reports
- Research Team
WOOD Daily: EAT PW; DIA PW; WPS LN; CEZ CP; GTC PW; BELA GA; ACP PW; E...
HEADLINES: • AmRest: 2Q25 below expectations, due to weak France NEGATIVE • Diagnostyka: 2Q25 results slightly above expectations, but down qoq NEUTRAL • Eurowag: 2Q25 results – beat on the top line, EBITDA a small miss NEUTRAL • CEZ: ANO’s campaign platform calling for 100% nationalisation NEUTRAL • GTC: 2Q25 – bond refinancing critical • Jumbo: sales growth momentum intact in August, +8% in 8M25; tightens grip on opex POSITIVE • Asseco Poland: key takeaways from the 2Q25 earnings call NEUTRAL ...
- Mihaly Gajda
Model Update
We have updated our financial model to reflect recent macroeconomic developments, setting a 2026 year-end ex-dividend target price of 3,330 HUF, representing a 20.5% upside (14.1% CAGR) including the anticipated HUF 283 dividend following the 2025 fiscal year. Consequently, we maintain our Accumulate recommendation for MOL.
- Mihaly Gajda
BME one-off drags headline results, core MOL segments deliver
The company has delivered USD 685 mn clean CCS EBITDA missing the consensus, but only due to a USD 98 mn one-off related to BME acquisition. Core segment delivered on expectations at the EBITDA level. EBIT and profit miss were strengthened by higher than expected depreciation and strongly negative CCS effect. These are non-cash items and only the increased depreciation is recurring.
- Mihaly Gajda
Model Update
We have updated our financial model to reflect recent macroeconomic developments, setting a 2026 year-end ex-dividend target price of 0.790 RON, representing a 9.0% upside including the anticipated 0.020 RON special dividend following the 2024 fiscal year (regular dividend has been already paid out) and total dividend of 0.068 RON following the 2025 fiscal year. Consequently, we change our recommendation to Neutral from Accumulate for OMV Petrom.
- Christophe-Raphaël Ganet
- Hela Zarrouk
- Oliver Metzger
EVN EVN AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
FIE FIELMANN AG
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
SEM SEMPERIT HOLDING AG
EUR EUROCASH S.A.
SRAIL STADLER RAIL AG
MRX MISTER SPEX SE
FI-N GEORG FISCHER AG
TLT THE LONDON TUNNELS PLC
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Christophe-Raphaël Ganet
- Hela Zarrouk
- Oliver Metzger
EVN EVN AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
FIE FIELMANN AG
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
SEM SEMPERIT HOLDING AG
EUR EUROCASH S.A.
SRAIL STADLER RAIL AG
MRX MISTER SPEX SE
FI-N GEORG FISCHER AG
TLT THE LONDON TUNNELS PLC
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Patrick Steiner
MOL Hungarian Oil and Gas: 1 director
A director at MOL Hungarian Oil and Gas sold 28,000 shares at 3,004.000HUF and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Julian Dobrovolschi
- Julian Dobrovolschi
- Oleg Galbur
- Oliver Metzger
DGE DIAGEO PLC
ZURN ZURICH INSURANCE GROUP LTD
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
ALV ALLIANZ SE
WPP WPP PLC
BC8 BECHTLE AG
POST OSTERREICHISCHE POST AG
NN NN GROUP N.V.
SIE SIEMENS AG
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CPR DAVIDE CAMPARI-MILANO N.V.
UN0 UNIPER SE
- Oliver Metzger
DGE DIAGEO PLC
ZURN ZURICH INSURANCE GROUP LTD
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
ALV ALLIANZ SE
WPP WPP PLC
BC8 BECHTLE AG
NN NN GROUP N.V.
SIE SIEMENS AG
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CPR DAVIDE CAMPARI-MILANO N.V.
UN0 UNIPER SE
- Oleg Galbur
- Mihaly Gajda
OMV resilient despite macro strain, Petrochemicals remain weak
OMV reported clean CCS EBIT of EUR 1,031 mn in Q2 2025, down 11% QoQ and 16% YoY, broadly in line with the market consensus of EUR 1,022 mn. CCS net income came in at EUR 385 mn, also close to consensus. The differences between actual results and consensus were minimal, both at the aggregate and segment levels.
- Mihaly Gajda
Petrom beats expectations, lifted by one-off litigation gain
• The company reported clean CCS operating profit of RON 1,188 mn, representing a 6% decline QoQ and a 14% decline YoY. However, it outperformed the consensus estimate of RON 1,111 mn, exceeding it by 7%, mainly due to stronger-than-expected performance in the E&P segment. The results were significantly boosted by a one-off litigation settlement, which increased EBITDA and EBIT by RON 200 mn. The outperformance was even more pronounced at the net profit level, further supported by RON 170 mn in ...
OMV AG: 1 director
A director at OMV AG bought 600 shares at 44.280EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
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
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/08/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d. The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise a...
QEC QUESTERRE ENERGY CORP.
GTE GRAN TIERRA ENERGY
RKH ROCKHOPPER EXPLORATION
OMV OMV AG
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
BWE BW ENERGY
SEPLAT SEPLAT ENERGY PLC
SOUC SOUTHERN ENERGY CORP
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
MCFNF MCF ENERGY LTD
SHELL ROYAL DUTCH SHELL
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
AKE ARKEMA
LHN HOLCIM AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
VIE VEOLIA ENVIRONNEMENT SA
IPN IPSEN SA
RR. ROLLS-ROYCE HOLDINGS PLC
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
MT ARCELORMITTAL SA
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
01913 PRADA S.P.A.
BA. BAE SYSTEMS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EDW EDP RENOVAVEIS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI BANCO SANTANDER S.A.
RIO ANHEUSER-BUSCH INBEV SA/NV
LDO RIO TINTO PLC
SNP LEONARDO SPA
ARGX PETROM S.A.
SHL ARGEN-X SE
ULA SIEMENS HEALTHINEERS AG
KBX UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI KNORR-BREMSE AG
FDJ NEXI S.P.A.
SHEL LA FRANCAISE DES JEUX SA
P911 SHELL PLC
DSFIR DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM KONINKLIJKE DSM N.V.
TEN ARM HOLDINGS PLC
SYENS TENARIS S.A.
AAL SYENSQO
ANGLO AMERICAN PLC
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