reports
- Research Team
WOOD Morning (7 August 2025)
HEADLINES: • Bank Pekao: strong 2Q25 delivery reaffirms our FY25E net profit forecast of c. PLN 7bn, still ahead of the market consensus NEUTRAL • Magyar Telekom: 2Q25 results review – EBITDA up 13% yoy, 3% above the consensus; 2025E guidance upgraded POSITIVE • Akcansa: weak 2Q25 financial results, with signs of recovery NEGATIVE • Teknosa: 2Q25 results – recovery in the operating performance overshadowed by losses on the bottom line NEUTRAL • Brisa: 2Q25 results in line, very much like 1Q25 NE...
MOL MOL NYRT
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
TKNSA TEKNOSA IC VE DIS TICARET AS
PPC PUBLIC POWER CORPORATION S.A.
GPW WARSAW STOCK EXCHANGE
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
4IG 4IG NYRT
CTPNV CTP NV
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...
HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
DOC DO & CO AKTIENGESELLSCHAFT
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
CTPNV CTP NV
- Jakub Caithaml
- Peter Palovic
Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgr...
Since upgrading Aegean to a BUY in November last year, the stock has generated a total return of 49%, outperforming its European airline peers by 10%, and the Athens Stock Exchange by 5% over the period. We set our new 12M PT at EUR 14.0/share and downgrade Aegean to HOLD, as we believe the near-term earnings (2Q-3Q25E) could trail last year’s results slightly. After a very strong 1Q25, weaker near-term results could translate into the stock losing some momentum in the coming months. That said, ...
- Research Team
WOOD Daily: EMEA Airlines; GEKTERNA GA; BFT PW; Allegro; JAHEZ AB; TIT...
HEADLINES: • EMEA Airlines: 2Q25 traffic - Easter good, conflict bad • GEK Terna: motorway traffic grows faster than expected in 1H25 POSITIVE • Benefit Systems: changes in the Supervisory Board NEUTRAL • Allegro: expands its delivery network via a partnership with Zabka, adding 11,600+ new pick-up points NEUTRAL • Jahez: takeaways from the conference call on the Snoonu deal POSITIVE • Titan Cement: 2Q25E financial results preview (due on 31 July)
- Jakub Caithaml
WOOD Flash - EMEA Airlines: 2Q25 traffic - Easter good, conflict bad
Calendar 2Q25 started off well for the sector, benefitting from the Easter effect and low fuel prices, but many airlines experienced disruptions to their networks later in the quarter, following Israel’s attack on Iran. Demand for flying seems broadly resilient so far, with fares helped by limited capacity growth in Europe, due to supply constraints. As we move into the peak season, Air Traffic Control (ATC) remains a bottleneck, especially as parts of the European network remain closed to traff...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; OPAP GA; SOLUTION AB; BOROUGE U...
HEADLINES: • EME Macro/Strategy: macro all-in-one (14-20 July) • OPAP: acquires remaining 15.5% stake in Stoiximan POSITIVE • Solutions by STC: 2Q25E financial results preview (due out tomorrow) • Borouge: 2Q25E results preview (due on 31 July) NEUTRAL • Grupa Pracuj: 2Q25E results preview – 3% yoy adjusted EBITDA growth expected (due on 28 August) • Erste Bank: 2Q25E preview (due on 1 August) • OTP Bank: 2Q25E preview (due on 5 August) • Bank Pekao: 2Q25E preview (due on 7 August) • PKO BP: 2Q2...
- Research Team
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...
- Marios Bourazanis
- Stamatios Draziotis CFA
Fourlis | Clearer story, cheaper stock
New narrative, old skepticism – Following the deconsolidation of Trade Estates, Fourlis now presents a cleaner equity narrative, with the spotlight firmly on the core retail portfolio. However, the deconsolidation seems to have offered limited respite to the shares, which have materially underperformed both foreign peers and Greek non-fins over the past 24 months, reflecting subdued investor appetite, notwithstanding encouraging (albeit not impressive) operational delivery. Weighing on sentiment...
- Marios Bourazanis
- Stamatios Draziotis CFA
Fourlis | Clearer story, cheaper stock
New narrative, old skepticism – Following the deconsolidation of Trade Estates, Fourlis now presents a cleaner equity narrative, with the spotlight firmly on the core retail portfolio. However, the deconsolidation seems to have offered limited respite to the shares, which have materially underperformed both foreign peers and Greek non-fins over the past 24 months, reflecting subdued investor appetite, notwithstanding encouraging (albeit not impressive) operational delivery. Weighing on sentiment...
- Research Team
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-...
- Research Team
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
GR Sarantis S.A.: 1 director
A director at GR Sarantis S.A. sold 25,000 shares at 13.460EUR and the significance rating of the trade was 50/100. 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 clearl...
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 ...
- Research Team
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)
- Research Team
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
- Research Team
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
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 ...
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
VGO VIGO SYSTEM SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
- Stamatios Draziotis CFA
OPAP | First thoughts: Robust and in line; toughening comps ahead
In line quarter; comps to get tougher in H2 – OPAP has reported results in line with our projections delivering 8% revenue growth (to €595m) and 9% higher EBITDA (to €207m). In general, Q1 looks in symphony with the recent experience, namely strong online growth (+20%, powered by Stoiximan) and healthy retail (+4%). Across the verticals, betting (+13%, helped by strong sports margins) and online casino (+20%) stood out. We remind that the quarter benefited from favourable sports results and the ...
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