reports
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Erol Danis
- Mehmet Yigit Yorulmaz
Turkish Autos - Resilient domestic demand amid an uncertain global bac...
Domestic demand has been more resilient than expected: Following a record-breaking year in 2024, the Turkish automotive market maintained its strength so far in 2025, with 5M25 growth reaching 4% y/y. Despite the high base and tighter financial conditions, demand remained resilient, supported by not only stable exchange rates and improved vehicle availability, but also the traction of affordable EVs (electric vehicles) that has 10% special consumption tax rate vs. ICE (internal combustion engine...
- Research Team
WOOD Daily: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...
HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)
- 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)
- Research Team
WOOD Daily: WIZZ LN; CEZ CP; PL Macro; BELA GA; TITC GA; PCF PW; MAVI ...
HEADLINES: • Wizz Air: 4Q FY25 – core numbers in line with our estimates, but weaker than the consensus • CEZ: KHNP, government and CEZ sign EDU II deal POSITIVE • Poland macro: NBP on hold • Jumbo: May sales growth picks up speed to a strong 12%; declares EUR 0.50/share dividend POSITIVE • Titan: signs MOA with Carbon Upcycling to develop low-carbon construction materials POSITIVE • PCF Group: decision to reduce project Bifrost development team • Mavi: 1Q25E earnings preview (due on 10 June)
- Research Team
WOOD Daily: CDR PW; LAMDA GA; GEKTERNA GA; MOL HB; The Rear-View Mirro...
HEADLINES: • CD Projekt: new tech demo of The Witcher 4 opens State of Unreal event POSITIVE • Lamda Development: 1Q25 results – malls doing well, valuation undemanding, but margins visibility likely a prerequisite for re-rating • GEK Terna: 1Q25 EBITDA jumps 55%, to slightly stronger than expected EUR 136m POSITIVE • MOL: agrees with SOCAR on onshore exploration project in Azerbaijan NEUTRAL • The Rear-View Mirror – EME markets: EME indices mostly in the green in May
- 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
- Jakub Caithaml
WOOD Flash – Lamda Development: 1Q25 results – malls doing well, valua...
In 1Q25, Lamda delivered fairly contained opex, while the malls’ NOI continues to grow nicely, on track to meet or slightly exceed our 2025E forecast. However, the capex must accelerate sharply from the current c.EUR 80m quarterly run-rate, if Lamda is to meet even the extended Phase 1 timelines, in our view. Management expects a meaningful capex step-up in 2Q25E, with further growth in 2H25E.
- Research Team
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...
- Research Team
WOOD Daily: OPAP GA; CDR PW; VGO PW; DAT PW; KAP LI; LAMDA GA; AEGN GA...
HEADLINES: • OPAP: 1Q25 – strong, as expected NEUTRAL • CD Projekt: 1Q25 EBIT broadly as expected, guidance on three unannounced projects POSITIVE • VIGO Photonics: adjusted EBITDA up 2x yoy (on a low base), in line with our estimate NEUTRAL • DataWalk: actual 1Q25 numbers fully in line with the preliminaries NEUTRAL • Kazatomprom: 1Q25 results – much weaker than expected NEGATIVE • Lamda Development: 1Q25 results – opex outside the Ellinikon better than expected, but quarterly capex still slow ...
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
VGO VIGO SYSTEM SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
- 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
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...
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
The trade war de-escalation has offered some breathing space for investors and driven positive sentiment, but we expect headline volatility to continue. Much of the focus will also be on geopolitical developments. In this report we have reviewed a large number of Turkish non-financial corporates, added the idea to buy SGLSJ'29 and closed the idea to buy WE SODA.
- Research Team
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...
- Julian Dobrovolschi
ENGI ENGIE SA.
EN BOUYGUES SA
HNR1 HANNOVER RUECK SE
CEZ CEZ AS
KBC KBC GROUP N.V.
RF EURAZEO SA
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
RWE RWE AG
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
ANA ACCIONA SA
BC8 BECHTLE AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
SIE SIEMENS AG
PIRC PIRELLI & C. S.P.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SYENS SYENSQO
CVC CVC CAPITAL PARTNERS PLC
- Julian Dobrovolschi
ENGI ENGIE SA.
EN BOUYGUES SA
HNR1 HANNOVER RUECK SE
CEZ CEZ AS
KBC KBC GROUP N.V.
RF EURAZEO SA
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
RWE RWE AG
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
ANA ACCIONA SA
BC8 BECHTLE AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
SIE SIEMENS AG
PIRC PIRELLI & C. S.P.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SYENS SYENSQO
CVC CVC CAPITAL PARTNERS PLC
- Oleg Galbur
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Team
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...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GIG KAZMUNAYGAS NC JSC
4071 GAMING INNOVATION GROUP
ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA ...
HEADLINES: • Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE • Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE • Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss • Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE • InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft do...
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