reports
- 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: 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
- Bruno Cavalier
- Jean Danjou
ZURN ZURICH INSURANCE GROUP LTD
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
CRG CRH PLC
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
NEXI NEXI S.P.A.
DSY DASSAULT SYSTEMES SA
BEAN BELIMO HOLDING AG
ZGN ERMENEGILDO ZEGNA NV
- Bruno Cavalier
- Jean Danjou
ZURN ZURICH INSURANCE GROUP LTD
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
CRG CRH PLC
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
NEXI NEXI S.P.A.
DSY DASSAULT SYSTEMES SA
BEAN BELIMO HOLDING AG
ZGN ERMENEGILDO ZEGNA NV
- Jovan Sikimic
- Research Team
WOOD Daily: OPAP GA; WPL PW; BDX PW; PKN PW; INPST NA; ENA PW; TPE PW;...
HEADLINES: • OPAP: only 6.7% of shares elect for cash exit; free float to remain above all-important 20% level POSITIVE • Wirtualna Polska: TUI renews cooperation with Wakacje.pl POSITIVE • Budimex: signs PLN 481m contract with GAZ-SYSTEM NEUTRAL • Orlen: 4Q25E results preview (due on 19 February) NEUTRAL • InPost: 4Q25E preview – flattish adjusted EBITDA expected (due on 18 March) NEUTRAL • Enea: 4Q25E preview – 11% EBITDA drop on weaker Generation and Mining (prelims due on 23 March; full due ...
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
INPST INPOST S.A.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
7203 ELM CO
- 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, ...
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
ANDR ANDRITZ AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Olfa Taamallah
- Yan Derocles
ODDO : Long majors vs short LCC : le choix de 2026
Sur 2026, nous estimons que la dynamique sera plus favorable aux majors européennes tant sur le RASK (croissance plus modérée des capacités et meilleure orientation du réseau long-courrier en particulier transatlantique), que sur le CASK hors carburant aidé par des effets de base positifs. Nous relevons notre opinion à Surperformance sur Air France-KLM et Lufthansa et dégradons Ryanair en Neutre et Wizz Air en Sous-performance.
- Olfa Taamallah
- Yan Derocles
ODDO : Long legacy carriers vs short LCC: the choice for 2026
For 2026, we think that the trend will be more favourable to the European legacy carriers in terms of both RASK (more modest growth in capacity and a more positive trend on the long-haul network, particularly transatlantic) and CASK excluding fuel, aided by positive base effects. We have upgraded Air France-KLM and Lufthansa to Outperform, downgraded Ryanair to Neutral and Wizz Air to Underperform. A more favourable trend expected in 2026 for legacy carriers
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
AAL ANGLO AMERICAN PLC
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
- Research Team
WOOD Daily: LPP PW; PL Macro; BDX PW; EBS AV; SNG RO; RO Macro; HTO GA...
HEADLINES: • LPP: 4Q prelims in line with expectations NEUTRAL • Poland macro: NBP on hold • Budimex: bids rank highest in two PSE tenders NEUTRAL • Romgaz: 4Q25 operational results NEUTRAL • Romania macro: positive news • OTE: Greek telecoms regulator launches public consultations on 900MHz and 1,800MHz spectrum POSITIVE • Metlen Energy & Metals: sells 283MW UK solar portfolio to Schroders Greencoat POSITIVE • Aselsan: strategic JV agreement with CSG POSITIVE • Erste Bank: 4Q25E preview (due on...
- Jakub Krawczyk
- Gabor Bukta
Halfway out of the turbulence
Summary We leave our TP at 20.0 GBP and reiterate our Buy recommendation, reflecting the ongoing restructuring story. Following the fiscal Q3/26 conference call held on 29 January, we repeatedly concluded that the fruitful strategic overhaul is under way. The management is building back confidence, so that’s good news for value investors. The problem is that they have to manage high-capacity growth (+24% seats and +30% ASK) during fiscal Q2/27. Key question remains how the market will be able ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.