reports
- Jakub Caithaml
WOOD Flash – Aegean Airlines: 2Q25 in line; cash flow contracting; gui...
Aegean's 2Q25 numbers are fully in line with our estimates. The operating cash flow after leases is down by around 30% compared to the previous two years. However, the guidance on the summer sounds optimistic, and offers possible upside for our ASK estimate for 3Q25E. This may, however, may be offset by the RASK being slightly weaker in 3Q25E, reportedly (we have been pencilling it in as flat yoy). The company is guiding for a brisk 9% seat growth in 4Q25E, which could indicate some upside for t...
- Research Team
WOOD Morning (17 September 2025)
HEADLINES: • Noval Property: 1H25 – FFO en route to exceed our FY estimate POSITIVE • Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging NEUTRAL • Tauron: 2Q25 results fully in line with the preliminaries NEUTRAL • OMV Petrom: special dividend proposal POSITIVE • Shoper: acquires remaining 40% stake in Sempire for PLN 15m, as expected NEUTRAL • Solutions by STC: signs framework agreement with Saudi Aramco POSITIVE
- Research Team
WOOD Daily: CAR PW; EU Macro; CZG CP; CEZ CP; PL Utilities; RO Macro; ...
HEADLINES: • Inter Cars: 2Q25 EBITDA misses our and the market's expectations by 4-5% NEGATIVE • Eurozone macro: so far, so good • Colt CZ Group SE: multiple military contracts POSITIVE • CEZ: Babis will not buy CEZ "at any price" NEUTRAL • Polish utilities: PGE, Enea and Tauron contract 5.9 GW of new capacity obligations for 2026 NEUTRAL • Romania macro: inflation soars in August • Türkiye macro: interest rates drop, but monetary stance remains tight • LPP: 2Q25E results preview – 13% yoy EBITD...
- Stephane Beyazian
- Stephane Beyazian
- Research Team
WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
- Jakub Krawczyk
CCC : Multifaceted business positioned for dynamic growth
We like the combination of CCC’s established and highly profitable business, with the dynamic growth potential of its newer banners, as well as a leaner and more profit-oriented approach to e-commerce. The increase in floor space should drive the top line (2025-2027e CAGR of 16%), while the EBITDA margin should continue to 18-19% in 2026-27e. We remain 6% below consensus for FY 2025e EBITDA but think that the recent underperformance of the share offers an attractive entry point to one of Europe’...
- Andreas Riemann
- Oliver Metzger
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TEMN TEMENOS AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
STF STEF
LXS LANXESS AG
GXI GERRESHEIMER AG
BLC BASTIDE LE CONFORT MEDICAL SA
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
GREEN GREENYARD NV
KGX KION GROUP AG
TWEKA TKH GROUP N.V. CERT
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
EAT AMREST HOLDINGS SE
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
STM STABILUS SE
TUI TUI AG
- Andreas Riemann
- Oliver Metzger
CON CONTINENTAL AKTIENGESELLSCHAFT
NDX1 NORDEX SE
FRA FRAPORT AG
TEMN TEMENOS AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
G1A GEA GROUP AG
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
STF STEF
LXS LANXESS AG
GXI GERRESHEIMER AG
BLC BASTIDE LE CONFORT MEDICAL SA
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
HEN3 HENKEL AG & CO. KGAA PREF
DEZ DEUTZ AG
INH INDUS HOLDING AG
KRN KRONES AG
WIE WIENERBERGER AG
GREEN GREENYARD NV
KGX KION GROUP AG
TWEKA TKH GROUP N.V. CERT
VLTSA VOLTALIA
HBH HORNBACH HOLDING AG & CO. KGAA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VOS VOSSLOH AG
JEN JENOPTIK AG
EAT AMREST HOLDINGS SE
KBX KNORR-BREMSE AG
SFQ SAF-HOLLAND SE
STM STABILUS SE
TUI TUI AG
- Jakub Krawczyk
- Research Team
WOOD Daily: EAT PW; DIA PW; WPS LN; CEZ CP; GTC PW; BELA GA; ACP PW; E...
HEADLINES: • AmRest: 2Q25 below expectations, due to weak France NEGATIVE • Diagnostyka: 2Q25 results slightly above expectations, but down qoq NEUTRAL • Eurowag: 2Q25 results – beat on the top line, EBITDA a small miss NEUTRAL • CEZ: ANO’s campaign platform calling for 100% nationalisation NEUTRAL • GTC: 2Q25 – bond refinancing critical • Jumbo: sales growth momentum intact in August, +8% in 8M25; tightens grip on opex POSITIVE • Asseco Poland: key takeaways from the 2Q25 earnings call NEUTRAL ...
- 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
- Mate Somlai-Kiss
Solid H1 results, unchanged outlook
ANY posted solid H1/25 earnings Tuesday, AMC. Q2/25 revenues came in at HUF 15.2bn, down -11% YoY, resulting in H1/25 revenues at HUF 38.7bn (+11% YoY). It is worth noting, that Q2/24 revenues were supported by election related revenues, therefore we do not attribute much importance to the quarterly decline. Similarly, quarterly net profit saw a -24% decline YoY, while H1/25 net profit attributable to the owners of ANY increased on the year by +40% to HUF 5.3bn. Q2 EPS of HUF 97 puts H1 EPS...
- Research Team
WOOD Daily: TUPRS TI; KRU PW; WPL PW; ENA PW; G2M SS; TLV RO; TEN PW; ...
HEADLINES: • Tupras: enjoying life in the margins (stays BUY) • Kruk: 2Q25 beat, on a positive tax balance, lower financial costs and a drop in the cost to collect ratio POSITIVE • Wirtualna Polska: 2Q25 results review – adjusted EBITDA up 24% yoy, 6% above the consensus; weak 2H25E outlook NEGATIVE • Enea: preliminary 2Q25 EBITDA 15% above our expectations, supported by strong Supply and better Generation; PLN 2.8bn capex, including wind farm acquisitions POSITIVE • Gentoo Media: 2Q25 financial...
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- 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
- Jakub Krawczyk
- 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: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...
HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
KTY GRUPA KETY SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
FROTO FORD OTOMOTIV SANAYI A.S.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
DNP DINO POLSKA S.A.
GEB BANK OF GEORGIA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
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