reports
- Research Team
WOOD Daily: LPP PW; PE RO; Polish telecoms; PCO PW; CEZ CP; Hungary ma...
HEADLINES: • LPP: profitable growth (stays BUY) • Premier Energy: M&A-driven growth on track (upgraded to BUY) • Polish telecoms: Revolut enters the Polish mobile market NEUTRAL • Pepco Group: 2H25 in line with guidance; FY26 EBITDA and earnings growth guidance of 9%+ and 25%+, 2025-30E EBTDA CAGR of 9%+ POSITIVE • CEZ: cabinet approves step to lower utility bills NEUTRAL • Hungary macro: MNB softens its hawkish tone • OPAP: EGM for merger with Alwyn set for 7 January; preference shares scrapped...
- Research Team
WOOD Daily: BOCHGR GA; PL Utilities; PKN PW; CEZ CP; SNP RO
HEADLINES: • Bank of Cyprus: paid to wait (stays BUY) • Polish utilities: 2030 capacity market price set at PLN 465/kW/year NEUTRAL • Orlen: receives response from Grupa Azoty about offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: new government aiming to reduce power bills by c.10% or more NEUTRAL • OMV Petrom: preparing to drill offshore Bulgaria by the year-end NEUTRAL
Public Power Corp S.A.: 1 director
A director at Public Power Corp S.A. sold 1,000 shares at 17.810EUR and the significance rating of the trade was 51/100. 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 c...
- Research Team
WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...
HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
GPW WARSAW STOCK EXCHANGE
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
NLBR NLB GROUP
IGN1L IGNITIS GRUPE
- Research Team
WOOD Morning (5 December)
HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
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
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Morning (28 November)
HEADLINES: • Kaspi.kz: too cheap to ignore (stays BUY) • VIGO Photonics: 3Q25 results review – adjusted EBITDA over 2x above our estimate; order intake up 24% yoy POSITIVE • CCC: final 3Q25 EBITDA spot on prelims NEUTRAL • Rainbow Tours: 3Q25 conference call highlights NEUTRAL • Polish banks: President signs bill on higher CIT for the banks • Murapol: main shareholder sells 20.5% of shares in ABB NEUTRAL • Primoco UAV: promising tactical UAV producer (HOLD - initiation of coverage) • CTP: enters...
- Alessio Chiesa
- Raffaella Tenconi
EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...
The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
IGN1L IGNITIS GRUPE
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
BOCHGR BANK OF CYPRUS
- Marios Bourazanis
- Stamatios Draziotis CFA
Public Power Corporation (PPC) | Greener, faster, stronger
Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...
- Marios Bourazanis
- Stamatios Draziotis CFA
Public Power Corporation (PPC) | Greener, faster, stronger
Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: GSPARK HB; ESLT US; WPL PW; PPC GA; ENA PW; PBK RO; NRP NA...
HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...
- Research Team
WOOD Daily: MOL HB; PGE PW; BFT PW; H2O RO; SFG RO; Romania macro; DIG...
HEADLINES: • MOL: much to admire, despite the fire (stays BUY) • PGE: decent 3Q25 results - recurring EBITDA at PLN 2.95bn (+6% vs. our expectations), but weak net income NEUTRAL • Benefit Systems: 3Q25 adjusted EBIT up 42% yoy, 15% above our forecast; FY25E cards addition target exceeded by November, FY26 plan of 260k+ new cards POSITIVE • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy and 5% below our estimate NEGATIVE • Sphera Group: 3Q25 soft, but better than we expected NEUTRA...
- Olfa Taamallah
- Yan Derocles
CEZ CEZ AS
UTDI UNITED INTERNET AG
G ASSICURAZIONI GENERALI S.P.A.
HEI HEIDELBERGCEMENT AG
PSPN PSP SWISS PROPERTY AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
REY REPLY S.P.A.
SHL SIEMENS HEALTHINEERS AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
HAG HENSOLDT AG
IOS IONOS GROUP SE
- Olfa Taamallah
- Yan Derocles
CEZ CEZ AS
UTDI UNITED INTERNET AG
G ASSICURAZIONI GENERALI S.P.A.
HEI HEIDELBERGCEMENT AG
PSPN PSP SWISS PROPERTY AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
REY REPLY S.P.A.
SHL SIEMENS HEALTHINEERS AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
HAG HENSOLDT AG
IOS IONOS GROUP SE
- Research Team
WOOD Daily: BIMAS TI; CEZ CP; KSPI US; AIRA LI; OPTIMA GA; ASELS TI; A...
HEADLINES: • BIM: 3Q25 results – strong beat POSITIVE • CEZ: 3Q25 operating results miss, bottom line beats by 9% NEUTRAL • Kaspi.kz: 3Q25 highlights – 2025 continues to be soft; USD 100m buyback NEUTRAL • Air Astana Group: 3Q25 – EBITDAR down 17% yoy, despite 15% ASK growth NEGATIVE • Optima Bank: small bottom-line miss in 3Q25, but FY25E guidance maintained NEUTRAL • Aselsan: second Steel Dome serial production contract, and signs MOU with ROMARM POSITIVE • Auto Partner: October sales growth d...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
APR AUTO PARTNER SA
BELA JUMBO S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
KSPI KASPI KZ
H2O HIDROELECTRICA S.A.
OPTIMAr OPTIMA BANK S.A.
AIRA AIR ASTANA JSC
- Oleg Galbur
- Research Team
WOOD Daily: PKO PW; CBF PW; VRC PW; SHO PW; RICHT HB; CTPNV NA; FROTO ...
HEADLINES: • PKO BP: posts solid 3Q25 results NEUTRAL • cyber_Folks: 3Q25 results review – 55% yoy EBITDA growth, 3% above the consensus POSITIVE • Vercom: 3Q25 results review – 10% yoy EBITDA growth, 2% above the consensus POSITIVE • Shoper: 3Q25 results review – EBITDA up 28% yoy, to PLN 18.4m, in line with the consensus NEUTRAL • Richter: weak 3Q25 across all segments NEGATIVE • CTP: 3Q25 – in line, FY targets reiterated NEUTRAL • Ford Otosan: 3Q25 results in line operationally NEUTRAL • Sok ...
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
MYTIL MYTILINEOS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
CTPNV CTP NV
VRC VERCOM SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
OPTIMAr OPTIMA BANK S.A.
- Research Team
WOOD Morning (5 November 2025)
HEADLINES: • Aselsan: 3Q25 results – improved margins, strong NI beat and record backlog additions POSITIVE • Coca-Cola Icecek: 3Q25 results – recovery in operating performance begins POSITIVE • Logo Yazilim: 3Q25 results – in line, except for a small NI beat • Medicover: soft 3Q25 top line, but adjusted EBITDA beats on admin costs NEUTRAL • Enea: preliminary 3Q25 EBITDA 9% above our expectations, supported by strong Supply, Generation and Distribution NEUTRAL • Solutions by STC: 3Q25 conference...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
MCOV B MEDICOVER AB
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
THEON THEON INTERNATIONAL PLC
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