HEADLINES: • Dom Development: sells 4.4k apartments in 2025, an all-time high POSITIVE • Bank Millennium: to add PLN 487m of FX mortgage saga costs in 4Q25E NEUTRAL • Polish banks: Puls Biznesu on M&A in the Polish banking sector • Titan: Titan America enters agreement to acquire Keystone Cement Company POSITIVE • OPAP: Allwyn merger passes EGM; focus shifts to 9 February exit-right deadline NEUTRAL • Jumbo: 2025 sales +7%, to EUR 1.23bn, as expected; declares EUR 0.50 special DPS NEUTRAL • Turk...
EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).
We discontinue our coverage of the following stocks, with immediate effect: PCF Group Patria Bank Al Arabia Outdoor Advertising Jahez Sipchem Gentoo Media We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
Two Directors at OTP Bank Plc sold 16,500 shares at between 34,904.000HUF and 34,913.000HUF. The significance rating of the trade was 71/100. 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...
HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...
A turbulent 2025e – We have moderately lowered our 2025 revenue forecast to €1.84bn (up 3.8% yoy) and reduced our bottom-line estimate by c2% to €139mn (+7% yoy), while maintaining both our load factor (82.5%) and EBITDA forecast (€422mn, +4% yoy). These revisions capture the two-speed nature of 2025: robust H1 pricing and meaningful FX gains offset by Q3 softness and an anticipated Q4 pullback on a demanding comp base. At the same time, Aegean continues to push significant capacity growth into ...
A turbulent 2025e – We have moderately lowered our 2025 revenue forecast to €1.84bn (up 3.8% yoy) and reduced our bottom-line estimate by c2% to €139mn (+7% yoy), while maintaining both our load factor (82.5%) and EBITDA forecast (€422mn, +4% yoy). These revisions capture the two-speed nature of 2025: robust H1 pricing and meaningful FX gains offset by Q3 softness and an anticipated Q4 pullback on a demanding comp base. At the same time, Aegean continues to push significant capacity growth into ...
HEADLINES: • Bank of Cyprus: paid to wait (stays BUY) • Polish utilities: 2030 capacity market price set at PLN 465/kW/year NEUTRAL • Orlen: receives response from Grupa Azoty about offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: new government aiming to reduce power bills by c.10% or more NEUTRAL • OMV Petrom: preparing to drill offshore Bulgaria by the year-end NEUTRAL
We maintain our BUY on Bank of Cyprus (BOCH) and increase our price target (PT) to EUR 9.62/share (from EUR 9.34/share). BOCH is trading at 8.2x P/E and 1.3x P/TBV on our 2025E estimates. At our fair value, the bank would trade at 9.9x P/E and 1.6x P/TBV for 2025E. We believe that both the intrinsic and relative valuation cases remain intact. Investors will earn an 8% yield, while waiting for realistic rerating upside. In our view, the longer the bank holds this much excess capital, the higher t...
HEADLINES: • TBC Bank: rough patch in Uzbekistan, but stock is cheap (upgraded to BUY) • LPP: 3Q25 ahead of expectations; FY25E profitability guidance upped; FY26-27E EBITDA guidance 10-11% above the consensus POSITIVE • cyber_Folks: acquires PrestaShop for EUR 55m POSITIVE • Polish utilities: capacity market auction results for 2030 POSITIVE • Tauron: to build a 600 MW OCGT unit in Jaworzno POSITIVE • Mo-BRUK: administrative court ruling on increased landfill fees for 2019 NEUTRAL • Titan: sign...
HEADLINES: • Eurocash: key takeaways from the strategy presentation NEGATIVE • Allegro/InPost: Allegro launches C2X locker service NEGATIVE • Budimex: PLN 2.6bn bid from BDX's consortium selected in PKP PLK tender NEUTRAL • Theon International: signs its largest ever contract, worth EUR 1bn, with OCCAR POSITIVE • Mavi: strong beat in 3Q25 results POSITIVE • Al Arabia Outdoor Advertising: wins 10-year contract to operate advertising at Prince Mohammad bin Abdulaziz Airport (PMIA) in Madinah POSIT...
HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)
HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
Broad earnings resilience, but no spark for upgrades… – Systemic Greek banks delivered results broadly in line with our estimates and consensus. NII momentum stabilised in 3Q (-0.2% q/q), effectively marking the trough after three consecutive quarters of deceleration, given Euribor’s plateauing. Fees posted a mild q/q decline—consistent with our forecasts—reflecting seasonal softness in payments and money transfers, while bancassurance and asset-management’s AuMs continued to expand at a strong ...
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