reports
- Research Team
WOOD Daily: RO Macro; TUPRS TI; RBW PW; RBW PW; VGO PW; PL Macro; KTY ...
HEADLINES: • Romania macro: minority government in place, commitment to reforms kept • Tupras: jet propelled (stays BUY) • Rainbow Tours: 4Q25 EBITDA 20% above our forecast, but 28% below the consensus POSITIVE • Rainbow Tours: proposes PLN 8.6 DPS (6% yield), 36% below our expectations NEGATIVE • VIGO Photonics 4Q25 results review – adjusted EBITDA of PLN 6.2m, 34% above our estimate; miss on the bottom line due to a tax one-off NEUTRAL • Poland macro: strong end to 1Q, but Hormuz spoils the pi...
SNT SYNEKTIK
KTY GRUPA KETY SA
AKCNS AKCANSA CIMENTO
RBW RAINBOW TOURS S.A.
PPC PUBLIC POWER CORPORATION S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
MBR MO-BRUK S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
DIGI DIGI COMMUNICATIONS NV
MUR2 MURAPOL SA
ZAB ZABKA GROUP
- Stefano Toffano
GTT GAZTRANSPORT & TECHNIGAZ SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
STF STEF
ITP INTERPARFUMS
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
SDF K+S AG
ERA ERAMET SA
TPS ORANGE POLSKA S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
CSM CORBION NV
FTG111 FLATEXDEGIRO AG
VOS VOSSLOH AG
WAVE WAVESTONE SA
VRLA VERALLIA SAS
VK VALLOUREC SA
FSNT FASHIONETTE AG
FUR FUGRO NV
AZE AZELIS GROUP NV
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
R3NK RENK GROUP AG
- Stefano Toffano
GTT GAZTRANSPORT & TECHNIGAZ SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
STF STEF
ITP INTERPARFUMS
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
SDF K+S AG
ERA ERAMET SA
TPS ORANGE POLSKA S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
CSM CORBION NV
FTG111 FLATEXDEGIRO AG
VOS VOSSLOH AG
WAVE WAVESTONE SA
VRLA VERALLIA SAS
VK VALLOUREC SA
FSNT FASHIONETTE AG
FUR FUGRO NV
AZE AZELIS GROUP NV
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
R3NK RENK GROUP AG
- Bojan Djurickovic
- Research Team
WOOD Daily: OPL PW; KTY PW; MBR PW; PCO PW; CEZ CP; MOL HB; RO Macro; ...
HEADLINES: • Orange Polska: 1Q26 results – EBITDAaL up 11% yoy, 4% above the consensus; 2026E guidance reiterated POSITIVE • Kety: full 1Q26 results above the preliminaries POSITIVE • Mo-BRUK: 4Q25 EBITDA +58% yoy, 30% above our expectations POSITIVE • Pepco Group: FY26E profitability guidance upgrade POSITIVE • CEZ: board to propose DPS of CZK 42 (3.5% yield) NEUTRAL • MOL: set to receive Russian crude supplies POSITIVE • Romania macro: old government out, same government back in • OMV Petrom: ...
- Research Team
WOOD Daily: RO Macro; DVL PW; DOM PW; MUR PW; DIA PW; KTY PW; CPS PW; ...
HEADLINES: • Romania macro: PSD triggers coalition collapse • Polish real estate: from boom to balance (Develia stays BUY, Dom Development (transfer of coverage) and Murapol upgraded to BUY) • Diagnostyka: 4Q25 results below expectations; soft guidance on margins in FY26E NEGATIVE • Kety: proposes PLN 49.05 DPS (4.4% yield), 4% below our expectations NEUTRAL • Cyfrowy Polsat: identifies negative one-offs of PLN 2.8bn; 4Q25E preview update NEGATIVE • Santander Bank Polska (soon to be Erste Bank P...
- Research Team
WOOD Daily: APR PW; MUR PW; ENA PW; PGE PW; PZU PW; CEZ CP; ARCLK TI
HEADLINES: • Auto Partner: 4Q25 EBITDA 4% above the consensus and 5% below our estimate NEUTRAL • Murapol: 4Q25 conference call takeaways POSITIVE • Enea: proposes PLN 0.56 DPS from the 2025 profit NEUTRAL • PGE: recommends no dividend payment for 2025 NEUTRAL • PZU: conclusion of competition for Management Board member – former CFO not on the list • CEZ: PM Babis says first steps towards privatisation at upcoming AGM NEUTRAL • Arcelik: 1Q26E earnings preview (due on 22 April) • Short News (CBF)
- Research Team
WOOD Daily: MUR PW; ENA PW; XTB PW; MBR PW; 11B PW; ALR PW; MIL PW; PE...
HEADLINES: • Murapol: 4Q25 slightly below our forecasts, but close to the consensus NEUTRAL • Murapol: 1Q26 sales up 8% yoy, handovers significantly lower NEUTRAL • Enea: 4Q25 in line with the preliminaries NEUTRAL • XTB S.A.: KNF issues PLN 20m fine over historical onboarding and product governance shortcomings NEGATIVE • Mo-BRUK: new contract signed for PLN 6.9m net NEUTRAL • 11 bit studios: revised amortisation method for Frostpunk 2 and The Alters NEUTRAL • Alior Bank: 1Q26E preview (due on ...
Moody's Ratings upgrades CEZ to A3; outlook stable
Rating Action: Moody's Ratings upgrades CEZ to A3; outlook stable. Global Credit Research- 13 Apr 2026. Paris, April 13, 2026-- Moody's Ratings has today upgraded the senior unsecured debt/senior unsecured MTN program ratings of CEZ, a.s. to A3/ A3 from Baa1/ Baa1.
- Research Team
WOOD Daily: MTLN GA; DVL PW; SNT PW; 11B PW; OPL PW; CEZ CP; DIGI RO; ...
HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...
- Research Team
WOOD Daily: CSG NA; DVL PW; KRU PW; HUG PW; MIL PW; BDX PW; APR PW; PL...
HEADLINES: • Czechoslovak Group: ReArming Europe – from ammo to armour (BUY - initiation of coverage) • Develia: strong handovers in 1Q26 (2.3x higher yoy), slightly disappointing sales (10% lower yoy) NEUTRAL • Kruk: 1Q26 trading update NEUTRAL • Kruk: recommends PLN 20 DPS • Huuuge Games: preliminary 1Q26 revenue at USD 56.5m, down 9% yoy and 4% qoq NEGATIVE • Bank Millennium: to book PLN 190m of FX mortgage saga provisions in 1Q26E NEUTRAL • Budimex: FBSerwis to remain within the group NEUTRA...
- Research Team
WOOD Daily: ALWN GA; GPP PW; BFT PW; ACP PW; BDX PW; CPS PW; WPL PW; M...
HEADLINES: • Allwyn: over the hills and far away – from OPAP to Allwyn, and into growth (BUY - initiation of coverage) • Grupa Pracuj: 4Q25 results – adjusted EBITDA up 6% yoy, 6% above the consensus POSITIVE • Benefit Systems: net addition of 126.5k sports cards in 1Q26, solid growth in Poland POSITIVE • Asseco Poland: key takeaways from the 4Q25 results call NEUTRAL • Budimex: PLN 146m bid selected as most advantageous in Port Polska tender NEUTRAL • Budimex: signs PLN 261m tram depot contract...
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
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.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RB...
HEADLINES: • Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL • DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL • Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE • PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE • Tauron: 4Q25 conference call takeaways NEUTRAL • Wirtualna Polska: announces tender to acquire own...
- Research Team
WOOD Daily: DNP PW; BDX PW; BDX PW; CAR PW; KTY PW; MUR PW; VGO PW; KT...
HEADLINES: • Dino Polska: 12-15% EBITDA miss in 4Q25; bearish guidance for 2026E NEGATIVE • Budimex: full 4Q25 results in line with the preliminaries NEUTRAL • Budimex: management recommends DPS of PLN 32.42 from the 2025 earnings (4.9% DY) POSITIVE • Inter Cars: preliminary 4Q25 EBITDA in line with expectations NEUTRAL • Kety: full 4Q25 results in line with the preliminaries NEUTRAL • Murapol: Hampont files for sole control acquisition of Murapol NEUTRAL • VIGO Photonics: acquires InfraRed Asso...
- Research Team
WOOD Daily: LPP PW; MIL PW; PEO PW; PCO PW; WPL PW; EWG LN; MOH GA; MG...
HEADLINES: • LPP: 4Q25 ahead of expectations; FY26E guidance raised despite a slow start to the year POSITIVE • Bank Millennium: to pay PLN 118m of resolution fund charges in 1Q26 NEUTRAL • Bank Pekao: to pay PLN 413m of resolution fund charges in 1Q26 xx NEUTRAL • Pepco: 1H26 trading update - sales up 3.7% yoy; FY26E guidance maintained NEUTRAL • Wirtualna Polska: key takeaways from the 4Q25 earnings call NEGATIVE • Eurowag: 2H25 results and 2026E guidance POSITIVE • Motor Oil: shifts crude sla...
- 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...
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ZURN ZURICH INSURANCE GROUP LTD
CEZ CEZ AS
FHZN FLUGHAFEN ZURICH AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
ZAL ZALANDO SE
ENI ENI S.P.A.
GEBN GEBERIT AG
RWE RWE AG
HEN3 HENKEL AG & CO. KGAA PREF
SLHN SWISS LIFE HOLDING AG
REP REPSOL SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
LDO LEONARDO SPA
BP. BP P.L.C.
ALG ALLEGRO.EU SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ACLN ACCELLERON INDUSTRIES LTD
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ZURN ZURICH INSURANCE GROUP LTD
CEZ CEZ AS
FHZN FLUGHAFEN ZURICH AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
ZAL ZALANDO SE
ENI ENI S.P.A.
GEBN GEBERIT AG
RWE RWE AG
HEN3 HENKEL AG & CO. KGAA PREF
SLHN SWISS LIFE HOLDING AG
REP REPSOL SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ANDR ANDRITZ AG
STR STRABAG SE
LDO LEONARDO SPA
BP. BP P.L.C.
ALG ALLEGRO.EU SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ACLN ACCELLERON INDUSTRIES LTD
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
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