGATIVE • Benefit Systems: PLN 40.6m provision to be created in the 4Q25E results NEG...
- 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: EAT PW; KRU PW; TXT PW; ENA PW; CTPNV NA; RICHT HB; DHS HB...
HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies ...
KRU KRUK S.A.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
WIZZ WIZZ AIR HOLDINGS PLC
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
DUNAHOUSE DUNA HOUSE
CTPNV CTP NV
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: DOC AV; PKN PW; PZU PW; TXT PW; MOL HB; H2O RO; MTLN GA; M...
HEADLINES: • DO & CO: mixed 3Q FY26 P&L results; strong FCFF generation, double vs. last year NEUTRAL • Orlen: acquires stake in the Afrodite discovery in Norway NEUTRAL • PZU: 4Q25E results preview (due on 26 February) • Text: 3Q25-26E preview – 28% yoy EBITDA decline expected (due on 26 February) • MOL: to explore for oil and gas in Libya with TPAO and Repsol POSITIVE • Hidroelectrica: preliminary 4Q25 total volumes sold 18% above our estimate POSITIVE • Metlen Energy & Metals: secures access ...
- 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: DOM PW; MIL PW; PL Banks; TITC GA; OPAP GA; BELA GA; THYAO...
HEADLINES: • Dom Development: sells 4.4k apartments in 2025, an all-time high POSITIVE • Bank Millennium: to add PLN 487m of FX mortgage saga costs in 4Q25E NEUTRAL • Polish banks: Puls Biznesu on M&A in the Polish banking sector • Titan: Titan America enters agreement to acquire Keystone Cement Company POSITIVE • OPAP: Allwyn merger passes EGM; focus shifts to 9 February exit-right deadline NEUTRAL • Jumbo: 2025 sales +7%, to EUR 1.23bn, as expected; declares EUR 0.50 special DPS NEUTRAL • Turk...
- 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
WOOD Daily: TXT PW; PZU PW; PEO PW; MBK PW; SPL PW; CPS PW; MBR PW; CD...
HEADLINES: • Text: preliminary 3Q25-26 (calendar 4Q25) results – MRR of USD 6.98m (-1.1% qoq and -1.7% yoy) NEGATIVE • PZU/Bank Pekao: delay merger deadline NEGATIVE • mBank: to face PLN 362.1m of FX mortgage saga costs in 4Q25E NEUTRAL • Santander Bank Polska: updates market on the impact of sale of 60% stake in Santander Consumer Bank NEUTRAL • Santander Bank Polska: calls EGM for 22 January NEUTRAL • Cyfrowy Polsat: Liechtenstein court upholds May ruling on Solorz family succession POSITIVE •...
PEO BANK POLSKA KASA OPIEKI SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Morning (5 December)
HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
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
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.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
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
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
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
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
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
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...
HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...
- Alessio Chiesa
- Raffaella Tenconi
EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...
The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
IGN1L IGNITIS GRUPE
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
BOCHGR BANK OF CYPRUS
- Jakub Caithaml
WOOD Flash – Dom Development: 3Q25 slightly weaker than expected, but ...
Dom’s 3Q25 showed resilient profitability, despite a lower average unit price, with revenues of PLN 707m, gross profit of PLN 229m and a 32% gross margin. Strong visibility – 5.6k units sold but not yet delivered, worth over PLN 4.3bn – underpins management’s guidance for more than 2.0k 4Q25E deliveries, which could lift the full-year gross profit to c.PLN 1.1bn, in line with our forecast. Across the Polish cities, demand seems to have strengthened throughout 3Q25, which could support Dom's full...
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS 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
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
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.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
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
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Daily: PEO PW; KOMB CP; ING PW; MBK PW; KRU PW; JMT PL; RBI AV; B...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
DOC DO & CO AKTIENGESELLSCHAFT
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
9526 JAHEZ INTERNATIONAL CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: DSPW CP; DIA PW; DOM PW; GTC PW; TXT PW; EU Oil and Gas Mo...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
Dom Development SA: 1 director
A director at Dom Development SA sold 14,300 shares at 234.000PLN 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 cl...
- Research Team
WOOD Daily: CZ Macro; TXT PW; GTC PW; ACP PW; TL Automotive; Rear-View...
HEADLINES: • Czech macro: parliamentary elections – 3-4 October • Text: preliminary 2Q25-26 (calendar 3Q25) results – MRR of USD 7.06m (down 1.5% qoq, up 0.3% yoy) NEGATIVE • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Asseco Poland: TSS sends open letter to ACP's shareholders and proposes new incentive scheme NEUTRAL • Turkish automotive: strong momentum in light vehicle sales continued in September • The Rear-View Mirror – EME markets: Romanian BET in...
- 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
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