A director at Alpha Bank S.A bought 15,000 shares at 3.558EUR and the significance rating of the trade was 55/100. 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 clearly...
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
Profit acceleration in 2026 on mobile strength and self-help – Following an in-line FY25 with EBITDAaL up 2% yoy, mgt has guided for c3% growth in 2026. Momentum rests on two pillars: resilient mobile (pre-to-post migration, “more-for-more” pricing and CPI indexation; we model c+3%) and targeted efficiency across network and customer care, increasingly AI-enabled, alongside flat energy costs and personnel savings. By contrast, retail fixed is likely to stay subdued; we cap growth at c1%, as comp...
Profit acceleration in 2026 on mobile strength and self-help – Following an in-line FY25 with EBITDAaL up 2% yoy, mgt has guided for c3% growth in 2026. Momentum rests on two pillars: resilient mobile (pre-to-post migration, “more-for-more” pricing and CPI indexation; we model c+3%) and targeted efficiency across network and customer care, increasingly AI-enabled, alongside flat energy costs and personnel savings. By contrast, retail fixed is likely to stay subdued; we cap growth at c1%, as comp...
HEADLINES: • Aselsan: master of multi-domain warfare (stays BUY) • EMEA airlines: attack on Iran disrupts global aviation • Rainbow Tours: flattish yoy January sales growth at both the consolidated (+2.6% yoy) and stand-alone (+1.6% yoy) levels NEGATIVE • Huuuge Games: February 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: February 2026 Sensor Tower bookings estimate up 33% mom POSITIVE • Auto Partner: 4Q25E preview – 7% yoy EBITDA deterioration expected (due on 15 Apr...
CTP shares took a beating after the FY25 results as the consensus probably expected a higher completion number and the capitalisation of interests clouds the outlook comparability. We actually like both trends. Firstly, there is no point for more completions and speculative investments in CEE as it would destroy value for all logistic developers in the market. Capitalising interest also make sense as it increases the comparability with the pure REITS, but EPRA accounting still overlooks the larg...
AB Artea Bankas joined by new CTO On March 2, 2026, Artea Bank appointed Oleg Marofejev as its new Head of Business Development and Chief Technology Officer (CTO). O. Marofejev has more than 20 years of experience in banking digitalization, product development, and large-scale strategic transformation initiatives. He joins the bank at a pivotal moment, as Artea embarks on one of its most significant strategic transformations. The organization is currently upgrading its core banking platform while advancing the integration of physical and digital customer experiences under a unified “phygit...
„Artea“ banke – naujas technologijų vadovas Nuo 2026 kovo 2 d. „Artea“ banko Paslaugų vystymo tarnybos vadovu ir technologijų vadovu (CTO, angl. Chief Technology Officer) tapo Oleg Marofejev – daugiau nei 20 metų bankininkystės skaitmenizacijos, produktų vystymo ir strateginių transformacijų patirties sukaupęs ekspertas. Prie vadovų komandos O. Marofejev prisijungė įgyvendinant vieną svarbiausių strateginių transformacijų – „Artea“ bankui keičiant pagrindinę technologinę platformą bei didelį dėmesį skiriant klientų fizinės ir skaitmeninės patirties („Phygital“) integracijai. „Iš e...
National Bank of Greece (NBG) reported its preliminary FY25 results this morning (27 February) delivering net profit of EUR 275m, up 59% yoy and 4% ahead of consensus distributed by the bank. The strong momentum of the loan book carried on into 4Q25, the NIM remained flat, while the NII showed a small, but telling qoq improvement. There was a strong performance from fees and trading income, costs came in slightly higher than the consensus, and the provisions booked met expectations. All-in-all, ...
HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies ...
The 4Q25 results and the 2026E guidance imply around 3-4% consensus FFO downgrades for 2026E, and feature a material gap between the EPRA earnings (at EUR 336m) and the company-adjusted EPRA earnings (at EUR 405m). That said, CTP announced that it will start to capitalise the interest costs related to developments. As a result, the consensus FFO estimates are likely to be reviewed upwards instead.
OTE has reported a solid set of 4Q25 results, with its Greek sales up 9% yoy, to EUR 916m (6% above our forecast) and its Greek adjusted EBITDA up 2% yoy, to EUR 366m (in line with our estimate). The fixed-line segment recorded sales growth of 10.2% yoy, to EUR 536m (driven by an ICT sales hike of 57.8% yoy and a 2.6% increase yoy in retail sales, despite the 5.0% yoy drop in wholesale sales), while the mobile segment increased by 3.4% yoy, to EUR 340.5m, as the 5.2% increase in retail sales (dr...
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