reports
- Research Team
WOOD Daily: PKN PW; PGE PW; VGO PW; BDX PW
HEADLINES: • Orlen: announces updated budget for the New Chemistry Project NEUTRAL • PGE: full 4Q25 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q26 sales down 12.5% yoy, to PLN 19.3m NEGATIVE • Budimex: 1Q26E preview – harsh winter weighs on results (due on 6 May)
- 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
- Roy Külter
- Steven Boumans
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
HAL HAL TRUST
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SPIE SPIE SA
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
KBX KNORR-BREMSE AG
PHNX PHOENIX GROUP HOLDINGS PLC
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
ULVR UNILEVER PLC
IS INTERSHOP HOLDING AG
- Roy Külter
- Steven Boumans
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
HAL HAL TRUST
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SPIE SPIE SA
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
KBX KNORR-BREMSE AG
PHNX PHOENIX GROUP HOLDINGS PLC
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
ULVR UNILEVER PLC
IS INTERSHOP HOLDING AG
- Oleg Galbur
- 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...
MOL Hungarian Oil and Gas: 1 director
A director at MOL Hungarian Oil and Gas sold 26,910 shares at 3,982.000HUF and the significance rating of the trade was 61/100. 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 ...
- Research Team
WOOD Daily: PKO PW; ALE PW; PKN PW; CEZ CP; CZG CP; SNP RO; SAR GA; MO...
HEADLINES: • PKO BP: solid 4Q25 numbers – small bottom-line beat, but underlying trends in line with expectations NEUTRAL • Allegro: 4Q25 above the consensus; FY26E guidance in line with our expectations POSITIVE • Orlen: submits new non-binding offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: small 4Q25 beat on EBITDA, 2026E guidance below the consensus NEGATIVE • Colt CZ Group: planning dual AEX listing and a capital increase POSITIVE • OMV Petrom: two exploration projects in Bulgaria now NEUT...
- Mihaly Gajda
MOL - Model Update – Controlled Phase Out Of Russian Oil Can Be Manage...
We set our ex-dividend 2026 year-end target price at HUF 3,660, implying an 8.2% total return including our estimated HUF 300 dividend to be paid after the 2025 financial year. Accordingly, we revise our recommendation from Accumulate to Neutral, reflecting current market conditions, as well as company-specific event risks. Russian crude availability remains the most influential factor in our view. Our previous base case assumed gradual normalization, with Russian oil remaining available. O...
- Mihaly Gajda
MOL - MOL Beats On Clean CCS EBITDA, Supported By Waste Management Rec...
Clean CCS EBITDA of the company was strong at USD 877 mn in Q4, beating both market consensus (USD 820 mn) and our expectations (USD 851 mn) despite the challenging environment. Major drivers were a strongly improved circular economy segment, strong performance in consumer services, and favorable intersegment results. On an annual basis, the company achieved USD 3,369 mn, well above the guidance of USD 3,000 mn in a challenging year.
- Jonathan Lamb
European Oil and Gas Monthly: February 2026 – trouble brewing in Hormu...
February developments have been left in the dust with the opening days of March and the conflict in the Gulf. Oil and gas prices are up; we have already seen refining margins soar; and maybe even petrochemical margins can enjoy a moment in the sunshine.
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
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.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Konrad Zomer
BVI BUREAU VERITAS SA
DGE DIAGEO PLC
SK SEB SA
ADEN ADECCO GROUP AG
AGS AGEAS SA/NV
NESN NESTLE S.A.
WKL WOLTERS KLUWER NV
EOAN E.ON SE
ELE ENDESA S.A.
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
LDO LEONARDO SPA
ALC ALCON INC.
BEAN BELIMO HOLDING AG
SDZ SANDOZ GROUP AG
AENA AENA S.M.E. SA
- Konrad Zomer
BVI BUREAU VERITAS SA
DGE DIAGEO PLC
SK SEB SA
ADEN ADECCO GROUP AG
AGS AGEAS SA/NV
NESN NESTLE S.A.
WKL WOLTERS KLUWER NV
EOAN E.ON SE
ELE ENDESA S.A.
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
LDO LEONARDO SPA
ALC ALCON INC.
BEAN BELIMO HOLDING AG
SDZ SANDOZ GROUP AG
AENA AENA S.M.E. SA
- Oleg Galbur
- Julian Dobrovolschi
- Julian Dobrovolschi
- Oleg Galbur
- Marc Lavaud
- Pierre Tegner
- Robert Jan Vos
AI AIR LIQUIDE SA
BN DANONE SA
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
RI PERNOD RICARD SA
HOT HOCHTIEF AG
AIR AIRBUS SE
CAP CAPGEMINI SE
REP REPSOL SA
TEC TECHNIPFMC PLC
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
KBX KNORR-BREMSE AG
FDJ LA FRANCAISE DES JEUX SA
TEN TENARIS S.A.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Marc Lavaud
- Pierre Tegner
- Robert Jan Vos
AI AIR LIQUIDE SA
BN DANONE SA
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
RI PERNOD RICARD SA
HOT HOCHTIEF AG
AIR AIRBUS SE
CAP CAPGEMINI SE
REP REPSOL SA
TEC TECHNIPFMC PLC
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
KBX KNORR-BREMSE AG
FDJ LA FRANCAISE DES JEUX SA
TEN TENARIS S.A.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
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