reports
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS 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
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
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
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: CEZ CP; TKNSA TI; EME Macro/Strategy Weekly; MOL HB; EME S...
HEADLINES: • CEZ: Green Deal and grievances (downgraded to SELL) • Teknosa: weak set of results in 4Q24 NEGATIVE • EME Macro/Strategy: macro all-in-one (17-23 February) • MOL: 4Q results and 2025E guidance • EME Strategy: FTSE GEIS March 2025 Semi-Annual Review • Bank of Cyprus: launch of share buyback programme • Benefit Systems: decides on PLN 1bn five-year bond issue NEUTRAL • 4iG: 4Q24E preview – 20% yoy reported EBITDA increase expected (due on 28 February) • Sphera Group: 12% yoy EBITDA de...
- Research Team
WOOD Daily: BFT PW; GE Macro; BIMAS TI; OPAP GA; MYTIL GA; WPL PW; SNP...
HEADLINES: • Benefit Systems: 4Q24 headline profit a touch below forecasts, due to the accelerated recognition of the incentive plan POSITIVE • Georgia macro: insights on a Ukraine deal spillover to Georgia • BIM: Competition Authority imposes administrative fine of TRY 1,296m NEGATIVE • OPAP: Greek gaming market +6% yoy in December and 11% in 2024 POSITIVE • Metlen Energy & Metals: reaches 11-year bauxite supply/alumina offtake agreement with Rio Tinto POSITIVE • Wirtualna Polska: announces ten...
- Research Team
WOOD Daily: TPEIR GA; CZ Macro; CEZ CP; 11B PW; BCG LN; TITC GA; ACP P...
HEADLINES: • Piraeus Financial Holdings: first take on potential Ethniki acquisition NEUTRAL • Czech Republic macro: CNB heading for a temporary pause • CEZ: finalises disposal of Polish coal assets NEUTRAL • 11 bit studios: Polish FSA taking explanatory actions regarding disclosure obligations NEUTRAL • Baltic Classifieds Group: directors sell 2m share (0.4% stake) NEGATIVE • Titan Cement: US subsidiary’s IPO priced at USD 16/share, reportedly • Asseco Poland: 4Q24E preview – flat yoy net profi...
- Research Team
WOOD Daily: RBI AV; OMV AV; SNP RO; BOROUGE UH; ACP PW; WPL PW; CPS PW...
HEADLINES: • Raiffeisen Bank International: 2024 results; 2025E ROE (excluding Russia) guidance of c.10%; equity story still hostage to Russian exposure • OMV: 4Q24 results – CCS EBITDA beats expectations, dividend proposal of EUR 4.75/share POSITIVE • OMV Petrom: 4Q24 results; dividend proposal of RON 0.0444/share NEUTRAL • Borouge: 4Q24 results NEUTRAL • Asseco Poland: considering selling its treasury shares to strategic investor; part of the proceeds to be distributed as dividends POSITIVE • ...
EQS-News: Preliminary Results 2024 - Consolidated profit stable at EUR...
EQS-News: Raiffeisen Bank International AG / Key word(s): Preliminary Results Preliminary Results 2024 - Consolidated profit stable at EUR 975 million for the core Group 04.02.2025 / 07:29 CET/CEST The issuer is solely responsible for the content of this announcement. Consolidated profit 2024 of EUR 975 million for the core Group (excluding Russia and Belarus), including EUR 649 million provisions for CHF and EUR mortgage loans in Poland Net interest income for the core Group stable at EUR 4,155 million while net fee and commission income improves 5% to EUR 1,845 millio...
EQS-News: Vorläufige Zahlen 2024 - Stabiles Konzernergebnis von EUR 97...
EQS-News: Raiffeisen Bank International AG / Schlagwort(e): Vorläufiges Ergebnis Vorläufige Zahlen 2024 - Stabiles Konzernergebnis von EUR 975 Millionen im Kernkonzern 04.02.2025 / 07:29 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Konzernergebnis 2024 von EUR 975 Millionen im Kernkonzern (ohne Russland und Belarus), inklusive Vorsorgen für CHF- und EUR-Hypothekarkredite in Polen in Höhe von EUR 649 Millionen Zinsüberschuss im Kernkonzern mit EUR 4.155 Millionen stabil, Provisionsüberschuss verbessert sich um 5% auf EUR 1.845 Mi...
- Research Team
The Rear-View Mirror – EME markets: starting 2025 on the right foot
EME Equity Market – January 2025 The markets entered 2025 on the right foot. The MSCI EM Europe Index advanced by 7.7% in EUR terms and 8.4% in USD terms in January. The Polish WIG20 was the best performer (+12.7% mom), followed by the Hungarian BUX and Czech PX indices (+8.9% mom and +6.2% mom, in EUR terms, respectively). There was also a very solid performance from the Greek ASE Index (+5.4% mom in EUR terms), but more muted performances from the Romanian BET and Turkish ISE 30 indices (+1.6%...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
RICHT RICHTER
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
SHO GAMING INNOVATION GROUP
7203 SHOPER SA
ELM CO
- Szabolcs Pal
Model update – Dark clouds for RBI but the Russian sentiment could eas...
We reiterate our Buy recommendation and update our Dec-2025 target price to EUR 24.9, implying a 32% upside potential including a DPS of 1 EUR. Despite the worsening macro outlooks, as well as the continuation of the recent rate cuts in the region which float as dark clouds above RBI, the decrease of cost of equity on the long term affect the TP positively. The Russian sentiment still affect investors – notwithstanding that all the TPs are ex-Russia – a ceasefire with Ukraine could positively af...
- Research Team
WOOD Daily: Türkiye macro; Uzbekistan macro; PGE PW; BFT PW; PGE PW
HEADLINES: • Türkiye macro: CBT cuts again, signalling potentially deeper reductions • Uzbekistan macro: CBU keeps the policy rate unchanged at 13.5% • PGE: PLN 7.5bn write-down in conventional generation to be recognised in the FY24 results NEUTRAL • Benefit Systems: new bond issue programme of up to PLN 1bn; first tranche considered in 1H25 NEUTRAL • PGE: potentially buying 100% of PAK CCGT and a 50% stake in PGE PAK Energia Jądrowa from ZE PAK NEGATIVE • Short News (CDR)
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: RBI AV; CEZ CP; EME Macro/Strategy; MIL PW; MBK PW; KRU PW...
HEADLINES: • RBI: to book provisions due to the Russian court decision NEGATIVE • CEZ: buyout of the CEZ minorities to be plank in ANO's election platform NEUTRAL • EME Macro/Strategy: Macro all-in-one (13-19 January) • Bank Millennium: 4Q24E preview (due on 31 January) • mBank: 4Q24E preview (due on 6 February) • Kruk: 4Q24E preview (due on 27 February) • Bank Handlowy: 4Q24E preview (due on 12 March)
- Research Team
WOOD Daily: KRU PW; MYTIL GA; PL Macro; PEO PW; HUG PW; GPP PW; GPP PW...
HEADLINES: • Kruk: 2025-29E strategy – ambitious, and sees further growth of earnings, assisted by high ROEs POSITIVE • Metlen Energy & Metals: EUR 0.3bn capex plan to boost alumina capacity by 50% and produce gallium as well POSITIVE • Poland macro: NBP keeps rates unchanged, as expected • Bank Pekao: to add PLN 370m of FX mortgage provision charges, shielded by PLN 103m of deferred tax asset recognition; positive change in NPL stock NEUTRAL • Huuuge Games: USD 3.5m impairment of investment in ...
- Research Team
WOOD Daily: JMT PL; BELA GA; HU Macro; RO Macro; PGSUS TI; RICHT HB
HEADLINES: • Jeronimo Martins: 4Q24 trading statement slightly ahead of our expectations; lfl at Biedronka recovers to +1.1% POSITIVE • Jumbo: top-line growth slows to 2% in December, but still up 6.3% yoy in 2024, as expected NEUTRAL • Hungary macro: inflation jumps, MoF reiterates commitment to fiscal prudence • Romania macro: inflation surprises to the upside again • Pegasus Airlines: strong December traffic POSITIVE • Richter: announces positive top-line results for tocilizumab POSITIVE
- Research Team
WOOD Daily: EU Oil and Gas Monthly; BFT PW; INPST NA; TL Automotive
HEADLINES: • European oil and gas monthly: December 2024 • Benefit Systems: net addition of 151k sports cards in 4Q24, positive surprise abroad POSITIVE • InPost: 20% yoy volume growth in 4Q24; FY24E guidance maintained POSITIVE • Turkish automotive: all-time high light vehicle sales in 2024 NEUTRAL
- Research Team
Moneta Money Bank: 1 director
A director at Moneta Money Bank bought 4,025 shares at 124.000CZK and the significance rating of the trade was 52/100. 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 cle...
Benefit Systems S.A.: 1 director
A director at Benefit Systems S.A. sold 1,200 shares at 2,700.000PLN and the significance rating of the trade was 100/100. 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...
- Research Team
WOOD Daily: BCG LN; KTY PW; CDR PW; 11B PW; BFT PW; BDX PW; OPL PW; PG...
HEADLINES: • Baltic Classifieds Group: strong FY 1H25 financial results; conference call takeaways POSITIVE • Kety: Roman Przybylski (current deputy CEO) to become new CEO NEUTRAL • CD Projekt: update on the US class action lawsuit regarding the technical solutions used by GOG NEUTRAL • 11 bit studios: starts marketing campaign for Moonlighter 2 publishing project NEUTRAL • WOOD's Winter Wonderland EME Conference 2024 • 11 bit studios: postcard from Prague • Benefit Systems: postcard from Prague...
CDR CD PROJEKT S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
AKCNS AKCANSA CIMENTO
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PPC PUBLIC POWER CORPORATION S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
TEN TEN SQUARE GAMES
BCG BALTIC CLASSIFIEDS GROUP PLC
GIG GAMING INNOVATION GROUP
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.