reports
- Research Team
WOOD Daily: JAHEZ AB; EME Macro/Strategy Weekly; APR PW; PGE PW; AEGN ...
HEADLINES: • Jahez: slightly positive 4Q24 results – beat on adjusted EBITDA, miss on net revenue POSITIVE • EME Macro/Strategy: macro all-in-one (3-9 March) • Auto Partner: February sales growth decelerates to a mere 2% yoy NEGATIVE • PGE: signs PLN 1.26bn agreement to construct energy storage facility NEUTRAL • Aegean Airlines: January-February traffic up 9% yoy NEUTRAL • Turkish Airlines: traffic growth slowed in February NEUTRAL • Turkish food retail: Competition Board launches investigation...
- Research Team
WOOD Daily: BCG LN; KLKIM TI; MGROS TI; PGE PW; PCO PW; TLV RO; EU Oil...
HEADLINES: • Baltic Classifieds Group: good opportunity to act (upgraded to BUY) • Kalekim: strong results in 4Q24 POSITIVE • Migros: a good set of operating results for 4Q24 POSITIVE • PGE: preliminary 4Q24 EBITDA 11% above our forecast and 27% above the consensus POSITIVE • Pepco Group: strategy update ahead of Capital Markets Day – focus on Pepco banner and CEE region; EUR 200m buyback in 2025-27E; Poundland dragging on FY25E EBITDA guidance POSITIVE • Banca Transilvania: 2025E guidance analy...
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
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
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS 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
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: KRU PW; EBS AV; RICHT HB; SFG RO; AQ RO; SNG RO; DIGI RO; ...
HEADLINES: • Kruk: detailed 4Q24 results, revealing headwinds in Spain NEGATIVE • Erste Bank: small miss on 4Q24 results, but promises strong ROTE outlook for 2025E and adds another round of share buyback potential NEUTRAL • Richter: soft 4Q24 operating results NEGATIVE • Sphera Group: 4Q24 soft, as expected NEGATIVE • Aquila Part Prod Com S.A.: earnings a small beat, bottom line boosted by negative goodwill and low tax rate POSITIVE • Romgaz: 4Q24 results NEUTRAL • DIGI Communications: 4Q24 pre...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
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.
LVC LIVECHAT SOFTWARE SA
ALPHA ALPHA BANK AE
THYAO TURK HAVA YOLLARI A.O.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
DUNAHOUSE DUNA HOUSE
GIG GAMING INNOVATION GROUP
ELPE HELLENIQ ENERGY
7203 ELM CO
AQ AQUILA PART PROD COM
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: FROTO TI; TUPRS TI; CCC PW; APR PW; FTSHP CP; PGSUS TI; PK...
HEADLINES: • Ford Otosan: weak set of results in 4Q24 NEGATIVE • Tupras: 4Q24 results below expectations, but dividend proposal generous NEUTRAL • CCC: key takeaways from the 4Q24 conference; PLN 1.4bn capital increase around the corner • Auto Partner: preliminary 4Q24 EBIT 27% above our forecast on better margins POSITIVE • Footshop: 4Q24 broadly in line; 2025E management guidance implies promising year ahead POSITIVE • Pegasus Airlines: a strong start to 2025, with January ASK up 19% POSITIVE ...
- Research Team
WOOD Daily: MOL HB; TOASO TI; OPL PW; ADNOCDRI UH; TBCG LN; ISCTR TI; ...
HEADLINES: • MOL: there’s gain in the mundane (stays BUY) • Tofas: very weak set of results in 4Q24 NEGATIVE • Orange Polska: 4Q24 – EBITDAaL up 7% yoy, 6% above the consensus; 2025E guidance in line with expectations POSITIVE • ADNOC Drilling: 4Q24 results beat expectations POSITIVE • TBC Bank: 4Q24 results and conference call • Isbank: 4Q24 results and 2025E guidance highlights NEUTRAL • Medicover: takeaways from the 4Q24 earnings call • 11 bit studios: delays release of The Alters NEGATIVE • ...
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TBCB TBC BANK JOINT STOCK CO
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MCOV B MEDICOVER AB
NLBR NLB GROUP
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
Aegean Airlines S.A.: 1 director
A director at Aegean Airlines S.A. bought 10,000 shares at 10.529EUR and the significance rating of the trade was 60/100. 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: EME Macro/Strategy Weekly; EUR PW; PGE PW; EUROB GA; MTELE...
HEADLINES: • EME Macro/Strategy: macro all-in-one (3-9 February) • Eurocash: preliminary 4Q24 EBITDA flat yoy, but 10% above the consensus POSITIVE • PGE: PLN 2.4bn write-down in conventional generation to be recognised in the FY24 results NEUTRAL • Eurobank Ergasias Services: Fairfax shareholding drops to 32.9% NEUTRAL • Magyar Telekom: 4Q24E preview – 16% yoy growth in EBITDA expected (due on 25 February) • Auto Partner: 4Q24E preview – EBITDA almost flat yoy (due on 15 April) • Inter Cars: 4Q...
- Research Team
WOOD Daily: SPL PW; ACP PW; TRESTATE GA; CEZ CP; APR PW; MCOVB SS
HEADLINES: • Santander BP: 4Q24 results imply solid dividend potential, but share overhang remains a risk in the near term POSITIVE • Asseco Poland: TSS acquires 14.84% stake in Asseco Poland NEUTRAL • Trade Estates: Fourlis sells 16% stake at EUR 1.5/share • CEZ: to sell 15% stake in Veolia CR heating business NEUTRAL • Auto Partner: January sales growth at a limited 9% yoy NEGATIVE • Medicover: 4Q24E preview (due on 12 February) • Short News (CBF, SHO)
- Research Team
The Rear-View Mirror – EME markets: starting 2025 on the right foot
EME Equity Market – January 2025 The markets entered 2025 on the right foot. The MSCI EM Europe Index advanced by 7.7% in EUR terms and 8.4% in USD terms in January. The Polish WIG20 was the best performer (+12.7% mom), followed by the Hungarian BUX and Czech PX indices (+8.9% mom and +6.2% mom, in EUR terms, respectively). There was also a very solid performance from the Greek ASE Index (+5.4% mom in EUR terms), but more muted performances from the Romanian BET and Turkish ISE 30 indices (+1.6%...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
RICHT RICHTER
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
SHO GAMING INNOVATION GROUP
7203 SHOPER SA
ELM CO
- Research Team
WOOD Daily: EMEA Airlines; PZU PW; PCF PW; KRKG SV; ALR PW
HEADLINES: • EMEA airlines: 4Q24 traffic; could constrained capacity support fares in 2025E? • PZU: CEO Olech dismissed, former CEO Klesyk returns • PCF Group: reveals details behind Maverick work-for-hire project NEUTRAL • Krka: 4Q24E earnings preview (due on 30 January) • Alior Bank: 4Q24E preview (due on 4 March)
- Jakub Caithaml
WOOD Flash – EMEA Airlines: 4Q24 traffic; could constrained capacity s...
In 2024, European aviation capacity grew by around 9%. This was faster than the slow-growing economy could absorb, leading to fares underperforming expectations. For many carriers, we have also seen cost inflation. The lower fuel prices were an important tailwind, preventing margin erosion exceeding 1-2ppts (EBITDA) for the European carriers. Looking ahead, we expect capacity in Europe to grow by around a mid-single digit pace in 2025E, constrained by supply bottlenecks and engine durability iss...
- Research Team
WOOD Daily: Türkiye macro; Uzbekistan macro; PGE PW; BFT PW; PGE PW
HEADLINES: • Türkiye macro: CBT cuts again, signalling potentially deeper reductions • Uzbekistan macro: CBU keeps the policy rate unchanged at 13.5% • PGE: PLN 7.5bn write-down in conventional generation to be recognised in the FY24 results NEUTRAL • Benefit Systems: new bond issue programme of up to PLN 1bn; first tranche considered in 1H25 NEUTRAL • PGE: potentially buying 100% of PAK CCGT and a 50% stake in PGE PAK Energia Jądrowa from ZE PAK NEGATIVE • Short News (CDR)
- Natalia Svyriadi
AEGEAN AIRLINES | Cloudy Horizons, Strong Wings
Rising capacity weighing somewhat on 2025e outlook; we now expect mid single digit rise in 2025e EBITDA – With AIA capacity additions up double digits in H1’25, we raise our forecasts for Aegean’s capacity by 2%, now modelling +6% annual ASK growth in 2025e. We expect this supply backdrop to raise the bar for demand growth to sustain yields, thus envisaging mild pressure on pricing and stable load factors for 2025e. Against this backdrop, we have lowered our revenue forecasts by 1% in 2025e, whi...
- Natalia Svyriadi
AEGEAN AIRLINES | Cloudy Horizons, Strong Wings
Rising capacity weighing somewhat on 2025e outlook; we now expect mid single digit rise in 2025e EBITDA – With AIA capacity additions up double digits in H1’25, we raise our forecasts for Aegean’s capacity by 2%, now modelling +6% annual ASK growth in 2025e. We expect this supply backdrop to raise the bar for demand growth to sustain yields, thus envisaging mild pressure on pricing and stable load factors for 2025e. Against this backdrop, we have lowered our revenue forecasts by 1% in 2025e, whi...
- Research Team
WOOD Daily: PKN PW; HUG PW; APR PW
HEADLINES: • Orlen: strategy update 2035 – evolution, rather than revolution NEUTRAL • Huuuge Games: collective redundancies to reduce end-2024 headcount by c.28% POSITIVE • Auto Partner: December sales growth at a limited 6% yoy, well below our expectations NEGATIVE
- Research Team
WOOD Daily: PBK RO; THYAO TI; MIL PW; HUG PW
HEADLINES: • Patria Bank: making progress, but still some way to go (stays HOLD) • Turkish Airlines: 8% ASK growth in 2024 NEUTRAL • Bank Millennium: to book PLN 483m of FX mortgage saga provisions in 4Q24E NEUTRAL • Huuuge Games: 4Q24 bookings up 7% qoq NEUTRAL
- Research Team
The Rear-View Mirror – EME markets: positive performances from all ind...
EME Equity Market – December 2024 A green December. The MSCI EM Europe Index advanced 2.9% in EUR terms and 0.8% in USD terms in December. The Greek ASE Index (+5.5% mom in EUR terms) was the best performer, followed closely by the Czech PX Index (+5.0% mom in EUR terms). Solid performances were also reported by the BET (+2.4% mom), BUX (+2.2% mom) and ISE 30 (+1.5% mom) indices (all in EUR terms). The Polish WIG 20 Index (+0.4% mom in EUR terms) reported a muted performance.
CEZ CEZ AS
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
- Research Team
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