WOOD Daily: ARCLK TI; 11B PW; BHW PW; CDR PW

HEADLINES: • Arcelik: 2Q25E earnings preview (due on 25 July) • 11 bit studios: 2Q25E preview – results driven by launch of The Alters (due on 28 August) • Bank Handlowy: 2Q25E preview (due on 28 August) • CD Projekt: 2Q25E preview – EBITDA down 36% qoq (due on 28 August) • Short News (CEZ, MTELEKOM, CPS)

WOOD Daily: DAT PW; EU Macro; CBF PW; SHO PW; OPAP GA; AEGN GA; GTC PW...

HEADLINES: • DataWalk: returning like a phoenix from the ashes (HOLD) • EU macro: Commission presents the new budget • cyber_Folks/Shoper: resign from large acquisition in the e-commerce space and bets on the development of own solutions NEGATIVE • OPAP: Greek gaming market growth accelerates further in May POSITIVE • Aegean Airlines: adds two A321neo XLRs, plans to start flying to India in March 2026E • GTC: buys out German minorities • CD Projekt: free update 2.3 for Cyberpunk 2077 today NEUTR...

DataWalk: returning like a phoenix from the ashes (HOLD)

We update our rating on DataWalk to a HOLD (previously Under Review), and set our new price target (PT) at PLN 116.0/share. Since the beginning of 2024, DataWalk has managed to secure some large contracts (Barclays, Morgan Stanley, Amazon and Rabobank) and a long-term strategic partner (the Raise fund), which should support the company in the event of liquidity needs. These achievements have been discounted by the market already – DataWalk’s share price is up 84% in the LTM. Our valuation method...

WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPR...

HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...

WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...

HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...

WOOD Daily: RO Macro; HU Macro; KRU PW; HUG PW; CAR PW; 11B PW; MUR PW...

HEADLINES: • Romania macro: MPC turns cautiously dovish on the fiscal package • Hungary macro: June inflation picks up further • Kruk: 2Q25 trading update shows a pick up in recoveries vs. 1Q25 NEUTRAL • Huuuge Games: preliminary 2Q25 revenue at USD 59m, down 7% yoy and 6% qoq NEUTRAL • Inter Cars: June sales growth at 10% yoy, implying 2Q25E revenue growth of also 10% yoy NEUTRAL • 11 bit studios: 280k copies of The Alters sold NEUTRAL • Murapol: sells 708 apartments and hands over 289 units in...

WOOD Daily: CIMSA TI; EME Macro/Strategy – Inflation Update; EME Macro...

HEADLINES: • Cimsa: on a path of growth and diversification (stays BUY) • EME Macro/Strategy: inflation – short- and medium-term forecasts • EME Macro/Strategy: macro all-in-one (30 June-6 July) • Ten Square Games: 2Q25 bookings down 10% qoq, but slightly better than Sensor Tower's estimates NEUTRAL • CD Projekt: Cyberpunk: Edgerunners 2 anime series in production NEUTRAL • Polish telecoms: mobile number portability in 2Q25 NEUTRAL • Optima Bank SA: listing of new shares due to share split NEUTR...

WOOD Daily: RO Macro; RO Banks; EME Macro/Strategy – PL; PL Macro; TXT...

HEADLINES: • Romania macro: discussing a new fiscal package with the EU • Romanian banks: government to increase tax on gross revenues to 4% NEGATIVE • EME Macro/Strategy – Poland: bigger, happier but also more divided • Poland macro: MPC reduces the policy rate by 25bps • Text: 1Q25-26 (calendar 2Q25) preliminary results – MRR of USD 7.17m (up 0.7% qoq, up 1.4% yoy); 928 net LiveChat customers outflow NEGATIVE • Mo-BRUK: guiding for PLN 33m outflow related to the 2018-19 increased fees; PLN 50-...

The Rear-View Mirror – EME markets: rebound in Türkiye

EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...

Wedbush Morning Call - Jul 02 2025 6:58AM

Assuming Coverage

WOOD Daily: Polish banks; CGEO LN; Czech Republic macro; InPost/Shoper...

HEADLINES: • Polish banks: Finance Ministry mulls levy on obligatory reserve interest revenues NEGATIVE • Georgia Capital: sells 20% stake in water utility for USD 70.4m POSITIVE • Czech Republic macro: CNB on hold • InPost/Shoper: InPost Pay records 8.5m users, and operates in over 2.5k online stores NEUTRAL • Metlen: launches tender share exchange offer from Metlen SA to Metlen PLC, as part of the planned LSE listing NEUTRAL

Aegean Airlines S.A.: 1 director

A director at Aegean Airlines S.A. bought 25,000 shares at 11.575EUR and the significance rating of the trade was 53/100. 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 ...

WOOD Daily: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...

HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)

WOOD Daily: EME Macro/Strategy Weekly; THYAO TI; AEGN GA; GEV CP; EME ...

HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 June) • Turkish Airlines: confirms talks over Air Europa stake purchase NEUTRAL • Aegean Airlines: may issue EUR 200-250m of new bonds NEUTRAL • GEVORKYAN: might raise up to 3.5m shares in the next 5Y NEUTRAL • EME Strategy: MSCI 2025 Global Market Accessibility Review

WOOD Daily: MENA Petrochemicals – BOROUGE UH; SIPCHEM AB; OPAP GA

HEADLINES: • MENA petrochemicals: BGIger is better (upgrading Borouge to BUY and downgrading Sipchem to HOLD) • OPAP: Greek gaming market growth picks up speed in April POSITIVE • Short News (PPC)

WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; PGE PW; PEO PW; PZU ...

HEADLINES: • Greek banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD, NBG stays BUY and Piraeus upgraded to BUY) • PGE: new strategy assumes PLN 30bn of EBITDA in 2035E and PLN 235bn in capex in 2025-35E NEUTRAL • Bank Pekao/PZU: call for analysts and investors to discuss potential merger • CCC: final 1Q25 results spot on the prelims NEUTRAL • Romania macro: inflation jumps in May • GEK Terna: clinches EUR 1bn of Romanian railway projects POSITIVE • Athens Exchange Group: AGM appr...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/12/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/06/2025

Magyar Telekom : Recipe for almost 100% payout - strong company fundam...

We revise our EPS estimates upwards, raise our price target to HUF 2,100 and reiterate our Outperform rating for Magyar Telekom. The company is the market leader in Hungary, operates in a favourable market structure with three market players and benefits from the relatively inferior convergence profile of its competitors. Its well-timed Capex intensity combined with the improved sector investment climate in the country should allow for a FCF yield of 14% and a total shareholder distribution (div...