reports
- Research Team
WOOD Daily: PL Banks; CBF PW; VRC PW; SHO PW; TEN PW; MUR PW; MONET CP...
HEADLINES: • Polish banks: still opportunities, if the growth continues (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • cyber_Folks: 4Q25E results preview – 18% yoy organic adjusted EBITDA growth (due on 18 March) • Shoper: 4Q25E results preview – 11% yoy adjusted EBITDA growth (due on 18 March) • Vercom: 4Q25E results preview – 23% yoy adjusted EBITDA growth (due on 18 March) • Ten Square Games: 4Q25E preview – adjusted EBITDA -7% qoq on higher U...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
PPC PUBLIC POWER CORPORATION S.A.
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
R22 R22
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
VRC VERCOM SA
SHO SHOPER SA
MUR2 MURAPOL SA
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: still opportunities, if the growth continues (PKO BP, Ba...
We keep our positive bias on the Polish banks, although the upside is melting away, with the continuous positive share price performance. The upside left for our median 12M PTs lands at 17%+, just enough to keep our marginally positive stance on the sector. The WIG Banks index has returned c.45%+ in the LTM, mostly a function of a multiples expansion, as the 2025E median EPS change was almost zero in the LTM and the 2026E EPS saw a median cut of 10% in the LTM, driven mostly by the change in the...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
JMT JERONIMO MARTINS SGPS S.A.
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
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
- Research Team
WOOD Morning (28 January 2026)
HEADLINES: • Titan: three deals cemented, more to come (stays BUY) • Eurocash: wins court battle with antimonopoly watchdog POSITIVE • PKO BP: 4Q25E preview (due on 12 March) • Mo-BRUK: 4Q25E – 21% yoy EBITDA growth expected (due on 23 April) • Hungary macro: MNB on hold • Hidroelectrica: shareholders’ approval for key strategic projects • DIGI Communications: hires Linklaters and Uría Menéndez for legal work in its Spanish IPO NEUTRAL • EME Strategy: MSCI – consultations under way to reclassify...
- Russell Waller
Digi (Equal Weight) Orange (Buy, TP: €18.9, +27%) Telefonica (Reduce, ...
Press reports are suggesting that a Tef-Zegona deal in Spain is progressing. We wrote about that HERE. A deal will be tricky for a variety of reasons, but if Digi is a willing remedy taker and if Telefonica/ Zegona are willing to give very substantial remedies (which is a big if), then the deal might receive regulatory approval we think.
- Research Team
WOOD Daily: VGO PW; DAT PW; PKO PW; CCC PW; CEZ CP; PGSUS TI; KZ Macro...
HEADLINES: • VIGO Photonics: 4Q25 sales up 13.9% yoy, to PLN 27.4m POSITIVE • DataWalk: obtains another patent in the US POSITIVE • PKO BP: PLN 990m of FX mortgage saga provisions in 4Q25 NEUTRAL • CCC: EGM approves 2m shares buyback at a price of up to PLN 200/share NEUTRAL • CEZ: in talks to sell stake in Slovak nuclear design company NEUTRAL • Pegasus Airlines: 17% yoy ASK growth in 2025 NEUTRAL • Kazakhstan macro: monthly GDP increases further in December • Arabian Drilling: announces three ...
UAB “AWG investment 1” Bondholders have unanimously granted their cons...
UAB “AWG investment 1” Bondholders have unanimously granted their consent to AUGA group, RAB to sell 100% of the shares of RUAB “Baltic Champs” On the initiative of UAB “AWG investment 1” (hereinafter – the „Issuer“), a company controlled by AUGA group, RAB, legal entity code 126264360 (hereinafter – the „Company“), and by the decision of the bondholders’ trustee UAB “AUDIFINA”, legal entity code 125921757 (hereinafter – the „Trustee“), a meeting of the holders of the Issuer’s bonds (issue ISIN code LT0000409104) (hereinafter – the „Bonds“) was held on 15 January 2026 (hereinafter – the „Me...
UAB "AWG investment 1" obligacijų savininkai vienbalsiai išdavė sutiki...
UAB "AWG investment 1" obligacijų savininkai vienbalsiai išdavė sutikimą AUGA group, RAB parduoti 100% RUAB „Baltic Champs“ akcijų AUGA group, RAB, juridinio asmens kodas 126264360 (toliau – Bendrovė) kontroliuojamos įmonės UAB "AWG investment 1" (toliau – Emitentas) iniciatyva ir obligacijų savininkų patikėtinio UAB „AUDIFINA“, juridinio asmens kodas 125921757 (toliau – Patikėtinis), sprendimu, 2026 m. sausio 15 d. vyko Emitento išleistų obligacijų (emisijos ISIN kodas LT0000409104) (toliau – Obligacijos) savininkų susirinkimas (toliau – Susirinkimas). Susirinkime dalyvavę Obligacijų savi...
- Research Team
WOOD Daily: PL Macro; MUR PW; PCO PW; XTB PW; PZU PW; CTPNV NA; WIZZ L...
HEADLINES: • Poland macro: rates unchanged, and some positive news • Murapol: sells 767 and hands over 1,286 units in 4Q25 NEGATIVE • Pepco Group: 1Q26 revenues growth eases to 4% yoy; FY26E guidance maintained NEGATIVE • XTB S.A.: over 250k new clients in 4Q25 in sight NEUTRAL • PZU/Bank Pekao: merger uncertain even by end-4Q27E, according to the Minister of State Assets NEUTRAL • CTP: prices EUR 500m 4Y bond at 3.4%; leases space in Amsterdam to Crisp POSITIVE • Wizz Air: may grow capacity by ...
- Research Team
WOOD Daily: KRU PW; SPL PW; EBS AV; CAR PW; DHS HB; CCOLA TI; EME Macr...
HEADLINES: • Kruk: 4Q25 trading update – miss on annual investments, but recoveries strong NEUTRAL • Santander Bank Polska/Erste Bank: shift of shareholdings finalised as of 9 January NEUTRAL • Inter Cars: December sales increased by 13.6% yoy NEUTRAL • Duna House: strong 4Q KPIs; Czexit; Italy stake raised to 95% POSITIVE • Coca-Cola Icecek: 4Q25 trading update and 2026E volume guidance NEUTRAL • EME Macro/Strategy: macro all-in-one (1-8 January)
- Jakub Caithaml
WOOD Flash – Duna House: strong 4Q KPIs; Czexit; Italy stake raised to...
Duna House (DH) has published its 4Q25 KPIs, which imply continuing strong momentum across all core markets. Both financial intermediation and real estate services posted c.30% yoy growth and reached new highs in 4Q25. The good dynamics across all markets is the key driver of our positive view on the stock, which we reiterated in our latest update, published in October 2025. In addition, DH’s cash flow continues to benefit from real estate sales. We estimate that the company’s low leverage could...
- Research Team
The Rear-View Mirror – EME markets: Czech PX in the lead in December
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).
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SNP PETROM S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
BCG BALTIC CLASSIFIEDS GROUP PLC
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
THEON THEON INTERNATIONAL PLC
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
Information on the Meeting of Bondholders of Bonds Issued by UAB “AWG ...
Information on the Meeting of Bondholders of Bonds Issued by UAB “AWG investment 1” Convened by UAB “AUDIFINA” AUGA group, AB, under restructuring, legal entity code 126264360 (hereinafter – the Company), has received information from its directly controlled company UAB “AWG investment 1”, legal entity code 301745765 (hereinafter – the Issuer), and UAB “AUDIFINA”, which acts as the trustee (hereinafter – the Trustee) for the Issuer’s bond issue with a total nominal value of EUR 4,984,000, ISIN code LT0000409104 (hereinafter – the Bonds), regarding the meeting of Bondholders (hereinafter – t...
Informacija apie UAB „AUDIFINA“ šaukiamą UAB "AWG investment 1" išleis...
Informacija apie UAB „AUDIFINA“ šaukiamą UAB "AWG investment 1" išleistų obligacijų savininkų susirinkimą Restruktūrizuojama AUGA group, AB, juridinio asmens kodas 126264360 (toliau – Bendrovė), gavo informaciją iš tiesiogiai kontroliuojamos įmonės UAB „AWG investment 1“, juridinio asmens kodas 301745765 (toliau – Emitentas), ir UAB „AUDIFINA“, kuri yra Emitento išleistų obligacijų emisijos, kurių bendra nominali vertė yra 4 984 000 Eur, ISIN kodas LT0000409104 (toliau – Obligacijos), savininkų patikėtinis (toliau – Patikėtinis), dėl 2026 m. sausio 15 d. šaukiamo Obligacijų savininkų susiri...
AUGA Group, RAB fulfilled its obligation to pay interest to the Green ...
AUGA Group, RAB fulfilled its obligation to pay interest to the Green bondholders AUGA Group, RAB (hereinafter – the Company) successfully paid all accrued interest on 17 December 2025 under the 20,000 green Bonds issued pursuant to the base prospectus approved by the Bank of Lithuania on 25 November 2019, each with a nominal value of EUR 1,000, ISIN LT0000404238 (hereinafter – the Bonds), via Nasdaq CSD, SE, through which they are to be further distributed to the persons entitled to receive them. As provided for in the Company’s restructuring plan, from the date the plan entered into forc...
AUGA group, RAB įvykdė savo įsipareigojimą išmokėti palūkanas žaliųjų ...
AUGA group, RAB įvykdė savo įsipareigojimą išmokėti palūkanas žaliųjų obligacijų savininkams AUGA group, RAB (toliau – Bendrovė) 2025 m. gruodžio 17 d. sėkmingai sumokėjo visas priskaičiuotas palūkanas pagal 2019 m. lapkričio 25 d. Lietuvos banko patvirtintą bazinį prospektą išleistas 20 000 žaliųjų obligacijų, kurių kiekvienos nominali vertė 1 000 EUR, ISIN LT0000404238 (toliau – Obligacijos) Nasdaq CSD, SE, per kurį jos toliau turi būti paskirstytos teisę jas gauti turintiems asmenims. Kaip numatyta Bendrovės restruktūrizavimo plane, nuo plano įsiteisėjimo dienos taikomos sutartinės palū...
- Research Team
WOOD Daily: LPP PW; PE RO; Polish telecoms; PCO PW; CEZ CP; Hungary ma...
HEADLINES: • LPP: profitable growth (stays BUY) • Premier Energy: M&A-driven growth on track (upgraded to BUY) • Polish telecoms: Revolut enters the Polish mobile market NEUTRAL • Pepco Group: 2H25 in line with guidance; FY26 EBITDA and earnings growth guidance of 9%+ and 25%+, 2025-30E EBTDA CAGR of 9%+ POSITIVE • CEZ: cabinet approves step to lower utility bills NEUTRAL • Hungary macro: MNB softens its hawkish tone • OPAP: EGM for merger with Alwyn set for 7 January; preference shares scrapped...
- Research Team
WOOD Daily: CCC PW; JMT PL; ALE PW; INPST NA; MBR PW; KTY PW; PCO PW; ...
HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...
- Research Team
WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...
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)
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
GPW WARSAW STOCK EXCHANGE
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
NLBR NLB GROUP
IGN1L IGNITIS GRUPE
Formation of the Creditors’ Committee of AUGA group, AB, entity under ...
Formation of the Creditors’ Committee of AUGA group, AB, entity under restructuring On December 3, 2025, a meeting of the creditors of AUGA group, RAB legal entity code 126264360 (hereinafter – the „Company“) was held (hereinafter – the „Meeting“), during which the Company’s Creditors’ Committee was formed, its functions were defined, and the Committee’s Rules of Procedure were approved. As stipulated in the Company’s approved restructuring plan, the Meeting appointed 5 members to the Creditors’ Committee: Chairperson of the Creditors’ Committee – Chairperson of the Creditors’ Meeting and...
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