reports
- Research Team
WOOD Daily: SPL PW; TL Macro; DNP PW; CZG CP; 4IG HB
HEADLINES: • Santander Bank Polska: sells 60% stake in SCB for 2024 P/BV of 1.2x, books modest gain of PLN 0.4bn NEGATIVE • Türkiye macro: weak BoP, but improving budget • Dino: AGM approves 1:10 share split NEUTRAL • Colt CZ Group SE: closes VSS acquisition • 4iG: signs non-binding term sheet to acquire nine defence subsidiaries from N7 Holding NEUTRAL
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
MSCI ACWI and EM Breakouts; Upgrading Korea to Overweight We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115). ACWI-US is now breaking out above 6-month resistance to all-time highs and EEM-US is breaking above $47, further confirming our bullish outl...
- Jovan Sikimic
- Research Team
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...
PEO BANK POLSKA KASA OPIEKI SA
EXAE HELLENIC EXCHANGES SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GEKTERNA GEK TERNA
CCC CCC SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BOROUGE BOROUGE
- Jonathan Lamb
European Oil and Gas Monthly: May 2025 – bottomed out
Brent crude prices continued to decline in May, but trends within the month suggest that we may have hit the bottom. The WOOD benchmark refining margin strengthened again, to USD 11.5/bbl, with all product groups and differentials playing their part. Petrochemicals remained in the doldrums, despite lower input costs. The gas market appears to be stable, but prices are sticky. Storage rose to 48% full at the end of the month, similar to the seasonal average. LNG imports declined a little, but cum...
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Oleg Galbur
- Jovan Sikimic
- Jovan Sikimic
- Jovan Sikimic
- 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: 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
- Marta Jezewska-Wasilewska
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...
- Research Team
WOOD Daily: BHW PW; ACP PW; PGE PW; HUG PW; DIA PW; BFT PW; GPP PW; WP...
HEADLINES: • Bank Handlowy: sells retail operations, sets 2027E ROE target of 19% • Asseco Poland: 1Q25 review – net profit up 9% yoy, in line with the consensus; 2025 backlog up 10% yoy POSITIVE • PGE: full 1Q25 results in line with the preliminaries NEUTRAL • Huuuge Games: 1Q25 adjusted EBITDA in line with our expectations NEUTRAL • Diagnostyka: 1Q25 results in line with expectations NEUTRAL • Benefit Systems: 1Q25 earnings call takeaways – very optimistic on MAC Group POSITIVE • Grupa Pracuj:...
ACP ASSECO POLAND SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
HUGE HUUUGE
GPP GRUPA PRACUJ DA
DIAG DIAGNOSTYKA SA
- Jovan Sikimic
- Jovan Sikimic
- Research Team
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...
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
ZAB ZABKA GROUP
- Jovan Sikimic
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
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...
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