reports
- Adrian Pehl
- Klaus Ringel
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
RNO RENAULT SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SCMN SWISSCOM AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
REE RED ELECTRICA CORP. SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
PRY PRYSMIAN S.P.A.
MOB MOBILEZONE HOLDING AG
RIO RIO TINTO PLC
ASML ASML HOLDING NV
JDEP JDE PEET'S NV
ACLN ACCELLERON INDUSTRIES LTD
AF AIR FRANCE - KLM
SUNN SUNRISE
- Luis de Toledo Heras
SCR SCOR SE
SCMN SWISSCOM AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SIX2 SIXT SE
DLG DE'LONGHI S.P.A.
ONTEX ONTEX GROUP N.V.
ENG ENAGAS SA
FLU FLUGHAFEN WIEN AG
MOB MOBILEZONE HOLDING AG
VOS VOSSLOH AG
NSI NSI N.V.
BAR BARCO NV
AF AIR FRANCE - KLM
R3NK RENK GROUP AG
SUNN SUNRISE
- Adrian Pehl
- Klaus Ringel
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
RNO RENAULT SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SCMN SWISSCOM AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
REE RED ELECTRICA CORP. SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
PRY PRYSMIAN S.P.A.
MOB MOBILEZONE HOLDING AG
RIO RIO TINTO PLC
ASML ASML HOLDING NV
JDEP JDE PEET'S NV
ACLN ACCELLERON INDUSTRIES LTD
AF AIR FRANCE - KLM
SUNN SUNRISE
- Luis de Toledo Heras
SCR SCOR SE
SCMN SWISSCOM AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SIX2 SIXT SE
DLG DE'LONGHI S.P.A.
ONTEX ONTEX GROUP N.V.
ENG ENAGAS SA
FLU FLUGHAFEN WIEN AG
MOB MOBILEZONE HOLDING AG
VOS VOSSLOH AG
NSI NSI N.V.
BAR BARCO NV
AF AIR FRANCE - KLM
R3NK RENK GROUP AG
SUNN SUNRISE
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Carole Braudeau
- Carole Braudeau
- Research Team
WOOD Daily: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
- Adrian Kowollik
- Research Team
WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...
HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...
- Marta Jezewska-Wasilewska
- Miguel Dias
Komercni Banka: closing the rerating bet (downgraded to HOLD)
We have downgraded Komercni Banka to HOLD (from Buy), and we set our updated 12M price target (PT) at CZK 1,108 (up from CZK 959/share), 7% upside. We see the c.9% annual dividend yield as the key return for shareholders in the next 12 months. We believe that the high yield should be sustainable over the next two years, as we have prolonged our assumption of a 100% dividend payout ratio by one year, beyond management’s explicit current guidance. Komercni Banka is trading at our 2025-26E P/Es of ...
- Research Team
WOOD Daily: CIMSA TI; EME Macro/Strategy – Inflation Update; EME Macro...
HEADLINES: • Cimsa: on a path of growth and diversification (stays BUY) • EME Macro/Strategy: inflation – short- and medium-term forecasts • EME Macro/Strategy: macro all-in-one (30 June-6 July) • Ten Square Games: 2Q25 bookings down 10% qoq, but slightly better than Sensor Tower's estimates NEUTRAL • CD Projekt: Cyberpunk: Edgerunners 2 anime series in production NEUTRAL • Polish telecoms: mobile number portability in 2Q25 NEUTRAL • Optima Bank SA: listing of new shares due to share split NEUTR...
- Research Team
WOOD Daily: RO Macro; RO Banks; EME Macro/Strategy – PL; PL Macro; TXT...
HEADLINES: • Romania macro: discussing a new fiscal package with the EU • Romanian banks: government to increase tax on gross revenues to 4% NEGATIVE • EME Macro/Strategy – Poland: bigger, happier but also more divided • Poland macro: MPC reduces the policy rate by 25bps • Text: 1Q25-26 (calendar 2Q25) preliminary results – MRR of USD 7.17m (up 0.7% qoq, up 1.4% yoy); 928 net LiveChat customers outflow NEGATIVE • Mo-BRUK: guiding for PLN 33m outflow related to the 2018-19 increased fees; PLN 50-...
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
Aegean Airlines S.A.: 1 director
A director at Aegean Airlines S.A. bought 25,000 shares at 11.575EUR and the significance rating of the trade was 53/100. 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: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...
HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; THYAO TI; AEGN GA; GEV CP; EME ...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 June) • Turkish Airlines: confirms talks over Air Europa stake purchase NEUTRAL • Aegean Airlines: may issue EUR 200-250m of new bonds NEUTRAL • GEVORKYAN: might raise up to 3.5m shares in the next 5Y NEUTRAL • EME Strategy: MSCI 2025 Global Market Accessibility Review
DBG DERICHEBOURG SA
INF INFOTEL SA
ASY ASSYSTEM SA
AUB AUBAY SA
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
CDA COMPAGNIE DES ALPES SA
DEZ DEUTZ AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TUB TUBACEX S.A.
ALBFR SIDETRADE SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
WAVE WAVESTONE SA
THEP THERMADOR HOLDING SA
ANR ANSWEAR.COM
DBG DERICHEBOURG SA
INF INFOTEL SA
ASY ASSYSTEM SA
AUB AUBAY SA
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
CDA COMPAGNIE DES ALPES SA
DEZ DEUTZ AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TUB TUBACEX S.A.
ALBFR SIDETRADE SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
WAVE WAVESTONE SA
THEP THERMADOR HOLDING SA
ANR ANSWEAR.COM
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