reports
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: ZAB PW; PCF PW; RBW PW; Polish utilities; TEN PW; HUG PW; ...
HEADLINES: • Zabka Group: 2026-28E rollout targets raised to 1.3k stores p.a.; dividend policy announced POSITIVE • PCF Group: 2Q25 losses deeper qoq on lower revenue and material write-offs • Rainbow Tours: consolidated August sales +17.6% yoy, driven by Paralela 45 acquisition; stand-alone sales +7.9% yoy POSITIVE • Polish utilities: electricity sales tariffs for 4Q25 set at PLN 573/MWh POSITIVE • Ten Square Games: September Sensor Tower bookings estimates flat mom, improvement in core games N...
- Jovan Sikimic
- Maxime Kogge
PEO BANK POLSKA KASA OPIEKI SA
SDG SYNERGIE SA
INF INFOTEL SA
BEN BENETEAU SA
PKO PKO BANK POLSKI S.A.
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
GBT GUERBET SA
TRI TRIGANO SA
A1XA4J CARBIOS SA
ERA ERAMET SA
QDT QUADIENT SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TWEKA TKH GROUP N.V. CERT
ALR ALIOR BANK SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
VK VALLOUREC SA
ALVGO VOGO SA
ARVEN ARVERNE GROUP SA
MFEA MEDIASET NV
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Daily: MBR PW; GTC PW; OTE/DIGI Communications; EMEA Airlines; WI...
HEADLINES: • Mo-BRUK: growth acceleration priced in already (downgraded to HOLD) • GTC: moves to amend terms of the two outstanding Forint bonds • OTE/DIGI Communications: Telekom Romania sold to DIGI and Vodafone for EUR 70m POSITIVE • EMEA Airlines: flights cancelled in Europe over weekend due to cyberattack on airport software • Wizz Air: strike on 26 September may disrupt operations in Italy NEGATIVE • Huuuge Games: earnings call takeaways NEUTRAL • Titan: Fidelity Investments cuts ownership...
- Research Team
WOOD Daily: RO Energy; EME Macro/Strategy – Türkiye; HUG PW; NOVAL GA;...
HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...
- Research Team
WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI 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.
DAT DATAWALK SA
ALR ALIOR BANK SA
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.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Research Team
WOOD Daily: TUPRS TI; KRU PW; WPL PW; ENA PW; G2M SS; TLV RO; TEN PW; ...
HEADLINES: • Tupras: enjoying life in the margins (stays BUY) • Kruk: 2Q25 beat, on a positive tax balance, lower financial costs and a drop in the cost to collect ratio POSITIVE • Wirtualna Polska: 2Q25 results review – adjusted EBITDA up 24% yoy, 6% above the consensus; weak 2H25E outlook NEGATIVE • Enea: preliminary 2Q25 EBITDA 15% above our expectations, supported by strong Supply and better Generation; PLN 2.8bn capex, including wind farm acquisitions POSITIVE • Gentoo Media: 2Q25 financial...
- Research Team
WOOD Daily: TEN PW; GPP PW; BFT PW; AKCNS TI; M RO
HEADLINES: • Ten Square Games: 2Q25 adjusted EBITDA down 11% qoq, 4-9% above expectations POSITIVE • Grupa Pracuj: 2Q25 results – adjusted EBITDA up 3% yoy, in line with our forecast, 3% above the consensus NEUTRAL • Benefit Systems: 2Q25 earnings call takeaways – supportive of the 2026E outlook NEUTRAL • Akcansa: competition investigation launched NEGATIVE • MedLife: 2Q25E results preview (due on 29 August)
- Research Team
WOOD Daily: PE RO; PL Banks; DNP PW; BDX PW; KAP LI; MBR PW; CPS PW; T...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TBCB TBC BANK JOINT STOCK CO
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
DNP DINO POLSKA S.A.
SFG SPHERA FRANCHISE GROUP SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
PE RO PREMIER ENERGY
- Marta Jezewska-Wasilewska
WOOD Flash – Polish banks: FinMin may raise CIT rate for the banks, so...
We see this news as outright negative, which could halt the robust share price performance of the Polish banks, for some time at least. One aspect is the direct financial impact of the proposed tax regime change for the sector, and another is that such a change could reduce trust in the stability of the operating backdrop of banking (and other sectors, potentially) in Poland. This could result in international investors applying a higher market risk premium to the Polish market, going forward, i...
- Research Team
WOOD Daily: BGEO LN; CCOLA TI; PEO PW; TXT PW; EME Macro/Strategy Week...
HEADLINES: • Lion Finance Group: lion takes a breather (downgraded to HOLD) • Coca-Cola Icecek: 2Q25 results – as expected NEUTRAL • Bank Pekao: changing remuneration conditions for c.2,700 employees NEUTRAL • Text: launches Text App service NEUTRAL • EME Macro/Strategy: macro all-in-one (4-10 August) • Murapol: 2Q25E preview – EBIT halved yoy, due to a low number of handovers (due on 24 September) • Rainbow Tours: 2Q25E preview – 19% net income drop expected, following margin normalisation (due...
- Roy Külter
- Steven Boumans
G1A GEA GROUP AG
CBK COMMERZBANK AG
CEZ CEZ AS
AFX CARL ZEISS MEDITEC AG
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
MRK MERCK KGAA
G ASSICURAZIONI GENERALI S.P.A.
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
CRG CRH PLC
LEG LEG IMMOBILIEN AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DRI 1&1 DRILLISCH AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
CTPNV CTP NV
H2O HIDROELECTRICA S.A.
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
G1A GEA GROUP AG
CBK COMMERZBANK AG
CEZ CEZ AS
AFX CARL ZEISS MEDITEC AG
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
MRK MERCK KGAA
G ASSICURAZIONI GENERALI S.P.A.
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
CRG CRH PLC
LEG LEG IMMOBILIEN AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DRI 1&1 DRILLISCH AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
CTPNV CTP NV
H2O HIDROELECTRICA S.A.
UN0 UNIPER SE
- Jovan Sikimic
- 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
BRE MBANK SA
CS AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Steven Gould
BRE MBANK SA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
NRG NRJ GROUP SA
KER KERING SA
ISP INTESA SANPAOLO S.P.A.
PNL POSTNL NV
BON BONDUELLE SCA
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
GMM GRAMMER AG
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CVC CVC CAPITAL PARTNERS PLC
ATO ATOS SE
TRIO TRIODOS BANK N.V.
BRE MBANK SA
CS AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
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