WOOD Daily: EBS AV; SPL PW; EME Macro/Strategy – CIS; PCF PW; ECH PW; ...

HEADLINES: • Erste Bank Group: smart leverage, strong thesis (stays BUY) • Santander Bank Polska: no such thing as plug and play in M&A (downgraded to HOLD) • EME Macro/Strategy: CIS plus – a good growth juncture, amid global policy shifts • PCF Group: 1Q25 results miss expectations, on lower portion of costs being capitalised NEGATIVE • Echo Investment (HOLD, PT PLN 3.1): 1Q25 – only a handful of deliveries means a weak P&L • Duna House: 1Q25 results– first look positive POSITIVE • DataWalk: ke...

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:...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/22/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 22/05/2025

ORLEN : Q1 2025 is a mixed bag with segments results distorted by new ...

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...

Moody's Ratings changes CEZ's outlook to positive; affirms Baa1 rating

Moody's Ratings (Moody's) has today affirmed the Baa1/(P)Baa1 senior unsecured debt/senior unsecured MTN program ratings of CEZ, a.s. (CEZ) and the baa2 Baseline Credit Assessment (BCA). At the same time, we have changed the outlook to positive from negative. RATINGS RATIONALE On 28 April [1], C...

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...

WOOD Daily: VGO PW; PGE PW; 11B PW; DNP PW; KRKG SV; GEV CP; ELPE GA; ...

HEADLINES: • VIGO Photonics: top Polish defence industry exposure (downgraded to HOLD) • PGE: strong 1Q25 recurring EBITDA, 26% above our expectations POSITIVE • 11 bit studios: weak 1Q25, misses our forecast, on higher opex NEGATIVE • Dino: 2-7% EBITDA beats in 1Q25 NEUTRAL • Krka: 1Q25 – record net profit, on high FX revaluation gains POSITIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations, but 2025E guidance implies an EBITDA margin contraction POSITIVE • HELLENiQ Energy: 1Q25 r...

MOL beats consensus on unusually strong Q1 refined product sales

The company outperformed market consensus across all key metrics—USD 833 mn clean EBITDA, USD 495 mn EBIT, and USD 393 mn net profit—the surprise is mainly driven by an unusual 15% YoY increase in Downstream sales and consolidation effects. Upstream also surprised positively due to lower exploration spending and limited royalty impact. Other segments had lower but also positive surprise.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/15/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 15/05/2025

CEZ : Better than expected EBITDA on stronger distribution results. 20...

Coffee, Croissants & Credit/CEZ, Engie, National Grid, Unibail, Icade,...

Utilities - CEZ: Good 1Q25 but lower FY25 guidance. Engie: 1Q25 results and guidance flat; we remain neutral. National Grid: Yearly results show strong growth

WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...

HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...

WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...

HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/09/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/05/2025

MOL : Clean EBITDA well above a rather conservative consensus, but sli...

European Oil and Gas Monthly: April 2025 – falling crude, spoils the m...

Brent crude prices swooned in April: the combined impact of demand worries and projected supply increases pulling average prices down USD 5/bbl, to the lowest monthly average in more than three years. We question the sustainability of such low prices, given the market reactions in the past. The WOOD benchmark strengthened in April, due mainly to better petrol cracks, as we move towards driving season. Petrochemicals remain in the doldrums, despite lower input costs.