reports
- Research Team
WOOD Daily: PKN PW; VGO PW; Poland macro; BDX PW; PZU PW; SFG RO; CEZ ...
HEADLINES: • Orlen: makes an offer to buy Grupa Azoty Polyolefins NEGATIVE • VIGO Photonics: 3Q25 sales up 48.5% yoy to PLN 23.3m POSITIVE • Poland macro: August balance of payments data underscores weak exports • Budimex: PLN 2.6bn bid from Budimex's consortium scored highest in the PKP PLK tender POSITIVE • PZU: the new CEO gives one of his first interviews, discussing the potential PZU–Pekao merger NEUTRAL • Sphera Group: Hard Rock Cafe joining the company’s brand portfolio POSITIVE • CEZ: AN...
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Oleg Galbur
- Research Team
WOOD Daily: KRU PW; SNP RO; OMV AV; MIL PW; MUR PW; PL Macro; RO Macro...
HEADLINES: • Kruk: solid 3Q25 trading update, but still at a standstill in Spain NEUTRAL • OMV Petrom: 3Q25 trading statement POSITIVE • OMV: 3Q25 trading statement NEUTRAL • Bank Millennium: to book PLN 394m of FX mortgage saga provisions in 3Q25 NEUTRAL • Murapol: 734 apartments sold and 413 units handed over in 3Q25; 66% of our annual sales forecast met after 1-3Q25 NEGATIVE • Poland macro: NBP cuts again, on steady inflation • Romania macro: MPC on a prolonged pause • Theon International: si...
- Arnaud Autier
- Pierre Tegner
- Thomas Zlowodzki
- Arnaud Autier
- Pierre Tegner
- Thomas Zlowodzki
- Oleg Galbur
- Research Team
WOOD Daily: TOASO TI; HUG PW; WIZZ LN; 4IG HB; AIRA LI; EME Strategy –...
HEADLINES: • Tofas: shifting gear to growth (stays BUY) • Huuuge Games: preliminary 3Q25 revenue at USD 55.8m, down 5% yoy and 5% qoq NEUTRAL • Wizz Air: restarts flights to Abu Dhabi, tempers expectations on groundings NEGATIVE • 4iG: signs sale and purchase agreement regarding acquisition of N7 Holding subsidiaries NEUTRAL • Air Astana: CEO Peter Foster to retire at end-March 2026 • EME Strategy: FTSE reclassifies Greece as a Developed Market POSITIVE
- Research Team
WOOD Daily: DIA PW; PZU PW; PEO PW; TEN PW; PL Telecoms; GTC PW; TPEIR...
HEADLINES: • Diagnostyka: risk of the gradual loss of key customer, Luxmed NEGATIVE • PZU / Bank Pekao: potential merger continuing • Ten Square Games: 3Q25 bookings up 4.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 3Q25 NEUTRAL • GTC: prices EUR 455m bond with an 8% yield POSITIVE • Piraeus Financial Holdings: prices EUR 600m AT1 bond POSITIVE • Czech Republic macro: elections – forced cooperation should keep the economy strong • EME Macr...
CEZ: 3 directors
Three Directors at CEZ sold 15,437 shares at between 1,286.330CZK and 1,309.450CZK. The significance rating of the trade was 80/100. 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...
- Bruno Cavalier
- Emmanuel Matot
- Nicolas David
- Philippe Ourpatian
- Thomas Zlowodzki
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
BEI BEIERSDORF AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
BRBY BURBERRY GROUP PLC
KER KERING SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
LPP LPP S.A.
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
EUR EUROCASH S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BFSA BEFESA SA
DNP DINO POLSKA S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
ATRY ATRYS HEALTH
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
ALG ALLEGRO.EU SA
ANR ANSWEAR.COM
ZGN ERMENEGILDO ZEGNA NV
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Bruno Cavalier
- Nicolas David
- Philippe Ourpatian
- Thomas Zlowodzki
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
BEI BEIERSDORF AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
BRBY BURBERRY GROUP PLC
KER KERING SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
LPP LPP S.A.
CCC CCC SA
CIE CIE AUTOMOTIVE S.A.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
NVG NAVIGATOR COMPANY SA
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
EUR EUROCASH S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
RENE REDES ENERGETICAS NACIONAIS SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BFSA BEFESA SA
DNP DINO POLSKA S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
MVC METROVACESA SA
SFG SPHERA FRANCHISE GROUP SA
ATRY ATRYS HEALTH
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
ALG ALLEGRO.EU SA
ANR ANSWEAR.COM
ZGN ERMENEGILDO ZEGNA NV
FER FERROVIAL SA
ENER GRUPO ECOENER S.A.
HBX HBX GROUP INTERNATIONAL PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Oleg Galbur
- 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...
- Research Team
WOOD Daily: LPP PW; RBW PW; VGO PW; DSPW CP; CTPNV NA; CEZ CP; THYAO T...
HEADLINES: • LPP: 2Q25 small beat vs. our ambitious expectations; 22% yoy sales growth in 3Q-to-date; FY25E guidance maintained POSITIVE • Rainbow Tours: disappointing 2Q25 results; strong cash flow, driven by prepayments, should support the 3Q25E results NEGATIVE • VIGO Photonics: 2Q25 results review - adj. EBITDA -84% yoy, below our estimates; order intake growth rose to 69% yoy NEUTRAL • Doosan Skoda Power: 2Q25 higher than expected, but a lower backlog, with only CZK 0.5bn in new contracts d...
- Jovan Sikimic
OTP Bank Plc: 1 director
A director at OTP Bank Plc bought 27,000 shares at 28,627.000HUF and the significance rating of the trade was 68/100. 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 clea...
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