reports
- 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
AXA 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
AXA 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.
- 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.
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- 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
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
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.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
OTP OTP BANK NYRT
CABK CAIXABANK SA
ALR ALIOR BANK 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
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- 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
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
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.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
OTP OTP BANK NYRT
CABK CAIXABANK SA
ALR ALIOR BANK 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
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- 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: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...
HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
KTY GRUPA KETY SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
FROTO FORD OTOMOTIV SANAYI A.S.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
DNP DINO POLSKA S.A.
GEB BANK OF GEORGIA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- 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
- 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: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
- Research Team
WOOD Daily: ASELS TI; EU Oil and Gas Monthly; BCG LN; TXT PW; SNP RO; ...
HEADLINES: • Aselsan: growth prism – new angles, brighter future (stays BUY) • European oil and gas monthly: June 2025 – bullish cues from Hormuz • Baltic Classifieds Group: solid FY 2H25 results, affected by one-offs NEUTRAL • Text: key takeaways from the preliminary 1Q25-26 earnings call NEUTRAL • OMV Petrom: makes new natural gas discovery POSITIVE • Arabian Drilling: secures contract extensions for four rigs POSITIVE
- 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-...
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