WOOD Daily: PEO PW; PZU PW; PL Macro; 4IG HB; MCOVB SS; TL Automotive;...

HEADLINES: • Bank Pekao: to take over PZU, potentially • Poland macro: the Presidential election results and implications • 4iG: 1Q25 conference call takeaways NEUTRAL • Medicover: positive results for diagnostic screening test NEUTRAL • Turkish automotive: strong sales in light vehicles continued in May • PCF Group: coverage UNDER REVIEW

WOOD Flash – Bank Pekao: to take over PZU, potentially

PZU and Bank Pekao have signed a memorandum of understanding (MoU), establishing a joint project for the preparation, conditional on the relevant legislative amendments, of a transaction comprising: i) the demerger of PZU, by way of a spin-off of the operating business to a fully-owned subsidiary of PZU, resulting in PZU becoming a holding company; and then ii) a merger of PZU (HoldCo), as the acquired company, with Bank Pekao as the acquiring company. Based on the MoU, it is the intention of PZ...

WOOD Daily: OPAP GA; CDR PW; VGO PW; DAT PW; KAP LI; LAMDA GA; AEGN GA...

HEADLINES: • OPAP: 1Q25 – strong, as expected NEUTRAL • CD Projekt: 1Q25 EBIT broadly as expected, guidance on three unannounced projects POSITIVE • VIGO Photonics: adjusted EBITDA up 2x yoy (on a low base), in line with our estimate NEUTRAL • DataWalk: actual 1Q25 numbers fully in line with the preliminaries NEUTRAL • Kazatomprom: 1Q25 results – much weaker than expected NEGATIVE • Lamda Development: 1Q25 results – opex outside the Ellinikon better than expected, but quarterly capex still slow ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/27/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 27/05/2025

WOOD Daily: Polish Food Retail – DNP PW; EUR PW; JMT PL; ZAB PW; BFT P...

HEADLINES: • Polish food retail: turning the corner (initiating on Zabka with a BUY, Eurocash and Jeronimo stay BUY, Dino stays SELL) • Benefit Systems: 1Q25 adjusted EBIT up 14% yoy, 10% above our forecast POSITIVE • Grupa Pracuj: 1Q25 results – adjusted EBITDA up 11% yoy, in line with our forecast, 4% above the consensus POSITIVE • Wirtualna Polska: 1Q25 results review – adjusted EBITDA up 2% yoy, 2% above the consensus NEUTRAL • Athens Exchange Group: 1Q25 results in line with expectations NE...

Bank Pekao SA : Good play on the new investment cycle in Poland

Polish Food Retail: turning the corner (initiating on Zabka with a BUY...

We believe that, after the price war-impacted 2024 and the seasonally-challenged 1Q25, Polish grocers should enjoy Easter-supported demand and a leap in the VAT hike in 2Q25E. In our view, the Polish consumer has matured, following the tough experience of the pandemic, and the inflation bubble that followed. With a propensity to consume no longer close to 100%, we see the rollout-led growth as more tangible than pure lfl expansion. Within the high-growth names, we prefer Żabka (initiation with a...

WOOD Daily: G2M SS; CZG CP; MBR PW; CPS PW; TPE PW; ESLT IT; EXAE GA; ...

HEADLINES: • Gentoo Media: one step back, two steps forward (stays BUY) • Colt CZ Group SE: 1Q25 results – strong beat, no change in guidance POSITIVE • Mo-BRUK: 1Q25 earnings call – management optimistic on 2H25E, but we see challenges NEGATIVE • Cyfrowy Polsat: key takeaways from the 1Q25 earnings call NEUTRAL • Tauron: 1Q25 conference call highlights NEUTRAL • Elbit Systems: raises USD 512m on the Nasdaq POSITIVE • Athens Exchange Group: 1Q25E preview (due on 26 May) • Motor Oil Hellas: 1Q25E...

WOOD Daily: MBR PW; DSPW CP; CPS PW; CPS PW; PCO PW; ALE PW; APR PW; C...

HEADLINES: • Mo-BRUK: 1Q25 EBITDA 7% below our forecast, but a substantial 24% miss vs. the consensus NEGATIVE • Doosan Skoda Power: weak 1Q25 – EBITDA down 70% yoy NEGATIVE • Cyfrowy Polsat: 1Q25 results review – adjusted EBITDA up 5% yoy, in line with the consensus NEUTRAL • Cyfrowy Polsat: Liechtenstein court dismisses Zygmunt Solorz's lawsuit against his children POSITIVE • Pepco Group: 1H25 slightly below expectations on worsening Poundland; lfl improvement at Pepco; another EUR 234m impair...

EM Credit Spark/EM credit weekly

The trade war de-escalation has offered some breathing space for investors and driven positive sentiment, but we expect headline volatility to continue. Much of the focus will also be on geopolitical developments. In this report we have reviewed a large number of Turkish non-financial corporates, added the idea to buy SGLSJ'29 and closed the idea to buy WE SODA.

WOOD Daily: ESLT IT; PPC GA; TRESTATE GA; ENA PW; CBF PW; VRC PW; SHO ...

HEADLINES: • Elbit Systems: 1Q25 results – top-down driven beat POSITIVE • Public Power Corporation: uninspiring 1Q25 results, as expected POSITIVE • Trade Estates: 1Q25 – strong turnovers driving rents higher POSITIVE • Enea: full 1Q25 results in line with the preliminaries NEUTRAL • cyber_Folks: 1Q25 results review – EBITDA +46% yoy, 4% above the consensus POSITIVE • Vercom: 1Q25 results review – 24% yoy EBITDA growth, in line with the consensus NEUTRAL • Shoper: 1Q25 above expectations, but F...

Food Retail: trade war lifted multiples, beware of future sector rotat...

European food retail enjoyed a paradoxical 1.5x P/E expansion vs. deteriorating earnings trend YTD now turning negative, fuelled by a sector rotation with investors looking for defensive stocks. With trade wars easing, we have reviewed the valuation, earnings momentum and sector indicators for each

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ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/13/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/05/2025

Bank Millennium : Recent re-rating sets the bar high for 2028 strategi...

WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...

HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...

WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...

HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...

Jeronimo Martins: rerating not over yet with better margin prospects

Following a strong Q1, we see several positive signs around a price war easing in Poland and have increased our Polish EBITDA and our PT from EUR21 to EUR25. In line with our January 2025 upgrade to Buy, we continue to see a rerating path to >20x P/E, which is the normalised level in no Polish c