reports
- ING Helpdesk
- Research Team
WOOD Daily: IGN1L LH; ZAB PW; CDR PW; CAR PW; LPP PW; DSPW CP; CZG CP;...
HEADLINES: • Ignitis Group: steady as she goes (stays BUY) • Zabka: beat in 4Q25; FY26E guidance of continued rapid expansion and stable profitability POSITIVE • CD Projekt: 4Q25 results review – beat related to other operating income and income tax POSITIVE • Inter Cars: 4Q25E preview – 16% yoy EBITDA growth expected (due on 28 April) • LPP: 4Q25E results preview – 32% yoy EBITDA growth expected (due on 26 March) NEUTRAL • Doosan Skoda Power: 4Q25 above our expectations, backlog in line, materi...
- Wedbush Research
SRPT SAREPTA THERAPEUTICS INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
CDR CD PROJEKT S.A.
2303 UNITED MICROELECTRONICS CORP.
OVID OVID THERAPEUTICS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SRRK SCHOLAR ROCK HOLDING CORPORATION
SMCI SUPER MICRO COMPUTER
LRMR INC.
SANA LARIMAR THERAPEUTICS INC
STX SANA BIOTECHNOLOGY
RIVN SEAGATE TECHNOLOGY HLDGS PLC
GFS RIVIAN AUTOMOTIVE INC
PL GLOBALFOUNDRIES INC
MLTX PLANET LABS PBC
GETY MOONLAKE IMMUNOTHERAPEUTICS
LAC. GETTY IMAGES HOLDINGS INC
LITHIUM AMERICAS CORP NEW
- Bram Buring
- CFA
- Jakub Bronicki
Ignitis Group: steady as she goes (stays BUY)
We reiterate our BUY on Ignitis and increase our 12M price target (PT) to EUR 26.8/share. We continue to like the company’s stable business model and high earnings predictability: RES operates under fixed-priced PPAs/CfDs, while both the Networks and Reserve Capacities segments are highly regulated. Following a period of elevated investments in 2023-25 (c.EUR 2.5bn), which increased RES capacity from 1.2 GW to 2.1 GW, we expect lower capex in 2026E (EUR 599m, at the lower bound of the guidance)....
- Alicia Reese
- Kade Barr
- Matthew McCartney
- ING Helpdesk
Benelux Morning Notes
D'Ieteren: Boyd 4Q25 and conference call confirm gradual improvement in claims. Fugro: FY26 has its own challenges. Van Lanschot Kempen: Investment Strategies outflows may lead to a partnership. Vonovia: Better FY25 results, simplified dividend policy, LTV down to 40% by 2028. Zabka: Peer Biedronka FY25 results
- ING Helpdesk
- Research Team
WOOD Daily: THEON NA; INPST NA; DAT PW; CBF PW; VRC PW; SHO PW; APR PW...
HEADLINES: • Theon International: model update due to KAPPA and Exosens deals (stays BUY) • InPost: 4Q25 well below expectations due to the UK; only flat FY26E EBITDA guidance NEGATIVE • DataWalk: preliminary 4Q25 results – sales down 26% yoy, to PLN 6.68m NEGATIVE • cyber_Folks: final 4Q25 group results fully in line with preliminaries NEUTRAL • Auto Partner: management recommends DPS of PLN 0.15 from 2025 earnings NEUTRAL • OMV Petrom: announces dividend proposal NEUTRAL • Trade Estates: FFO u...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Stamatios Draziotis CFA
Greek Equity Strategy | Energy Shock Playbook
Energy shock scenario – The prolonged Middle East conflict has tightened the oil market, while elevating shipping and insurance risk premia. Brent has moved decisively above $100/bbl amid conflict-related disruption to production and tanker movements. The risk is acute because the Strait of Hormuz is a structural bottleneck for global energy flows, with oil flows through the strait accounting for c20% of global petroleum liquids consumption. Against this backdrop, we frame the potential implicat...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Stamatios Draziotis CFA
Greek Equity Strategy | Energy Shock Playbook
Energy shock scenario – The prolonged Middle East conflict has tightened the oil market, while elevating shipping and insurance risk premia. Brent has moved decisively above $100/bbl amid conflict-related disruption to production and tanker movements. The risk is acute because the Strait of Hormuz is a structural bottleneck for global energy flows, with oil flows through the strait accounting for c20% of global petroleum liquids consumption. Against this backdrop, we frame the potential implicat...
- Research Team
WOOD Daily: MBK PW; BHW PW; DOM PW; TPE PW; BDX PW; BFT PW; INPST NA; ...
HEADLINES: • mBank: bid or no bid? • Bank Handlowy: solid 4Q25, giving support to strong dividend yield expectations NEUTRAL • Dom Development: 4Q25 – a good end to a record year NEUTRAL • Tauron: preliminary 4Q25 EBITDA 7% below our expectations, following provisions in the Supply segment; adjusted EBITDA 11% above our forecast POSITIVE • Budimex: KIO orders rejection of company’s offer in Rail Baltica tender NEGATIVE • Benefit Systems: PLN 40.6m provision to be created in the 4Q25E results NEG...
- Research Team
WOOD Daily: PKO PW; ALE PW; PKN PW; CEZ CP; CZG CP; SNP RO; SAR GA; MO...
HEADLINES: • PKO BP: solid 4Q25 numbers – small bottom-line beat, but underlying trends in line with expectations NEUTRAL • Allegro: 4Q25 above the consensus; FY26E guidance in line with our expectations POSITIVE • Orlen: submits new non-binding offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: small 4Q25 beat on EBITDA, 2026E guidance below the consensus NEGATIVE • Colt CZ Group: planning dual AEX listing and a capital increase POSITIVE • OMV Petrom: two exploration projects in Bulgaria now NEUT...
- Research Team
WOOD Daily: GPP PW; CAR PW; ZAB PW; MOL HB; SOKM TI; GEV CP
HEADLINES: • Grupa Pracuj: valuation harmed unjustly by AI threat (stays BUY) • Inter Cars: February sales up by 11% yoy POSITIVE • Zabka: 4Q25E results preview – 12% yoy EBITDA growth expected (due on 19 March) NEUTRAL • MOL: Hungary to cap fuel pump prices NEGATIVE • Sok Marketler: recovery in operating results continued in 4Q25 POSITIVE • GEVORKYAN: preliminary 4Q25 miss on P&L lines; 2025 below the lower end of management's guidance, tight balance sheet NEGATIVE
- Research Team
WOOD Daily: CCOLA TI; PGE PW; TPE PW; CDR PW; AQ RO; GEKTERNA GA; TL A...
HEADLINES: • Coca-Cola Icecek: 4Q25 results – operational recovery masked by higher tax expenses NEUTRAL • PGE: recognises deferred tax asset of c.PLN 2bn in the Conventional Generation Segment POSITIVE • Tauron: PLN 392m positive impact from impairment reversal in stand-alone accounts; no impact on consolidated results NEUTRAL • CD Projekt: Cyberpunk 2077 available on Xbox Game Pass on 10 March POSITIVE • Aquila Part Prod Com S.A.: 4Q25 earnings beat, on slowing opex POSITIVE • GEK Terna: surpr...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI 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
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP 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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
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
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Wedbush Research
UBI UBISOFT ENTERTAINMENT SA
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SRPT SAREPTA THERAPEUTICS INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
GERN GERON CORP.
FB FACEBOOK INC. CLASS A
FATE FATE THERAPEUTICS INC
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
CTMX CYTOMX THERAPEUTICS INC.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
BCRX BIOCRYST PHARMACEUTICALS INC.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
PTGX PROTAGONIST THERAPEUTICS
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
OVID OVID THERAPEUTICS
ISR ISORAY
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
BKNG BOOKING HOLDINGS INC.
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
STRO SUTRO BIOPHARMA
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PASG IDEAYA BIOSCIENCES
BDTX PASSAGE BIO
ACET BLACK DIAMOND THERAPEUTICS
KROS ADICET BIO INC
ZNTL KEROS THERAPEUTICS
BEAM ZENTALIS PHARMACEUTICALS
LRMR BEAM THERAPEUTICS
OCUP LARIMAR THERAPEUTICS INC
PRAX OCUPHIRE PHARMA INC
COGT PRAXIS PRECISION MEDICINES
U COGENT BIOSCIENCES INC
TVTX UNITY SOFTWARE
DASH TRAVERE THERAPEUTICS INC
ABNB DOORDASH
VRDN AIRBNB INC. CLASS A
PLTK VIRIDIAN THERAPEUTICS INC
NUVB PLAYTIKA HOLDING
RBLX NUVATION BIO INC (A)
DAWN ROBLOX
TNGX DAY ONE BIOPHARMACEUTICALS INC
STX TANGO THERAPEUTICS
HOWL INC
APP SEAGATE TECHNOLOGY HLDGS PLC
TTD WEREWOLF THERAPEUTICS INC
QUBT APPLOVIN CORP
GFS THE TRADE DESK
GMTX INC.
TYRA QUANTUM COMPUTING INC
EWTX GLOBALFOUNDRIES INC
SLDB GEMINI THERAPEUTICS INC
DDI TYRA BIOSCIENCES INC
APGE EDGEWISE THERAPEUTICS INC
EMBRAC B SOLID BIOSCIENCES INC
DNTH DOUBLEDOWN INTERACTIVE CO LTD
CART APOGEE THERAPEUTICS INC
NATL EMBRACER GROUP AB
CGON DIANTHUS THERAPEUTICS INC
ORKA MAPLEBEAR INC.
BCAX NCR ATLEOS CORPORATION
ZBIO CG ONCOLOGY INC
TLX ORUKA THERAPEUTICS INC
MAZE BICARA THERAPEUTICS INC.
JBIO ZENAS BIOPHARMA INC.
TELIX PHARMACEUTICALS LIMITED
MAZE THERAPEUTICS INC
JADE BIOSCIENCES INC
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Research Team
WOOD Daily: EBS AV; PZU PW; PGE PW; CDR PW; CTPNV NA; MTELEKOM HB; AQ ...
HEADLINES: • Erste Bank: 4Q25 results – net profit beats expectations • PZU: 4Q25 results – in line with expectations • PGE: to book a PLN 0.7bn provision NEGATIVE • CD Projekt: releases Reigns: The Witcher, card-swiping game NEUTRAL • CTP: 4Q25 – both FFO and guidance trail our and the consensus estimates slightly NEUTRAL • Magyar Telekom: 4Q25 results review – EBITDA up 11% yoy, in line with the consensus; conservative 2026E guidance NEUTRAL • Aquila Part Prod Com S.A.: 4Q25E preview (due out ...
- Research Team
WOOD Daily: TL Food Retailers; BDX PW; ALE PW; HU Macro; RICHT HB; NRP...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
TBCB TBC BANK JOINT STOCK CO
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
2381 ARABIAN DRILLING CO.
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: PEO PW; PKN PW; KRU PW; OPL PW; MBR PW; CDR PW; GEKTERNA G...
HEADLINES: • Bank Pekao: strong 4Q25 delivery bodes well for 2026E outlook POSITIVE • Orlen: 4Q25 results – strong underlying EBITDA POSITIVE • Kruk: buys material portfolio in Italy – very strong start to 2026E in terms of investments scale POSITIVE • Orange Polska: key takeaways from the 4Q25 earnings call NEUTRAL • Mo-BRUK: signs PLN 7.5m contract NEUTRAL • CD Projekt: 4Q25E preview – EBITDA to decline by 48% qoq (due on 19 March) • GEK Terna: EUR 1.1bn planned Vrochonera HPS project secures ...
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