reports
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- Research Team
WOOD Daily: CDR PW; PZU PW; MOL HB; ELPE GA; NLBR SV; CCC PW; AKCNS TI...
HEADLINES: • CD Projekt: opening the next chapter (upgraded to BUY) • PZU: CEO Klesyk dismissed NEGATIVE • MOL: 2Q25 results hit by one-off charge NEUTRAL • HELLENiQ Energy: 2Q25 results NEUTRAL • NLB Group: material bottom-line beat in 2Q25, due mainly to provisions and impairments released POSITIVE • CCC: preliminary 2Q25 EBITDA beats expectations by 1-5%, on the top line POSITIVE • Akcansa: 2Q25 conference call takeaways NEUTRAL • Brisa: takeaways from the 2Q25 earnings call POSITIVE • Cimsa:...
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
APR AUTO PARTNER SA
NLBR NLB GROUP
ELPE HELLENIQ ENERGY
- Jakub Krawczyk
- Research Team
WOOD Daily: ALR PW; RICHT HB; ASELS TI; THYAO TI; ISCTR TI; CIMSA TI; ...
HEADLINES: • Alior Bank: solid 2Q25, with a beat vs. the market's expectations on stronger other income and lower LLPs POSITIVE • Richter: 2Q25 results broadly in line NEUTRAL • Aselsan: 2Q25 results – strong beat, driven by operating performance POSITIVE • Turkish Airlines: 2Q25 – EBIT above the consensus on better costs POSITIVE • Isbank: 2Q25 highlights – a mixed bag, but management sounds confident in sharp margin recovery in 2H25E • Cimsa: 2Q25 financial results review – strong revenue grow...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ELPE HELLENIQ ENERGY
AIRA AIR ASTANA JSC
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
- Research Team
WOOD Daily: CCOLA TI; OTP HB; KSPI US; ELM AB; THEON NA; TITC GA; ALE ...
HEADLINES: • Coca-Cola Icecek: recovery on the horizon (stays BUY) • OTP Bank: books solid 2Q25 NEUTRAL • Kaspi.kz: 2Q25 highlights – on track, with revised down guidance, could start buying back stock in 2026E • Elm: 2Q25 conference call takeaways – organic growth guidance upgraded POSITIVE • Theon International: to acquire KAPPA Optronics of Germany POSITIVE • Titan: to acquire 80% of leading concrete solutions provider in Southeastern Europe with Molins POSITIVE • Allegro: buyback price of PL...
- 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: MIL PW; OPL PW; TOASO TI; EXAE GA; BDX PW; EZ Macro; EME M...
HEADLINES: • Bank Millennium: 2Q25 results beat, on lower FX mortgage saga costs; core operating in line, but very solid levels NEUTRAL • Orange Polska: 2Q25 results – EBITDAaL up 4% yoy, 3% above the consensus; 2025E guidance reiterated POSITIVE • Tofas: 2Q25 results – in line operationally; 2025E guidance indicates higher profitability outlook POSITIVE • Athens Exchange Group: strong bottom-line delivery in 2Q25, ahead of expectations POSITIVE • Budimex: preliminary 2Q25 broadly in line with o...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BIMAS BIM BIRLESIK MAGAZALAR A.S.
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
MGROS MIGROS TICARET A.S
TPEIR PIRAEUS BANK SA
CPS CYFROWY POLSAT SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
ALPHA ALPHA BANK S.A.
- Research Team
WOOD Daily: Hungary macro; CPS PW; MCOVB SS; TOASO TI; FROTO TI; TKNSA...
HEADLINES: • Hungary macro: MNB on hold • Cyfrowy Polsat: TiVi Foundation exercises its rights to replace the managers and a supervisory board member of the group POSITIVE • Medicover: 2Q25 results preview (due out tomorrow) • Tofas: 2Q25 earnings preview (due on 28 July) • Ford Otosan: 2Q25 earnings preview (due on 30 July) • Teknosa: 2Q25 earnings preview (due on 6 August) • Short News (EUR, 4iG, PPC)
- Research Team
WOOD Daily: EMEA Airlines; GEKTERNA GA; BFT PW; Allegro; JAHEZ AB; TIT...
HEADLINES: • EMEA Airlines: 2Q25 traffic - Easter good, conflict bad • GEK Terna: motorway traffic grows faster than expected in 1H25 POSITIVE • Benefit Systems: changes in the Supervisory Board NEUTRAL • Allegro: expands its delivery network via a partnership with Zabka, adding 11,600+ new pick-up points NEUTRAL • Jahez: takeaways from the conference call on the Snoonu deal POSITIVE • Titan Cement: 2Q25E financial results preview (due on 31 July)
- Research Team
WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPR...
HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...
- Marios Bourazanis
- Stamatios Draziotis CFA
Fourlis | Clearer story, cheaper stock
New narrative, old skepticism – Following the deconsolidation of Trade Estates, Fourlis now presents a cleaner equity narrative, with the spotlight firmly on the core retail portfolio. However, the deconsolidation seems to have offered limited respite to the shares, which have materially underperformed both foreign peers and Greek non-fins over the past 24 months, reflecting subdued investor appetite, notwithstanding encouraging (albeit not impressive) operational delivery. Weighing on sentiment...
- Marios Bourazanis
- Stamatios Draziotis CFA
Fourlis | Clearer story, cheaper stock
New narrative, old skepticism – Following the deconsolidation of Trade Estates, Fourlis now presents a cleaner equity narrative, with the spotlight firmly on the core retail portfolio. However, the deconsolidation seems to have offered limited respite to the shares, which have materially underperformed both foreign peers and Greek non-fins over the past 24 months, reflecting subdued investor appetite, notwithstanding encouraging (albeit not impressive) operational delivery. Weighing on sentiment...
- Research Team
WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...
HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...
- 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-...
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
Polska Grupa Energetyczna Sa: 1 director
A director at Polska Grupa Energetyczna Sa bought 20,000 shares at 9.959PLN and the significance rating of the trade was 55/100. 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...
- Erol Danis
- Mehmet Yigit Yorulmaz
Turkish Autos - Resilient domestic demand amid an uncertain global bac...
Domestic demand has been more resilient than expected: Following a record-breaking year in 2024, the Turkish automotive market maintained its strength so far in 2025, with 5M25 growth reaching 4% y/y. Despite the high base and tighter financial conditions, demand remained resilient, supported by not only stable exchange rates and improved vehicle availability, but also the traction of affordable EVs (electric vehicles) that has 10% special consumption tax rate vs. ICE (internal combustion engine...
- Emira Sagaama
- Jeremy Garnier
- Steven Boumans
ALFOC FOCUS HOME INTERACTIVE SA
DGE DIAGEO PLC
RI PERNOD RICARD SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
UNIQA INSURANCE GROUP AG
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
BLND BRITISH LAND COMPANY PLC
EKI EKINOPS SA
VLS VALNEVA SE
LNA LNA SANTE SA
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
SDF K+S AG
TPE PVA TEPLA AG
QDT QUADIENT SA
IMPN IMPLENIA AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
COR CORTICEIRA AMORIM SGPS SA
HEIJM HEIJMANS N.V. CERT
PAL
TEG PALFINGER AG
RIEN TAG IMMOBILIEN AG
CCC RIETER HOLDING AG
AMG CCC SA
EDR AMG ADVANCED METALLURGICAL GROUP N.V.
ZAG EDREAMS ODIGEO SA
POST ZUMTOBEL GROUP AG
INSD OSTERREICHISCHE POST AG
FACC VERIMATRIX SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
SMCP TECNICAS REUNIDAS SA
BFSA SMCP SA
LAND BEFESA SA
VOS LAND SECURITIES GROUP PLC
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
GRE AMREST HOLDINGS SE
ALCUR GRENERGY RENOVABLES
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
CPR NACON SASU
KTA DAVIDE CAMPARI-MILANO N.V.
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
EAPI WAGA ENERGY SA
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
LOCAL ORPEA
SOLOCAL GROUP
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