reports
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
MSCI ACWI and EM Breakouts; Upgrading Korea to Overweight We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115). ACWI-US is now breaking out above 6-month resistance to all-time highs and EEM-US is breaking above $47, further confirming our bullish outl...
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; PGE PW; PEO PW; PZU ...
HEADLINES: • Greek banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD, NBG stays BUY and Piraeus upgraded to BUY) • PGE: new strategy assumes PLN 30bn of EBITDA in 2035E and PLN 235bn in capex in 2025-35E NEUTRAL • Bank Pekao/PZU: call for analysts and investors to discuss potential merger • CCC: final 1Q25 results spot on the prelims NEUTRAL • Romania macro: inflation jumps in May • GEK Terna: clinches EUR 1bn of Romanian railway projects POSITIVE • Athens Exchange Group: AGM appr...
PEO BANK POLSKA KASA OPIEKI SA
EXAE HELLENIC EXCHANGES SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GEKTERNA GEK TERNA
CCC CCC SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BOROUGE BOROUGE
- Can Demir
- Miguel Dias
Greek Banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD...
The Greek banking index has risen by 53% (62% with dividends), driven by higher P/E multiples and EPS upgrades since our April 2024 reinitiation. In this report, we raise our average normalised EPS forecasts for the big four Greek banks under our coverage by 10% for 2025E and 11% for 2026E, due mainly to stronger fees and lower COR. Our NII estimates for 2025-26E remain broadly unchanged, despite the lower-than-expected interest rates. The banks have also maintained their 2025-27E targets in the...
- Research Team
WOOD Daily: WIZZ LN; MAVI TI; CCOLA TI; CEZ CP; DOC AV; RICHT HB
HEADLINES: • Wizz Air: despite setbacks, upside risks may prevail (stays BUY) • Mavi: strong set of results in 1Q25, share buyback programme initiated POSITIVE • Coca-Cola Içecek: investigations launched into the company NEGATIVE • CEZ: ANO proposes State subsidises power prices NEUTRAL • DO & CO: dividend proposal of EUR 2.00/share NEUTRAL • Richter: to voluntarily restrict price of one OTC drug NEUTRAL • Short News (CAR, MBR, SHO)
- Jonathan Lamb
European Oil and Gas Monthly: May 2025 – bottomed out
Brent crude prices continued to decline in May, but trends within the month suggest that we may have hit the bottom. The WOOD benchmark refining margin strengthened again, to USD 11.5/bbl, with all product groups and differentials playing their part. Petrochemicals remained in the doldrums, despite lower input costs. The gas market appears to be stable, but prices are sticky. Storage rose to 48% full at the end of the month, similar to the seasonal average. LNG imports declined a little, but cum...
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Oleg Galbur
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
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.
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.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
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
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.
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
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
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
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Emmanuel Matot
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
AUB AUBAY SA
ELIS ELIS SA
POS PORR AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
PAL PALFINGER AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
AEDAS AEDAS HOMES SA
- Emmanuel Matot
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
AUB AUBAY SA
ELIS ELIS SA
POS PORR AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
PAL PALFINGER AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
AEDAS AEDAS HOMES SA
- Research Team
WOOD Daily: BHW PW; ACP PW; PGE PW; HUG PW; DIA PW; BFT PW; GPP PW; WP...
HEADLINES: • Bank Handlowy: sells retail operations, sets 2027E ROE target of 19% • Asseco Poland: 1Q25 review – net profit up 9% yoy, in line with the consensus; 2025 backlog up 10% yoy POSITIVE • PGE: full 1Q25 results in line with the preliminaries NEUTRAL • Huuuge Games: 1Q25 adjusted EBITDA in line with our expectations NEUTRAL • Diagnostyka: 1Q25 results in line with expectations NEUTRAL • Benefit Systems: 1Q25 earnings call takeaways – very optimistic on MAC Group POSITIVE • Grupa Pracuj:...
ACP ASSECO POLAND SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
HUGE HUUUGE
GPP GRUPA PRACUJ DA
DIAG DIAGNOSTYKA SA
- Oleg Galbur
- Charlotte Vaisse
- Markus Remis
- Oddo Sustainability Team
BT.A BT GROUP PLC
DGE DIAGEO PLC
EL ESSILORLUXOTTICA SA
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
ALO ALSTOM SA
EZJ EASYJET PLC
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
STR STRABAG SE
SAP SAP SE
EVD CTS EVENTIM AG & CO. KGAA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALG ALLEGRO.EU SA
- Charlotte Vaisse
- Markus Remis
- Oddo Sustainability Team
BT.A BT GROUP PLC
DGE DIAGEO PLC
EL ESSILORLUXOTTICA SA
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
ALO ALSTOM SA
EZJ EASYJET PLC
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
STR STRABAG SE
SAP SAP SE
EVD CTS EVENTIM AG & CO. KGAA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ALG ALLEGRO.EU SA
- Oleg Galbur
- Research Team
WOOD Daily: MBR PW; DSPW CP; CPS PW; CPS PW; PCO PW; ALE PW; APR PW; C...
HEADLINES: • Mo-BRUK: 1Q25 EBITDA 7% below our forecast, but a substantial 24% miss vs. the consensus NEGATIVE • Doosan Skoda Power: weak 1Q25 – EBITDA down 70% yoy NEGATIVE • Cyfrowy Polsat: 1Q25 results review – adjusted EBITDA up 5% yoy, in line with the consensus NEUTRAL • Cyfrowy Polsat: Liechtenstein court dismisses Zygmunt Solorz's lawsuit against his children POSITIVE • Pepco Group: 1H25 slightly below expectations on worsening Poundland; lfl improvement at Pepco; another EUR 234m impair...
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ENA ENEA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
R22 R22
ALG ALLEGRO.EU SA
WINE PURCARI WINERIES PCL
PCO PEPCO GROUP NV
VRC VERCOM SA
DSPW DOOSAN SKODA POWER A.S.
- Research Team
WOOD Daily: INPST NA (stays BUY); Romania macro; Poland macro; 11B PW;...
HEADLINES: InPost: international level (stays BUY) Romania macro: presidential election - final results Poland macro: election results 11 bit studios: 1Q25 earnings call – happy with wishlist for The Alters, no plans for pre-orders NEUTRAL Budimex: PLN 1.7bn offer rated the highest in the railway tender POSITIVE Mo-BRUK: management recommends PLN 13.17 DPS from the 2024 earnings NEUTRAL Greek banks: the Greek media reports that the banks could look into reacquiring working mortgages from NPL ser...
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
INPST INPOST S.A.
PCO PEPCO GROUP NV
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
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