reports
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
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
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
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS 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
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Daily: PEO PW; KOMB CP; ING PW; MBK PW; KRU PW; JMT PL; RBI AV; B...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
DOC DO & CO AKTIENGESELLSCHAFT
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
9526 JAHEZ INTERNATIONAL CO
H2O HIDROELECTRICA S.A.
- Jovan Sikimic
- Research Team
WOOD Morning (29 October 2025)
HEADLINES: • Santander Bank Polska: solid 3Q25 bottom line, but waiting for a change of strategic investor NEUTRAL • Alior Bank: 3Q25 results do not bring much to the table NEUTRAL • Zabka: 3Q25 a notch above the consensus POSITIVE • DataWalk: preliminary 3Q25 results – sales up 59% yoy, to PLN 7.34m POSITIVE • OMV: 3Q25 results – CCS EBITDA above estimates POSITIVE • OMV Petrom: 3Q25 results – net income beat NEUTRAL • Borouge: 3Q25 results – broadly in line NEUTRAL • Solutions by STC: 3Q25 fin...
OMV OMV AG
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
GTC GLOBE TRADE CENTRE S.A.
EUR EUROCASH S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
MCOV B MEDICOVER AB
VRC VERCOM SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
GEV GEVORKYAN A.S.
ZAB ZABKA GROUP
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Emmanuel Matot
IPS IPSOS
FP TOTAL SE
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
ITP INTERPARFUMS
BLC BASTIDE LE CONFORT MEDICAL SA
PKO PKO BANK POLSKI S.A.
LPE LAURENT-PERRIER SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
ENI ENI S.P.A.
NEX NEXANS SA
ICAD ICADE SA
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
VRNL VERNEUIL PARTICIPATIONS
ERG ERG S.P.A.
CTAC CTAC N.V.
TPS ORANGE POLSKA S.A.
AOF ATOSS SOFTWARE AG
RIEN RIETER HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
CON CONZZETA AG
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ALR ALIOR BANK SA
VLTSA VOLTALIA
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
GALE GALENICA AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
4X0 STEYR MOTORS AG
- Research Team
WOOD Daily: H2O RO; MONET CP; OPL PW; KTY PW; SAR GA; MOL HB; GPW PW; ...
HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
MOL MOL NYRT
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
APR AUTO PARTNER SA
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
GPP GRUPA PRACUJ DA
H2O HIDROELECTRICA S.A.
- Jovan Sikimic
ODDO : Healthy operational outlook absorbs higher tax beyond 2026
We think that the robust outlook for Polish economic growth should offset mid-term uncertainty on fiscal policy and political risk. We have made a slight upward revision to our forecasts for pre-tax profit (by 1% to 4%) but lowered our EPS forecasts by 21% for 2026e and 4% for 2027e. After factoring in the full impact of the new tax bill, we have adjusted our target prices but remain cautiously positive on Polish banks. We favour mBank (upgrade to Outperform) for its upbeat long-term outlook and...
- 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...
- 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: BCG LN; MBK PW; EME Macro/Strategy Weekly; RO Macro; 11B P...
HEADLINES: • Baltic Classifieds Group: still structurally attractive (stays BUY) • mBank: PLN 426.7m of FX mortgage saga costs expected in 3Q25E NEUTRAL • EME Macro/Strategy: macro all-in-one – taking stock of the global picture • Romania macro: an update on the budget and the economy • 11 bit studios: satisfied with Frostpunk 2 console launch, now focusing on DLCs NEUTRAL • Short News (4iG)
- Jovan Sikimic
- Maxime Kogge
PEO BANK POLSKA KASA OPIEKI SA
SDG SYNERGIE SA
INF INFOTEL SA
BEN BENETEAU SA
PKO PKO BANK POLSKI S.A.
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
GBT GUERBET SA
TRI TRIGANO SA
A1XA4J CARBIOS SA
ERA ERAMET SA
QDT QUADIENT SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TWEKA TKH GROUP N.V. CERT
ALR ALIOR BANK SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
VK VALLOUREC SA
ALVGO VOGO SA
ARVEN ARVERNE GROUP SA
MFEA MEDIASET NV
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
AAL ANGLO AMERICAN PLC
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Farid Bitari
- Nicolas David
- Nicolas Thorez
FP TOTAL SE
SGE SAGE GROUP PLC
HEIA HEINEKEN NV
TEMN TEMENOS AG
CA CARREFOUR SA
ALLIX WALLIX GROUP SA
CGM CEGEDIM SA
LSS LECTRA SA
GEBN GEBERIT AG
SLHN SWISS LIFE HOLDING AG
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
ALBFR SIDETRADE SA
SAP SAP SE
TMV TEAMVIEWER AG
DSY DASSAULT SYSTEMES SA
MTRK MOTORK LTD
ATCO A ATLAS COPCO AB
PLNW PLANISWARE
- Research Team
WOOD Daily: EME Macro/Strategy; MBK PW; MUR PW; Hungary macro; Energy;...
HEADLINES: • EME Macro/Strategy: Czech Republic - strong fundamentals anchor politics • mBank: Capital Markets Day - key takeaways POSITIVE • Murapol: 2Q25 results above expectations, strong OCF and new offer slowdown POSITIVE • Hungary macro: MNB on a protracted pause • Energy: Kirkuk pipeline set for restart POSITIVE • Jumbo: 1H25 results preview (due out today, after the close) • Short News (ROE1L)
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