reports
- Research Team
WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT 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.
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
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Research Team
WOOD Daily: OTP HB; CZG CP; 11B PW; CDR PW; TXT PW; SFG RO; M RO; ACAG...
HEADLINES: • OTP Bank: all about capital returns (stays BUY) • Colt CZ Group SE: acquires SNC – a strategic move POSITIVE • 11 bit studios: 2Q25 EBITDA 14-24% above our and the market's expectations; guidance on new projects POSITIVE • CD Projekt: 2Q25 EBITDA 19-24% above our and the market's expectations POSITIVE • Text: 1Q25-26 (calendar 2Q25) results – EBITDA down 21% yoy, 5% below the consensus NEGATIVE • Sphera Group: 2Q25 soft, but better than we expected; FY25E budget cut NEGATIVE • MedLi...
- Research Team
WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG ...
HEADLINES: • Solutions by STC: balance of risks to the upside (upgraded to BUY) • TBC Bank: 2Q25 results and conference call highlights • Al Arabia Outdoor Advertising: weak 2Q25 financial results NEGATIVE • Jahez: weak 2Q25 financial results, with significant pressure on the EBITDA margin NEGATIVE • Inter Cars: July sales growth accelerates marginally, to 11% yoy NEUTRAL • Austriacard: 1H25E earnings preview (due on 28 August)
- 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: RBW PW; EBS AV; JMT PL; EUROB GA; ETE GA; OPTIMA GA; TITC ...
HEADLINES: • Rainbow Tours: on the road to riches (BUY - initiation of coverage) • Erste Bank: 2Q25 results beat on positive one-off; solid performance in core result leads to 2025E guidance uplift POSITIVE • Jeronimo Martins: minor beat in 2Q25; FY25E guidance maintained POSITIVE • Eurobank Ergasias Services: 2Q25 highlights – a clean 14% beat vs. our estimate POSITIVE • National Bank of Greece: 2Q25 highlights – in line, with guidance upgrade POSITIVE • Optima Bank SA: bottom-line beat in 2Q25...
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
YKBNK YAPI VE KREDI BANKASI A.S.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
RBW RAINBOW TOURS S.A.
PPC PUBLIC POWER CORPORATION S.A.
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEN TEN SQUARE GAMES
HUGE HUUUGE
2381 ARABIAN DRILLING CO.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
DIAG DIAGNOSTYKA SA
- 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: EME Macro/Strategy Weekly; EU macro; PKO PW; MYTIL GA; WPL...
HEADLINES: • EME Macro/Strategy: macro all-in-one (7-13 July) • EU macro: US tariff announcement worse than expected • PKO BP: to book PLN 1.25bn of FX mortgage saga costs in 2Q25E NEUTRAL • Metlen Energy & Metals: MSCI to keep the stock in the Greece Standard index, as largely expected • Wirtualna Polska: 2Q25E preview – soft quarter, with 1% yoy pro-forma adjusted EBITDA growth expected (due on 26 August)
- 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
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.
ALPHA ALPHA BANK
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.
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Research Team
WOOD Daily: Polish banks; CGEO LN; Czech Republic macro; InPost/Shoper...
HEADLINES: • Polish banks: Finance Ministry mulls levy on obligatory reserve interest revenues NEGATIVE • Georgia Capital: sells 20% stake in water utility for USD 70.4m POSITIVE • Czech Republic macro: CNB on hold • InPost/Shoper: InPost Pay records 8.5m users, and operates in over 2.5k online stores NEUTRAL • Metlen: launches tender share exchange offer from Metlen SA to Metlen PLC, as part of the planned LSE listing NEUTRAL
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum: Feedback from day two
Feedback of the companies present at the ODDO BHF Nextcap Forum Company Country Market cap. (m) Company Country Market cap. (m) Accsys Technologies € 124 Hoffmann Green € 62 Afyren € 72 Hornbach € 1 451 Altri € 1 058 IDI € 537 AMG € 550 Implenia CHF 973 AmRest PLN 3 544 Jacquet Metals € 494 Arcure € 29 Kloeckner & Co € 653 Arverne 194 Knaustabbert € 144 Austriacard Holdings € 188 Lna Santé € 270 Bastide € 218 Medincell € 398 Befesa € 1 116 Nacon € 63 CAF € 1 649 N...
NXI NEXITY SA CLASS A
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
EKI EKINOPS SA
VLS VALNEVA SE
LNA LNA SANTE SA
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
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
RIEN PALFINGER AG
AMG RIETER HOLDING AG
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
VOS BEFESA SA
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
KTA NACON SASU
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
- Jeremy Garnier
ODDO : ODDO BHF Nextcap Forum 2025: Feedback
Our 14th edition of the ODDO BHF Nextcap Forum took place on 11 June in Paris, and on 12 June virtually. 96 companies and 170 investors were present for more than 700 meetings organized. Overall, we noted a still cautious tone from companies, with limited visibility on a solid rebound in a persistently uncertain market environment (geopolitical situation, US politics, etc.), even if there are some signs of recovery and certain sectors remain very well positioned (leisure, energy, defence). At th...
ALLIX WALLIX GROUP SA
NXI NEXITY SA CLASS A
DBG DERICHEBOURG SA
INF INFOTEL SA
UNIQA INSURANCE GROUP AG
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
AUB AUBAY SA
EKI EKINOPS SA
VLS VALNEVA SE
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
CDA COMPAGNIE DES ALPES SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
QDT QUADIENT SA
IMPN IMPLENIA AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
DEZ DEUTZ AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
EDR AMG ADVANCED METALLURGICAL GROUP N.V.
ALBFR EDREAMS ODIGEO SA
ZAG SIDETRADE SA
POST ZUMTOBEL GROUP AG
FACC OSTERREICHISCHE POST AG
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
SMCP TECNICAS REUNIDAS SA
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
WAVE AMREST HOLDINGS SE
GRE WAVESTONE SA
THEP GRENERGY RENOVABLES
ALCUR THERMADOR HOLDING SA
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
DSC1 NACON SASU
KTA DUTCH STAR C SHAR
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
VIRI ORPEA
LOCAL VIRIDIEN
SOLOCAL GROUP
- Research Team
- Dmitry Vlasov
- George Grigoriou
Austriacard: ace of decks (BUY - initiation of coverage)
We initiate coverage of Austriacard (ACAG), which offers a complementary portfolio of products and services in Identity & Payment Solutions (smartcards, payments, IDs), Document Lifecycle Management (printing) and Digital Transformation Technologies for the financial, government, and general private sectors, with a BUY rating and a price target (PT) of EUR 7.5/share, implying 42% upside from the current levels. Thanks to the strong execution in the Middle East and Africa regions, and continuous ...
- Bruno Cavalier
- Jeremy Garnier
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DBG DERICHEBOURG SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UNIQA INSURANCE GROUP AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
EKI EKINOPS SA
VLS VALNEVA SE
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
CDA COMPAGNIE DES ALPES SA
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
TPE PVA TEPLA AG
ENI ENI S.P.A.
QDT QUADIENT SA
01913 PRADA S.P.A.
IMPN IMPLENIA AG
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
DEZ DEUTZ AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
MONC AMG ADVANCED METALLURGICAL GROUP N.V.
EDR MONCLER SPA
ALBFR EDREAMS ODIGEO SA
ZAG SIDETRADE SA
POST ZUMTOBEL GROUP AG
LTA OSTERREICHISCHE POST AG
BC ALTAMIR ACT PORTEUR
CFR BRUNELLO CUCINELLI S.P.A.
FACC COMPAGNIE FINANCIERE RICHEMONT SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
DKG HORNBACH HOLDING AG & CO. KGAA
TRE DEUTSCHE KONSUM REIT-AG
FTG111 TECNICAS REUNIDAS SA
BP. FLATEXDEGIRO AG
SMCP BP P.L.C.
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
WAVE AMREST HOLDINGS SE
GRE WAVESTONE SA
THEP GRENERGY RENOVABLES
ALCUR THERMADOR HOLDING SA
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
DSC1 NACON SASU
KTA DUTCH STAR C SHAR
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
SHEL WAGA ENERGY SA
EAPI SHELL PLC
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
VIRI ORPEA
LOCAL VIRIDIEN
SOLOCAL GROUP
- Bruno Cavalier
- Jeremy Garnier
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
DGE DIAGEO PLC
RNO RENAULT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
INF INFOTEL SA
UNIQA INSURANCE GROUP AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
OMV OMV AG
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
EKI EKINOPS SA
VLS VALNEVA SE
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
CDA COMPAGNIE DES ALPES SA
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
ENI ENI S.P.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
QDT QUADIENT SA
01913 PRADA S.P.A.
IMPN IMPLENIA AG
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
DEZ DEUTZ AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
MONC AMG ADVANCED METALLURGICAL GROUP N.V.
EDR MONCLER SPA
ALBFR EDREAMS ODIGEO SA
ZAG SIDETRADE SA
POST ZUMTOBEL GROUP AG
BC OSTERREICHISCHE POST AG
CFR BRUNELLO CUCINELLI S.P.A.
FACC COMPAGNIE FINANCIERE RICHEMONT SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
BP. TECNICAS REUNIDAS SA
SMCP BP P.L.C.
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
WAVE AMREST HOLDINGS SE
GRE WAVESTONE SA
THEP GRENERGY RENOVABLES
ALCUR THERMADOR HOLDING SA
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
DSC1 NACON SASU
CPR DUTCH STAR C SHAR
KTA DAVIDE CAMPARI-MILANO N.V.
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
SHEL WAGA ENERGY SA
EAPI SHELL PLC
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
VIRI ORPEA
LOCAL VIRIDIEN
SOLOCAL GROUP
- Bruno Cavalier
- Jeremy Garnier
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
DGE DIAGEO PLC
RNO RENAULT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
INF INFOTEL SA
UNIQA INSURANCE GROUP AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
OMV OMV AG
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
EKI EKINOPS SA
VLS VALNEVA SE
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
CDA COMPAGNIE DES ALPES SA
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
ENI ENI S.P.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
QDT QUADIENT SA
01913 PRADA S.P.A.
IMPN IMPLENIA AG
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
DEZ DEUTZ AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
MONC AMG ADVANCED METALLURGICAL GROUP N.V.
EDR MONCLER SPA
ALBFR EDREAMS ODIGEO SA
ZAG SIDETRADE SA
POST ZUMTOBEL GROUP AG
BC OSTERREICHISCHE POST AG
CFR BRUNELLO CUCINELLI S.P.A.
FACC COMPAGNIE FINANCIERE RICHEMONT SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
TRE HORNBACH HOLDING AG & CO. KGAA
BP. TECNICAS REUNIDAS SA
SMCP BP P.L.C.
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
WAVE AMREST HOLDINGS SE
GRE WAVESTONE SA
THEP GRENERGY RENOVABLES
ALCUR THERMADOR HOLDING SA
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
DSC1 NACON SASU
CPR DUTCH STAR C SHAR
KTA DAVIDE CAMPARI-MILANO N.V.
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
SHEL WAGA ENERGY SA
EAPI SHELL PLC
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
VIRI ORPEA
LOCAL VIRIDIEN
SOLOCAL GROUP
- Bruno Cavalier
- Jeremy Garnier
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DBG DERICHEBOURG SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UNIQA INSURANCE GROUP AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
KCO KLOECKNER & CO SE
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
EKI EKINOPS SA
VLS VALNEVA SE
MRN MERSEN SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
CDA COMPAGNIE DES ALPES SA
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
ALCAR CARMAT SA
TPE PVA TEPLA AG
ENI ENI S.P.A.
QDT QUADIENT SA
01913 PRADA S.P.A.
IMPN IMPLENIA AG
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
DEZ DEUTZ AG
COR CORTICEIRA AMORIM SGPS SA
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
PAL
RIEN PALFINGER AG
AMG RIETER HOLDING AG
MONC AMG ADVANCED METALLURGICAL GROUP N.V.
EDR MONCLER SPA
ALBFR EDREAMS ODIGEO SA
ZAG SIDETRADE SA
POST ZUMTOBEL GROUP AG
LTA OSTERREICHISCHE POST AG
BC ALTAMIR ACT PORTEUR
CFR BRUNELLO CUCINELLI S.P.A.
FACC COMPAGNIE FINANCIERE RICHEMONT SA
AXS FACC AG
HBH ACCSYS TECHNOLOGIES
DKG HORNBACH HOLDING AG & CO. KGAA
TRE DEUTSCHE KONSUM REIT-AG
FTG111 TECNICAS REUNIDAS SA
BP. FLATEXDEGIRO AG
SMCP BP P.L.C.
BFSA SMCP SA
VOS BEFESA SA
CAF VOSSLOH AG
MEDCL CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT MEDINCELL SA
WAVE AMREST HOLDINGS SE
GRE WAVESTONE SA
THEP GRENERGY RENOVABLES
ALCUR THERMADOR HOLDING SA
FQT ARCURE SA
CLA FREQUENTIS AG WIENER
S30 CLARANOVA SE
ALHGR SOLUTIONS 30 SE
NACON HOFFMANN GREEN CEMENT TECHNOLOGIES SA
DSC1 NACON SASU
KTA DUTCH STAR C SHAR
UPG KNAUS TABBERT
ALAFY UNIFIEDPOST GROUP
FORSE AFYREN
WAGA FORSEE POWER SA
SHEL WAGA ENERGY SA
EAPI SHELL PLC
ACAG EUROAPI
ARVEN AUSTRIACARD HOLDINGS AG
ORP ARVERNE GROUP SA
VIRI ORPEA
LOCAL VIRIDIEN
SOLOCAL GROUP
- 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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