reports
- Markus Remis
- Stephane Houri
PEO BANK POLSKA KASA OPIEKI SA
TKA TELEKOM AUSTRIA AG
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
KTCG KAPSCH TRAFFICCOM
OTP OTP BANK NYRT
EUR EUROCASH S.A.
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
POSR POZAVAROVALNICA SAVA
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
DNP DINO POLSKA S.A.
AMAG AMAG AUSTRIA METALL AG
SFG SPHERA FRANCHISE GROUP SA
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ANR ANSWEAR.COM
ONE ONE UNITED PROPERTIES SA
ACAG AUSTRIACARD HOLDINGS AG
AMS AMS-OSRAM AG
- Anne-Barbara Nicco
- Damien Choplain
- Martial Descoutures
- Anne-Barbara Nicco
- Damien Choplain
- Martial Descoutures
- Research Team
WOOD Daily: FROTO TI; TUPRS TI; CCC PW; APR PW; FTSHP CP; PGSUS TI; PK...
HEADLINES: • Ford Otosan: weak set of results in 4Q24 NEGATIVE • Tupras: 4Q24 results below expectations, but dividend proposal generous NEUTRAL • CCC: key takeaways from the 4Q24 conference; PLN 1.4bn capital increase around the corner • Auto Partner: preliminary 4Q24 EBIT 27% above our forecast on better margins POSITIVE • Footshop: 4Q24 broadly in line; 2025E management guidance implies promising year ahead POSITIVE • Pegasus Airlines: a strong start to 2025, with January ASK up 19% POSITIVE ...
- Lukasz Wachelko
- CFA
WOOD Flash – CCC: key takeaways from the 4Q24 conference; PLN 1.4bn ca...
Yesterday (17 February), CCC hosted a conference for investors to briefly discuss its 4Q24 results, and present its long-term financial goals and the details of the buyout of the 23% minority stake in its e-commerce subsidiary, Modivo Group. While the company’s 2025E ambitions of PLN 12bn in consolidated sales and PLN 2.4bn in consolidated EBITDA are only 2% and 22% above our forecasts, respectively, the gap widens to a material 55-72% by 2030E. In our view, the key reasons for the increasing di...
- Research Team
WOOD Daily: SOLUTION AB; AKCNS TI; EME Macro/Strategy Weekly; CCC PW; ...
HEADLINES: • Solutions by STC: strong 4Q24 results POSITIVE • Akcansa: 4Q24 financial results review NEGATIVE • EME Macro/Strategy: macro all-in-one (10-16 February) • CCC: PLN 1.4bn settlement for minorities at Modivo; capital increase around the corner NEUTRAL • Cyfrowy Polsat: to use the proceeds from the Asseco stake sale to repay debt NEUTRAL • AmRest: 4Q24E preview – 7% EBITDA growth expected (due on 27 February) • Dino: 4Q24E preview – 10% yoy EBITDA growth expected (due on 27 February) •...
- Baptiste Salaville
- Charlotte Vaisse
- Gautier Le Bihan
- Baptiste Salaville
- Charlotte Vaisse
- Gautier Le Bihan
- Jakub Krawczyk
- Research Team
WOOD Daily: CCC PW; ADNOCDIS UH; RO Macro; PL Macro; MYTIL GA; CAR PW;...
HEADLINES: • CCC: preliminary 4Q24 EBITDA beats our and the market's expectations by c.20% POSITIVE • ADNOC Distribution: 4Q24 results and dividend proposal NEUTRAL • Romania macro: update on the political and fiscal situation • Poland macro: PM Tusk signals shift of policy focus • Metlen Energy & Metals: Canadian Fairfax officially raises stake to 6.4%, as expected NEUTRAL • Inter Cars: January sales growth at 9% yoy NEUTRAL • Budimex: 4Q24E preview – strong gross margin, but headlines down, as...
- Bruno Cavalier
- Christophe-Raphaël Ganet
- Markus Remis
- Stephane Houri
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
AAL ANGLO AMERICAN PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
CDR CD PROJEKT S.A.
EL ESSILORLUXOTTICA SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BAS BASF SE
VER VERBUND AG CLASS A
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
KTCG KAPSCH TRAFFICCOM
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
EUR EUROCASH S.A.
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
POSR POZAVAROVALNICA SAVA
11B 11 BIT STUDIOS S.A.
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
CLNX CELLNEX TELECOM S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
DNP DINO POLSKA S.A.
AMAG AMAG AUSTRIA METALL AG
SFG SPHERA FRANCHISE GROUP SA
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ANR ANSWEAR.COM
ONE ONE UNITED PROPERTIES SA
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ACAG AUSTRIACARD HOLDINGS AG
AF AIR FRANCE - KLM
AMS AMS-OSRAM AG
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; EUR PW; PGE PW; EUROB GA; MTELE...
HEADLINES: • EME Macro/Strategy: macro all-in-one (3-9 February) • Eurocash: preliminary 4Q24 EBITDA flat yoy, but 10% above the consensus POSITIVE • PGE: PLN 2.4bn write-down in conventional generation to be recognised in the FY24 results NEUTRAL • Eurobank Ergasias Services: Fairfax shareholding drops to 32.9% NEUTRAL • Magyar Telekom: 4Q24E preview – 16% yoy growth in EBITDA expected (due on 25 February) • Auto Partner: 4Q24E preview – EBITDA almost flat yoy (due on 15 April) • Inter Cars: 4Q...
- Research Team
WOOD Daily: KOMB CP; ING PW; MBK PW; BRD RO; PL Macro; BHW PW; EU Oil ...
HEADLINES: • Komercni Banka: surprises on the upside with 2024 delivery; guiding for 100% dividend payout ratio also for 2025E POSITIVE • ING BSK: solid 4Q24, but beat driven by low LLPs, while core revenues miss expectations; guiding for a solid DPS NEUTRAL • mBank: 2024 results; guiding for 2025E to be the last year with a material impact from the FX mortgage saga NEUTRAL • BRD-GSG: strong 4Q24 delivery beats expectations POSITIVE • Poland macro: NBP on hold • Bank Handlowy: makes another impa...
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
ADNOCDIST ADNOC DISTRIBUTION PJSC
TEN TEN SQUARE GAMES
HUGE HUUUGE
ELPE HELLENIQ ENERGY
- Jonathan Lamb
European Oil and Gas Monthly: January 2025 – running on empty
Average Brent crude oil prices were up by USD 5.2/bbl vs. the previous month and exceeded USD 80/bbl at times. However, prices ended close to where they started. The WOOD benchmark margin was flat mom and remains above the average. Middle distillate strength remains the most important factor. Petrochemicals margins are still weak, although olefin margins were a little better.
- Research Team
WOOD Daily: SPL PW; ACP PW; TRESTATE GA; CEZ CP; APR PW; MCOVB SS
HEADLINES: • Santander BP: 4Q24 results imply solid dividend potential, but share overhang remains a risk in the near term POSITIVE • Asseco Poland: TSS acquires 14.84% stake in Asseco Poland NEUTRAL • Trade Estates: Fourlis sells 16% stake at EUR 1.5/share • CEZ: to sell 15% stake in Veolia CR heating business NEUTRAL • Auto Partner: January sales growth at a limited 9% yoy NEGATIVE • Medicover: 4Q24E preview (due on 12 February) • Short News (CBF, SHO)
- 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
- Research Team
WOOD Daily: TXT PW; ELM AB; WIZZ LN; GE Macro; GARAN TI; KLKIM TI; PKN...
HEADLINES: • Text: AI revolution – a threat or an opportunity? (downgraded to HOLD) • Elm: new horizons (upgraded to BUY) • Wizz Air: 3Q FY25 – miss on lower revenue and higher CASKX NEGATIVE • Georgia macro: NBG decision and MoU in Abu Dhabi • Garanti Bank: 4Q24 results and 2025E guidance highlights NEUTRAL • Kalekim: exercises option to acquire a plant in Mugla POSITIVE • Orlen: to issue USD 1.25bn of 10-year bonds NEUTRAL • PKO BP: 4Q24E preview (due on 13 March) • Short News (CBF, CEZ)
- Research Team
WOOD Daily: SAB1L LH; Global Oil and Gas; HU Macro; CCC PW; ALE PW; PC...
HEADLINES: • Šiaulių Bankas: wait and breathe (HOLD - transfer of coverage) • Global oil and gas: uh-oh, Canada – the oil markets and potential Canadian tariffs POSITIVE • Hungary macro: MNB intensifies hawkish tone • CCC: small acquisition in premium sneakers segment NEUTRAL • Allegro: changes of commission table for merchants POSITIVE • Pepco Group: another set of management changes NEUTRAL • Titan Cement: preliminary FY24 results NEUTRAL • Alpha Services and Holdings: acquires factoring finte...
- Research Team
WOOD Daily: EMEA Airlines; PZU PW; PCF PW; KRKG SV; ALR PW
HEADLINES: • EMEA airlines: 4Q24 traffic; could constrained capacity support fares in 2025E? • PZU: CEO Olech dismissed, former CEO Klesyk returns • PCF Group: reveals details behind Maverick work-for-hire project NEUTRAL • Krka: 4Q24E earnings preview (due on 30 January) • Alior Bank: 4Q24E preview (due on 4 March)
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