reports
- Research Team
WOOD Daily: ENA PW; CPS PW; KRU PW; AEGN GA; THYAO TI; APR PW; MIL PW;...
HEADLINES: • Enea: full 4Q24 results in line with preliminaries; PLN 7.9bn capex planned in 2025E NEGATIVE • Cyfrowy Polsat: 4Q24 results review – adjusted EBITDA up 15% yoy, in line with the consensus NEUTRAL • Kruk: issues 1Q25 trading statement NEUTRAL • Aegean Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Turkish Airlines: 1Q25 traffic – 4% ASK growth yoy NEUTRAL • Auto Partner: March sales growth recovers to 13% yoy, but still well below our FY expectations NEUTRAL • Bank M...
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
- Juan Ros-Padilla
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
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.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
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.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
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
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
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.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #64
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at accelerating trends in European corporate earnings relative to those in t
- Research Team
WOOD Daily: SHO PW; KTY PW; ACP PW; AQ RO; EME Macro/Strategy Weekly
HEADLINES: • Shoper: 4Q24 results in line with prelims, sound cash flow generation NEUTRAL • Kety: 1Q25 results close to our expectations and relatively flat yoy NEUTRAL • Asseco Poland: key takeaways from the 4Q24 earnings call NEUTRAL • Aquila Part Prod Com S.A.: publishes 2025 budget POSITIVE • EME Macro/Strategy: macro all-in-one (24-30 March)
- Research Team
WOOD Daily: PL Banks; ACP PW; INPST NA; KTY PW; HSBK LI; TITC GA; GPP ...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
PEO BANK POLSKA KASA OPIEKI SA
ACP ASSECO POLAND SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALR ALIOR BANK SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
KSPI KASPI KZ
INPST INPOST S.A.
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: OPL PW; IGN1L LH; PZU PW; GPP PW; CZG CP; PPC GA; LAMDA GA...
HEADLINES: • Orange Polska: strategy focused on growth (stays BUY) • Ignitis Group: making headway (BUY - transfer of coverage) • PZU: 4Q24 well ahead of expectations, holding structure to be created within PZU group POSITIVE • Grupa Pracuj: 4Q24 results – EBITDA up 9% yoy, 9% above our forecast and 1% above the consensus POSITIVE • Colt CZ Group SE: FY24 results review NEUTRAL • Public Power Corporation: 4Q24 earnings, and preview of a potential mega data centre NEUTRAL • Lamda Development: 4Q2...
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
ENA ENEA S.A.
PPC PUBLIC POWER CORPORATION S.A.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
CZG CESKA ZBROJOVKA GROUP
IGN1L IGNITIS GRUPE
GPP GRUPA PRACUJ DA
- Atinc Ozkan
- Piotr Raciborski
- CFA
Orange Polska: strategy focused on growth (stays BUY)
We reiterate our BUY on Orange Polska (OPL) and raise our 12-month price target (PT) to PLN 10.40/share, from PLN 9.91, implying 16% upside potential. Despite our current preference for more cyclical high-beta names, we continue to see Orange Polska as one of the safest defensive bets among the Polish blue chips, offering stable growth and relatively attractive dividend yields in the mid-term (c.6-7% in 2025-26E, on our estimates). The equity story has become even clearer now that the 700MHz auc...
- Research Team
WOOD Morning (26 March 2025)
HEADLINES: • Warsaw Stock Exchange: strong delivery in 4Q24, due mainly to the lower costs booked POSITIVE • CD Projekt: 4Q24 EBIT 7% above our forecast; The Witcher 4 to be released after 2026E NEUTRAL • KazMunayGas: 4Q24 results – below expectations NEGATIVE • Ten Square Games: earnings call takeaways – focus on flagship games’ monetisation improvement in 2Q25E NEUTRAL • Wirtualna Polska: key takeaways from the 4Q24 earnings call NEUTRAL • Eurowag: takeaways from the 2H24 earnings call NEUTRAL...
- Clement Genelot
Jeronimo Martins: Polish recovery may take a bit longer
Post-FY 2024, we have cut our FY 2025 estimates to reflect a lengthier LfL and profitability recovery in Poland and maintained our EUR21 PT. However, we do not see any fundamental red flag that would put our recent Buy investment case at risk. We continue to foresee a gradual path to renewed LfL gr
- Jerôme Bodin
- Jerôme Bodin
- Juan Ros-Padilla
- Research Team
WOOD Daily: PL Banks; SIPCHEM AB; TL Macro; KAP LI; JMT PL; ALR PW; PC...
HEADLINES: • Polish banks: first politician to suggest additional military tax for the banks NEGATIVE • Sipchem: preliminary 4Q24 results, net profit down, on maintenance NEGATIVE • Türkiye macro: CBRT tightens policy with surprise corridor hike • Kazatomprom: 4Q24 results – well above the market’s estimates POSITIVE • Jeronimo Martins: key takeaways from the 4Q24 call NEGATIVE • Alior Bank: CEO Żabski’s interview with Puls Biznesu, ahead of strategic update (due on 25 March) • Sipchem: to mothb...
- Maissa Keskes
- Stephane Houri
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
VLS VALNEVA SE
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
TPE PVA TEPLA AG
ERA ERAMET SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
AMAG AMAG AUSTRIA METALL AG
BSGR B&S GROUP S.A.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BAR BARCO NV
- Maissa Keskes
- Stephane Houri
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
SZG SALZGITTER AG
LXS LANXESS AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
VLS VALNEVA SE
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
TPE PVA TEPLA AG
ERA ERAMET SA
01913 PRADA S.P.A.
SAVE SAVENCIA SA
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PWG PRODWAYS GROUP SA
AMAG AMAG AUSTRIA METALL AG
BSGR B&S GROUP S.A.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BAR BARCO NV
- Christophe-Raphaël Ganet
- Konrad Zomer
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
RWE RWE AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
ERA ERAMET SA
01913 PRADA S.P.A.
NDA AURUBIS AG
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HLAG HAPAG-LLOYD AG
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
CVC CVC CAPITAL PARTNERS PLC
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