reports
- Research Team
WOOD Daily: TXT PW; ELM AB; WIZZ LN; GE Macro; GARAN TI; KLKIM TI; PKN...
HEADLINES: • Text: AI revolution – a threat or an opportunity? (downgraded to HOLD) • Elm: new horizons (upgraded to BUY) • Wizz Air: 3Q FY25 – miss on lower revenue and higher CASKX NEGATIVE • Georgia macro: NBG decision and MoU in Abu Dhabi • Garanti Bank: 4Q24 results and 2025E guidance highlights NEUTRAL • Kalekim: exercises option to acquire a plant in Mugla POSITIVE • Orlen: to issue USD 1.25bn of 10-year bonds NEUTRAL • PKO BP: 4Q24E preview (due on 13 March) • Short News (CBF, CEZ)
- Dmitry Vlasov
- Piotr Raciborski
- CFA
Elm: new horizons (upgraded to BUY)
We have upgraded Elm to BUY (from Hold), with an updated 12M price target (PT) of SAR 1,405, offering upside potential of 21% from the current price. Our upgrade is driven primarily by the value-accretive Thiqah acquisition and the company’s stronger-than-expected organic revenue growth over 9M24. We continue to view Elm as Saudi Arabia’s digital champion and a key enabler of the Saudi Vision 2030 digital initiatives. The stock is trading at a 35.7x 2026E P/E, on our estimates, representing a 51...
- Jonathan Lamb
WOOD Flash – Global oil and gas: uh-oh, Canada – the oil markets and p...
This weekend (1-2 February), the US government may impose 25% tariffs on all Canadian goods entering the US. It may seem of little consequence from our perspective, but we believe that it could have a significant impact on the global oil and refining markets. Canada produces 5m barrels of oil per day and exports 80% to the US. About 25% of all crude oil processed in the US is from Canada. The trade was worth approximately USD 100bn in 2024. The oil is too heavy for most global refineries and the...
- Research Team
WOOD Daily: ELM AB; TEN PW; WPS LN; PZU PW; CCC PW; JMT PL
HEADLINES: • Elm: signs an agreement to acquire Thiqah for SAR 3.4bn POSITIVE • Ten Square Games: Investor Day takeaways NEUTRAL • Eurowag: solid 4Q24 results but slow growth and higher capex in 2025E NEGATIVE • PZU: appoints Andrzej Klesyk to the supervisory board • CCC: 4Q24E prelims preview - we expect 82% yoy EBITDA growth (due on 10 February, TBC) • Jeronimo Martins: 4Q24E results preview – we expect 2% yoy EBITDA erosion (due on 19 March)
- Stephane Foucaud
AUCTUS ON FRIDAY - 17/01/2025
AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&P company focused on Portuguese-speaking Angola and Brazil. It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021. Corcel is also building a portfolio of mature onshore producing assets in Brazil. The key asset in Angola is the KON-16 licence, which C...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
OMV OMV AG
PXT PAREX RESOURCES INC.
REP REPSOL SA
SEI. SINTANA ENERGY
DNO DNO ASA CLASS A
MATD PETRO MATAD
XOM EXXON MOBIL CORPORATION
ANGS ANGUS ENERGY
OKEA OKEA
BWE BW ENERGY
CRCL CORCEL
TAL PETROTAL (TAL)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
PLSR PULSAR HELIUM INC.
- Julian Dobrovolschi
NDX1 NORDEX SE
IFX INFINEON TECHNOLOGIES AG
IPS IPSOS
SCHP SECHE ENVIRONNEMENT
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
FRA FRAPORT AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
DG VINCI SA
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
ADP AEROPORTS DE PARIS SA
NK IMERYS SA
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
RNO RENAULT SA
G1A GEA GROUP AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
MTX MTU AERO ENGINES AG
ORA ORANGE SA
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
VAC PIERRE & VACANCES SA
HO THALES SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
FGR EIFFAGE SA
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
EN BOUYGUES SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
GBF BILFINGER SE
SDG SYNERGIE SA
TFI TELEVISION FRANCAISE 1 SA
DBG DERICHEBOURG SA
KORI KORIAN SA
STF STEF
INF INFOTEL SA
AFX CARL ZEISS MEDITEC AG
SCR SCOR SE
RHM RHEINMETALL AG
DEC JCDECAUX SA
ITP INTERPARFUMS
ASY ASSYSTEM SA
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
TEP TELEPERFORMANCE SE
SWP SWORD GROUP SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
ITRK INTERTEK GROUP PLC
AUB AUBAY SA
VETO VETOQUINOL SA
MRN MERSEN SA
MTU MANITOU BF SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
GLO GL EVENTS SA
RF EURAZEO SA
CDA COMPAGNIE DES ALPES SA
HOT HOCHTIEF AG
ALTA ALTAREA SCA
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
RAND RANDSTAD NV
SDF K+S AG
ACX ACERINOX SA
EBRO EBRO FOODS SA
ZAL ZALANDO SE
TRI TRIGANO SA
A1XA4J CARBIOS SA
ENI ENI S.P.A.
BB SOCIETE BIC SA
ELE ENDESA S.A.
RWE RWE AG
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
NEX NEXANS SA
ERA ERAMET SA
HEN3 HENKEL AG & CO. KGAA PREF
EZJ EASYJET PLC
QDT QUADIENT SA
ELIS ELIS SA
ICAD ICADE SA
IMPN IMPLENIA AG
REP REPSOL SA
FIE FIELMANN AG
DEZ DEUTZ AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
SIX2 SIXT SE
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
ACKB ACKERMANS & VAN HAAREN NV
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
DLG DE'LONGHI S.P.A.
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
EDR EDREAMS ODIGEO SA
ONTEX ONTEX GROUP N.V.
WAF SILTRONIC AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
NVG NAVIGATOR COMPANY SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
IBE IBERDROLA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
COFA COFACE SA
VLTSA VOLTALIA
SPIE SPIE SA
HBH HORNBACH HOLDING AG & CO. KGAA
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
AD KONINKLIJKE AHOLD DELHAIZE N.V.
FTG111 FLATEXDEGIRO AG
XFAB X-FAB SILICON FOUNDRIES SE
RUI RUBIS SCA
BP. BP P.L.C.
BIM BIOMERIEUX SA
DUE DURR AG
BFSA BEFESA SA
REY REPLY S.P.A.
TFF TFF GROUP
VOD VODAFONE GROUP PLC
VOS VOSSLOH AG
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
WOLF SOCIETE LDC SOCIETE ANONYME
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
RBO ROCHE BOBOIS INTERNATIONAL SAS
JEN JENOPTIK AG
WAVE WAVESTONE SA
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
VRLA VERALLIA SAS
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALG ALLEGRO.EU SA
SFQ SAF-HOLLAND SE
BAR BARCO NV
FAST FASTNED
INPST INPOST S.A.
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
ALAFY AFYREN
AM DASSAULT AVIATION
OVH OVH GROUPE
ALLFG ALLFUNDS (UK) LTD
WAGA WAGA ENERGY SA
SPAC 468 SPAC I SE
CTPNV CTP NV
SHEL SHELL PLC
EAPI EUROAPI
DEME DEME GROUP NV
LHYFE LHYFE S.A.
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
STM STABILUS SE
IOS IONOS GROUP SE
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
DSFIR KONINKLIJKE DSM N.V.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
R3NK RENK GROUP AG
SYENS SYENSQO
PLX PLUXEE NV
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
VIRI VIRIDIEN
SHA SCHAEFFLER AG
CAN CANAL+
- Research Team
WOOD Daily: CCOLA TI; OMV AV; SNP RO; MBR PW; EME Macro/Strategy Weekl...
HEADLINES: • Coca-Cola Icecek: announces 4Q24 volume data and 2025E guidance POSITIVE • OMV: 4Q24 trading statement NEUTRAL • OMV Petrom: 4Q24 trading statement NEUTRAL • Mo-BRUK: interview with the CEO NEUTRAL • EME Macro/Strategy: macro all-in-one (6-12 January)
- Bruno Cavalier
- Jerôme Bodin
- Stephane Houri
IPS IPSOS
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
GET GETLINK SE
FRA FRAPORT AG
ELIOR ELIOR GROUP SA
DG VINCI SA
ALESK ESKER SA
BEKB BEKAERT SA
DB1 DEUTSCHE BOERSE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
MF WENDEL SE
EN BOUYGUES SA
F3C SFC ENERGY AG
STF STEF
INF INFOTEL SA
SCR SCOR SE
DEC JCDECAUX SA
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
BRBY BURBERRY GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ZAL ZALANDO SE
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
IMPN IMPLENIA AG
REP REPSOL SA
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
DLG DE'LONGHI S.P.A.
SAX STROEER SE & CO. KGAA
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
COFA COFACE SA
HBH HORNBACH HOLDING AG & CO. KGAA
XFAB X-FAB SILICON FOUNDRIES SE
JEN JENOPTIK AG
VRLA VERALLIA SAS
ALG ALLEGRO.EU SA
INPST INPOST S.A.
FPE3 FUCHS PETROLUB SE
ALAFY AFYREN
AM DASSAULT AVIATION
CTPNV CTP NV
EAPI EUROAPI
DEME DEME GROUP NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
SHUR SHURGARD SELF STORAGE LIMITED
AF AIR FRANCE - KLM
VIRI VIRIDIEN
CAN CANAL+
- Bruno Cavalier
- Stephane Houri
IPS IPSOS
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
GET GETLINK SE
FRA FRAPORT AG
ELIOR ELIOR GROUP SA
DG VINCI SA
ALESK ESKER SA
BEKB BEKAERT SA
DB1 DEUTSCHE BOERSE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
MF WENDEL SE
EN BOUYGUES SA
STF STEF
INF INFOTEL SA
SCR SCOR SE
DEC JCDECAUX SA
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
BRBY BURBERRY GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ZAL ZALANDO SE
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
IMPN IMPLENIA AG
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
DLG DE'LONGHI S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
ONTEX ONTEX GROUP N.V.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
COFA COFACE SA
HBH HORNBACH HOLDING AG & CO. KGAA
XFAB X-FAB SILICON FOUNDRIES SE
ARGX ARGEN-X SE
JEN JENOPTIK AG
VRLA VERALLIA SAS
ALG ALLEGRO.EU SA
INPST INPOST S.A.
FPE3 FUCHS PETROLUB SE
ALAFY AFYREN
AM DASSAULT AVIATION
CTPNV CTP NV
EAPI EUROAPI
DEME DEME GROUP NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
SHUR SHURGARD SELF STORAGE LIMITED
AF AIR FRANCE - KLM
VIRI VIRIDIEN
CAN CANAL+
- Stephane Houri
ODDO : 28th ODDO BHF Forum – Feedback Day 2
We hosted our 28th ODDO BHF Forum in Lyon on 9 and 10 January 2025. In total, 210 companies made presentations over the two days. In addition to day 1 feedback (Link to the feedback of the first day), in the following note, we provide some initial feedback from the companies for the second day. The full final feedback, including sector conclusions, will be published later this week. As was the case for the first day, analysts judged that a majority of the companies had a rather neutral tone. Ou...
IPS IPSOS
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
GET GETLINK SE
FRA FRAPORT AG
ELIOR ELIOR GROUP SA
DG VINCI SA
ALESK ESKER SA
BEKB BEKAERT SA
DB1 DEUTSCHE BOERSE AG
LI KLEPIERRE SA
COV COVIVIO SA
FGR EIFFAGE SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
EN BOUYGUES SA
STF STEF
INF INFOTEL SA
SCR SCOR SE
DEC JCDECAUX SA
ASY ASSYSTEM SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
PSM PROSIEBENSAT.1 MEDIA SE
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
FII LISI SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ZAL ZALANDO SE
ERA ERAMET SA
ICAD ICADE SA
IMPN IMPLENIA AG
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
RAA RATIONAL AG
DOKA DORMAKABA HOLDING AG
DLG DE'LONGHI S.P.A.
ONTEX ONTEX GROUP N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
COFA COFACE SA
HBH HORNBACH HOLDING AG & CO. KGAA
XFAB X-FAB SILICON FOUNDRIES SE
JEN JENOPTIK AG
VRLA VERALLIA SAS
ALG ALLEGRO.EU SA
INPST INPOST S.A.
FPE3 FUCHS PETROLUB SE
ALAFY AFYREN
AM DASSAULT AVIATION
CTPNV CTP NV
EAPI EUROAPI
DEME DEME GROUP NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
SHUR SHURGARD SELF STORAGE LIMITED
AF AIR FRANCE - KLM
VIRI VIRIDIEN
CAN CANAL+
- Christophe-Raphaël Ganet
- Jerôme Bodin
- Thomas Zlowodzki
DGE DIAGEO PLC
SW SODEXO SA
VIV VIVENDI SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
AIR AIRBUS SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ACKB ACKERMANS & VAN HAAREN NV
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
INPST INPOST S.A.
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Bruno Cavalier
- Christophe-Raphaël Ganet
- Jerôme Bodin
- Thomas Zlowodzki
DGE DIAGEO PLC
SW SODEXO SA
VIV VIVENDI SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
AIR AIRBUS SE
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ACKB ACKERMANS & VAN HAAREN NV
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
INPST INPOST S.A.
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Stefano Toffano
- Wim Gille
- Research Team
WOOD Daily: EU Oil and Gas Monthly; BFT PW; INPST NA; TL Automotive
HEADLINES: • European oil and gas monthly: December 2024 • Benefit Systems: net addition of 151k sports cards in 4Q24, positive surprise abroad POSITIVE • InPost: 20% yoy volume growth in 4Q24; FY24E guidance maintained POSITIVE • Turkish automotive: all-time high light vehicle sales in 2024 NEUTRAL
- Jonathan Lamb
European Oil and Gas Monthly: December 2024
Average crude oil prices changed little in December, after production increases and perceived weakness in demand pushed prices down in November. The WOOD benchmark margin remains above average, despite reaching its lowest level in 2024, after declining by USD 0.7/bbl. Petrochemicals remains in the doldrums, with some product groups marginally better and others marginally worse.
- Stephane Foucaud
AUCTUS ON FRIDAY - 20/12/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos - The AB-1 (Alberta Llanos) exploration well has encountered four main hydrocarbon bearing reservoirs with a total true vertical depth of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque formations. The main pre-drill targets were the C7 and the Ubaque formations. The Gacheta and Guadalupe formations carried a higher risk, an...
TLW TULLOW OIL PLC
OMV OMV AG
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CAD CADOGAN PETROLEUM
ENQ ENQUEST PLC
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
OKEA OKEA
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
PXEN PROSPEX ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
CDR CONDOR ENERGIES INC
AST ASCENT RESOURCES PLC
- Research Team
WOOD Daily: BCG LN; KTY PW; CDR PW; 11B PW; BFT PW; BDX PW; OPL PW; PG...
HEADLINES: • Baltic Classifieds Group: strong FY 1H25 financial results; conference call takeaways POSITIVE • Kety: Roman Przybylski (current deputy CEO) to become new CEO NEUTRAL • CD Projekt: update on the US class action lawsuit regarding the technical solutions used by GOG NEUTRAL • 11 bit studios: starts marketing campaign for Moonlighter 2 publishing project NEUTRAL • WOOD's Winter Wonderland EME Conference 2024 • 11 bit studios: postcard from Prague • Benefit Systems: postcard from Prague...
CDR CD PROJEKT S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
AKCNS AKCANSA CIMENTO
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PPC PUBLIC POWER CORPORATION S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
TEN TEN SQUARE GAMES
BCG BALTIC CLASSIFIEDS GROUP PLC
GIG GAMING INNOVATION GROUP
- Research Team
The Rear-View Mirror – EME markets: Turkiye rebounds, Romania declines
EME Equity Market – November 2024 Rebound in Türkiye, Romania hammered. The MSCI EM Europe Index advanced 3.8% in EUR terms and 1.0% in USD terms in November. The Turkish ISE30 recouped the losses of the previous month, adding 10.4% mom in EUR terms. The Hungarian BUX added 4.3% mom in EUR terms, followed by the PX (+2.9% mom), the ASE (+0.8% mom) and the WIG (+0.8% mom) (all in EUR terms). Following the first round of presidential elections, and the polemic and uncertainty that ensued, the BET ...
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
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
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
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.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
9526 ARABIAN DRILLING CO.
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
TRESTATES AQUILA PART PROD COM
AIRA TRADE ESTATES REIC SA
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
BANK OF CYPRUS
- Stephane Foucaud
AUCTUS ON FRIDAY - 29/11/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation. Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces. Gas was initially observed at surface. While the achieved flow rate hig...
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- Stamatios Draziotis CFA
OTE (Hellenic Telecoms) | Rally under scrutiny
Muted fundamentals, strong price performance ytd, mixed news flow; EBITDAaL growth far lower than EU peers, warranting a Hold – OTE shares have had several twists and turns in 2024, with the stock posting a modestly positive return in H1 followed by a rally until Nov and a c8% correction from its recent peak in the last few weeks. Catalyzing the bounce since early summer was a confluence of factors including the end of the decline in GR fixed (mainly due to easy comps), hopes for the sale of Rom...
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