reports
- Research Team
WOOD Daily: SPL PW; RBI AV; TUPRS TI; AKBNK TI; OTKAR TI; THEON NA; TI...
HEADLINES: • Santander Bank Polska: 2Q25 results – solid dividend flow expected • Raiffeisen Bank International: 2Q25 results • Tupras: 2Q25 results – EBITDA beats expectations POSITIVE • Akbank: 2Q25 highlights – guidance downgrade, but probably not a surprise for the market NEUTRAL • Otokar: 1H25 inflation-adjusted financials • Theon International: 1H25 trading update POSITIVE • Titan: weak 2Q25 results for Titan America, but guidance remains unchanged NEGATIVE • ADNOC Drilling: 2Q25 results –...
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DIGI DIGI COMMUNICATIONS NV
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
7203 ELM CO
THEON THEON INTERNATIONAL PLC
THEON expands global footprint by establishing Theon Belgium and inves...
THEON expands global footprint by establishing Theon Belgium and investing in ANDRES PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) THEON announces formation of Theon Belgium subsidiary and establishment of new facilities in Belgium.Minority stake acquisition in Andres Industries to expand European presence and enhance digital/thermal capabilities. 29 July 2025 - is pleased to announce the formation of its 100% owned subsidiary, Theon Belgium. This strategic move follows the growing global traction of its A.R.M.E.D. product series and the high growth prospects for this line o...
THEON presents its H1 2025 Trading Update
THEON presents its H1 2025 Trading Update PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 28 July 2025 - (AMS: THEON) is today providing its H1 2025 Trading Update ahead of publishing its H1 2025 Report on 2 September 2025. H1 2025 performance was characterised by robust order intake, achievement of financial targets and solid progress in THEON’s growth strategy. Financial Summary (Amounts in €)H1 2025H1 2024ChangeOrder intake167.9 m77.0 m+118.1%Revenue183.7 m152.4 m+20.6%Adjusted EBIT147.4 m (45.9 m)38.1 m (36.9 m)+24.4%Adjusted EBIT margin125.8% (25.0%)25.0% (24.2%)+0.8 p.p....
THEON accelerates strategic expansion in the Baltic Region
THEON accelerates strategic expansion in the Baltic Region PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 4 July 2025 – , a leading global manufacturer of night vision and thermal imaging systems, today announces a significant acceleration of its strategic footprint in the Baltic defense market through a renewed collaboration in Estonia and a pivotal investment in Latvia. These moves underscore THEON's commitment to enhancing European defense resilience and strategic autonomy. Firstly, THEON proudly announces the continuation of its collaboration with the Estonian Center for D...
THEON receives a new order from a Northern European country for the th...
THEON receives a new order from a Northern European country for the thermal clip-on IRIS -C and swiftly converts soft backlog to hard backlog PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) New order for several THEON IRIS-C thermal clip-on units, intended to equip the Special Forces of a Northern European countryIRIS-C is gaining strong traction amongst customers globally and is expected to become the new reference product for upgrading NVGsc.€66 million of already announced orders have moved to hard backlog in the last 15 days, involving mainly THEON’s new digital A.R.M.E.D. p...
- 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
ALPHA ALPHA BANK AE
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.
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
- Atinc Ozkan
WOOD Flash - Theon International: a look at the recent AGM resolutions...
Following its recent ABB (3 June) and FY24 AGM (5 June), when some important resolutions were approved, we take a look at the near-term catalysts for Theon International’s (Theon) shares and we reiterate our BUY rating. We believe that the company’s rich list of catalysts in 2H25E, including new contracts news, potential M&A deals, and the launching of a share repurchase programme (approved during the FY24 AGM), may provide tailwinds for a further rerating of the stock. Theon’s shares are up 143...
THEON secures c.€50 million new orders, directing revenue guidance to ...
THEON secures c.€50 million new orders, directing revenue guidance to the upper range (€430 million) PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) Most new orders to be delivered in FY 2025Total order intake in FY 2025 already surpassed €160 million, with additional embedded options of c.€100 millionIncreased traction for digital products is expected to lead to further new orders soon 23 June 2025 – announces new order intake of c.€50 million. These orders consist of a balanced selection of products and originate from various small tenders and direct orders, primarily in Eur...
Results of Venetus’ proposed placing of shares in Theon International ...
Results of Venetus’ proposed placing of shares in Theon International to strengthen the free float and liquidity of the stock PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 4 June 2025 - Theon International Plc (“Theon” or the “Company”) has been informed that its shareholder Venetus Limited (“Venetus”) (whose shares are primarily held by key executives of Theon Group and Theon CEO, Christianos Hadjiminas), has successfully completed the sale of approximately 3.73 million shares in Theon equal to approximately 5.3% of the share capital of the Company (the “Placing”). The final ...
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
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.
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
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.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
THEON presents its Q1 2025 Trading Update
THEON presents its Q1 2025 Trading Update Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) 28 April 2025 – today publishes its Q1 2025 Trading Update, achieving excellent performance and continued strong growth, in line with guidance. Financial Summary Q1 2025Q1 2024ChangeOrder intake€117.9 m€39.0 m+202.3%Revenue€90.8 m€75.8 m+19.8%Adjusted EBIT€23.0 m€17.2 m+34.2%Adjusted EBIT margin25.3%22.6%+2.7 p.p.Earnings per share€0.25€0.18+38.9%Capex€3.3 m€2.5 m+33.7 % Mar 2025Dec 2024ChangeSoft backlog€668.6 m€654.2 m+2.2%Net working capital€160.0 m€165.5 m-3.3%Net cash€61.2 m€41....
- Research Team
WOOD Daily: THEON NA; HUG PW; PGE PW; TPE PW; APR PW; INPST NA; DIA PW...
HEADLINES: • Theon International: Noctis in Dies* (BUY - initiation of coverage) • Huuuge Games: 4Q24 adjusted EBITDA 5% above our forecast, share buybacks not a priority NEUTRAL • PGE: key takeaways from the 4Q24 results call NEUTRAL • Tauron: key takeaways from the 4Q24 results call NEUTRAL • Auto Partner: earnings call takeaways – challenging 1Q25E, but rather optimistic on FY25E outlook NEUTRAL • InPost: acquisition of Yodel for GBP 106m debt swap NEUTRAL • Diagnostyka: 4Q24E preview – 35% y...
- Atinc Ozkan
- George Grigoriou
Theon International: Noctis in Dies* (BUY - initiation of coverage)
We initiate coverage of Amsterdam-listed Greek optronics company, Theon International Plc. (Theon) with a BUY and a 12M price target (PT) of EUR 37.60/share. Established in 1997, as a local supplier for the Greek defence market, Theon has evolved into the European market leader in military grade night vision (NV) and thermal imaging (TI) technologies, under the vision of its founder, Mr. Christianos Hadjiminas. As of 1Q25, the cumulative number of Theon’s optronic systems, delivered to 71 countr...
THEON publishes its FY 2024 Annual Report - Strong financial performan...
THEON publishes its FY 2024 Annual Report - Strong financial performance and significant milestones achieved Further strong growth anticipated in FY 2025 PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 14 April 2025 – Theon International Plc (THEON) today publishes its FY 2024 Annual Report for the 12 months ended 31 December 2024, with the results demonstrating a very strong performance and achievement of significant milestones throughout the year. Financial Highlights Order intake of €466 m, reflecting a book-to-bill ratio of 1.3xSoft backlog at €654 m, up 21.1% y-o-y, equival...
THEON secures additional orders of more than €50 million in Q1 2025, a...
THEON secures additional orders of more than €50 million in Q1 2025, a combination of Night Vision Goggles and A.R.M.E.D. products. An additional c.€50 million was transferred from soft to hard backlog. Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) Newly awarded contracts increase soft backlog by more than €50 millionAlready announced orders of c.€50 million move from soft to hard backlogA.R.M.E.D. products are getting increasing traction in many countries 18 March 2025 – ) announces newly awarded contracts that increase soft backlog by more than €50 million. At the s...
THEON’s strong presence at the international exhibition IDEX 2025 in A...
THEON’s strong presence at the international exhibition IDEX 2025 in Abu Dhabi, presenting its new A.R.M.E.D. ecosystem of Augmented Reality devices for the “Soldier of the Future” Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) 25th February 2025. THEON's participation in the IDEX-NAVDEX 2025 (International Defense Equipment Exhibition) held in Abu Dhabi, United Arab Emirates, on 17-21 February 2025, was completed with a strong presence. At THEON's stand at IDEX-NAVDEX 2025, which is characterized as one of the largest international exhibitions in the field of defense and sec...
THEON announces FY 2024 preliminary results above guidance, highlighti...
THEON announces FY 2024 preliminary results above guidance, highlighting robust performance throughout the year, and anticipating further strong growth in FY 2025 Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) Order intake of €466 million, resulting in a soft backlog of €654 million, marking a 20% year-on-year increaseAdditional embedded options of €301 million, providing further visibilityRevenue of €352.4 million, above guidance, representing top line growth of 61.1%Adjusted EBIT of €88.2 million, maintaining best-in-class margin of 25.0%Net Cash position of €41.9 million, en...
THEON receives new orders in January 2025, totaling €53 million, with ...
THEON receives new orders in January 2025, totaling €53 million, with embedded new options of an additional €95.5 million and participates in the German Future Soldier Program Press Release THEON receives new orders in January 2025, totaling €53 million, with embedded new options of an additional €95.5 million and participates in the German Future Soldier Program Bloomberg (THEON:NA) / Reuters (THEON.AS) THEON is included in the German Future Soldier Program (IdZ), offering its newly launched Heads-Up Display system to the German Armed ForcesNew order intake of €53 million f...
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