reports
- 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: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG...
HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings ...
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Allegro: August is harvest time (downgraded to HOLD)
We have downgraded Allegro to HOLD (from Buy), with our price target (PT) up slightly, to PLN 42.4/share (from PLN 42.2). The overall e-commerce penetration in Poland has stalled at below the 10% threshold, due to intensive competition from offline (proximity grocery, the roll out of strip malls in Tier-2 locations), and economics erosion, due to the rising costs of online marketing. At the same time, we see Allegro’s quest for breakeven in the international markets being delayed constantly. Wit...
- 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: TEN PW; GPP PW; BFT PW; AKCNS TI; M RO
HEADLINES: • Ten Square Games: 2Q25 adjusted EBITDA down 11% qoq, 4-9% above expectations POSITIVE • Grupa Pracuj: 2Q25 results – adjusted EBITDA up 3% yoy, in line with our forecast, 3% above the consensus NEUTRAL • Benefit Systems: 2Q25 earnings call takeaways – supportive of the 2026E outlook NEUTRAL • Akcansa: competition investigation launched NEGATIVE • MedLife: 2Q25E results preview (due on 29 August)
- Research Team
WOOD Daily: DUNAHOUS HB; BFT PW; PKN PW; BHW PW; EME Macro/Strategy We...
HEADLINES: • Duna House: strong 2Q25, guidance reiterated POSITIVE • Benefit Systems: 2Q25 adjusted EBIT up 17% yoy, marginally above our forecast NEUTRAL • Orlen: partner makes significant oil discovery in Norway POSITIVE • Bank Handlowy: may pay out PLN 449m of 2019 net profit as a dividend NEUTRAL • EME Macro/Strategy: macro all-in-one (18-24 August) • Gentoo Media: 2Q25E financial results preview (due out tomorrow)
- Research Team
WOOD Daily: NRP NA; HSBK LI; THYAO TI; 11B PW; APR PW
HEADLINES: • NEPI Rockcastle: 1H25 good (first look), FFO guidance revised upwards POSITIVE • Halyk Bank: 2Q25 highlights – 2025E guidance revised down, but still targeting >30% ROE NEGATIVE • Turkish Airlines: buys a stake in Air Europa for EUR 300m • 11 bit studios: early access release date for Moonlighter 2: The Endless Vault set as 23 October NEUTRAL • Auto Partner: 2Q25E preview – just flat earnings yoy (due on 18 September)
- Research Team
WOOD Daily: ACP PW; PKO PW; ESLT IT; MGROS TI; PGSUS TI; LOGO TI; IGN1...
HEADLINES: • Asseco Poland: unjustifiably expensive (downgraded to SELL) • PKO BP: very solid 2Q25; our ambitious forecasts seem achievable; market valuation appears to be pricing it in NEUTRAL • Elbit Systems: 2Q25 results – strong operating performance and a big contract win in Europe • Migros: 2Q25 results – bottom line misses expectations NEGATIVE • Pegasus Airlines: 2Q25 – weaker margins yoy, as expected • Logo Yazilim: 2Q25 results – in line; FY25E guidance reiterated NEUTRAL • Ignitis Gro...
PKO PKO BANK POLSKI S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
GSPARK GRAPHISOFT PARK SE
DAT DATAWALK SA
VGO VIGO SYSTEM SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
ESLT ELBIT SYSTEMS LTD
IGN1L IGNITIS GRUPE
9526 JAHEZ INTERNATIONAL CO
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG ...
HEADLINES: • Solutions by STC: balance of risks to the upside (upgraded to BUY) • TBC Bank: 2Q25 results and conference call highlights • Al Arabia Outdoor Advertising: weak 2Q25 financial results NEGATIVE • Jahez: weak 2Q25 financial results, with significant pressure on the EBITDA margin NEGATIVE • Inter Cars: July sales growth accelerates marginally, to 11% yoy NEUTRAL • Austriacard: 1H25E earnings preview (due on 28 August)
- Gabor Bukta
Restructuring story may rebuild confidence
Summary: We raise our target price from 17.0 GBP to 20.0 GBP and reiterate our Buy recommendation, reflecting the promise of a restructuring story. Following the fiscal Q1/26 conference call held on 24 July, we concluded that a major structural change is under way, which the market should welcome. The management might be on the right track to build confidence in investors. Wizz Air’s CEO stressed to refocus on core CEE markets and announced to cut capacity growth prospects. It was crucial ...
- Research Team
WOOD Daily: ALR PW; RICHT HB; ASELS TI; THYAO TI; ISCTR TI; CIMSA TI; ...
HEADLINES: • Alior Bank: solid 2Q25, with a beat vs. the market's expectations on stronger other income and lower LLPs POSITIVE • Richter: 2Q25 results broadly in line NEUTRAL • Aselsan: 2Q25 results – strong beat, driven by operating performance POSITIVE • Turkish Airlines: 2Q25 – EBIT above the consensus on better costs POSITIVE • Isbank: 2Q25 highlights – a mixed bag, but management sounds confident in sharp margin recovery in 2H25E • Cimsa: 2Q25 financial results review – strong revenue grow...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ELPE HELLENIQ ENERGY
AIRA AIR ASTANA JSC
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
- Research Team
WOOD Daily: CCOLA TI; OTP HB; KSPI US; ELM AB; THEON NA; TITC GA; ALE ...
HEADLINES: • Coca-Cola Icecek: recovery on the horizon (stays BUY) • OTP Bank: books solid 2Q25 NEUTRAL • Kaspi.kz: 2Q25 highlights – on track, with revised down guidance, could start buying back stock in 2026E • Elm: 2Q25 conference call takeaways – organic growth guidance upgraded POSITIVE • Theon International: to acquire KAPPA Optronics of Germany POSITIVE • Titan: to acquire 80% of leading concrete solutions provider in Southeastern Europe with Molins POSITIVE • Allegro: buyback price of PL...
- 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...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
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
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
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
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
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: RBW PW; EBS AV; JMT PL; EUROB GA; ETE GA; OPTIMA GA; TITC ...
HEADLINES: • Rainbow Tours: on the road to riches (BUY - initiation of coverage) • Erste Bank: 2Q25 results beat on positive one-off; solid performance in core result leads to 2025E guidance uplift POSITIVE • Jeronimo Martins: minor beat in 2Q25; FY25E guidance maintained POSITIVE • Eurobank Ergasias Services: 2Q25 highlights – a clean 14% beat vs. our estimate POSITIVE • National Bank of Greece: 2Q25 highlights – in line, with guidance upgrade POSITIVE • Optima Bank SA: bottom-line beat in 2Q25...
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
YKBNK YAPI VE KREDI BANKASI A.S.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
RBW RAINBOW TOURS S.A.
PPC PUBLIC POWER CORPORATION S.A.
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEN TEN SQUARE GAMES
HUGE HUUUGE
2381 ARABIAN DRILLING CO.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: SPL PW; RBI AV; TUPRS TI; AKBNK TI; OTKAR TI; THEON NA; TI...
HEADLINES: • Santander Bank Polska: 2Q25 results – solid dividend flow expected • Raiffeisen Bank International: 2Q25 results • Tupras: 2Q25 results – EBITDA beats expectations POSITIVE • Akbank: 2Q25 highlights – guidance downgrade, but probably not a surprise for the market NEUTRAL • Otokar: 1H25 inflation-adjusted financials • Theon International: 1H25 trading update POSITIVE • Titan: weak 2Q25 results for Titan America, but guidance remains unchanged NEGATIVE • ADNOC Drilling: 2Q25 results –...
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DIGI DIGI COMMUNICATIONS NV
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
7203 ELM CO
THEON THEON INTERNATIONAL PLC
- Gabor Bukta
Turnaround is distant, but shares are overly punished
We have significantly reduced our forecasts following Wizz Air’s early June financial report, which fell short of expectations. Moreover, the company published guidance for next year that also came in below expectations for key performance indicators. The stock’s poor performance comes as no surprise, as a growing number of investors are questioning the credibility and preparedness of the management. We have lowered our target price from 22.1 GBP to 17.0 GBP, while maintaining our Buy recommenda...
- Research Team
WOOD Daily: WIZZ LN; ARCLK TI; SOLUTION AB; Shoper/cyber_Folks
HEADLINES: • Wizz Air: slower growth could help medium-term margins (stays BUY) • Arçelik: operating performance recovery masked by the higher-than-expected loss on the bottom line NEGATIVE • Solutions by STC: 2Q25 financial results review NEUTRAL • Shoper/cyber_Folks: MCI’s stake in IAI to be sold to Montagu Private Equity
- Jakub Caithaml
- Peter Palovic
Wizz Air: slower growth could help medium-term margins (stays BUY)
Following the recalibration of Wizz Air’s strategy, we have tried to capture some of the changes ahead, in our revised figures. The pivot towards slower growth and refocusing on CEE could support margins over the medium term. The near-term dynamics remain challenging, however. Wizz is still likely to grow 15-20% this winter, which, given seasonally-low demand, may pressure margins. The accelerated return of current engine option (ceo) aircraft to the lessors over the next two years could also el...
- Research Team
WOOD Daily: MCOVB SS; Türkiye macro; KRKG SV; WIZZ LN; EXAE GA; SAB1L ...
HEADLINES: • Medicover: 2Q25 results - a decent beat on operating leverage POSITIVE • Türkiye macro: CBT surprises with a bold cut • Krka: 2Q25 in line with prelims, guidance update in November NEUTRAL • Wizz Air: 1QF26 results - another miss, but focus on a planned shift to slower growth • Athens Exchange Group: 2Q25E preview (due on 28 July) • Artea Bankas: 2Q25E preview (due on 31 July) • BRD-GSG: 2Q25E preview (due on 31 July) • Coca-Cola Içecek – 2Q25E earnings preview (due on 11 August) • ...
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