reports
AS Ekspress Grupp reorganizing the group structure
AS Ekspress Grupp reorganizing the group structure AS Ekspress Grupp is reorganizing the group structure by transferring the shareholding of its subsidiary OÜ Geenius Meedia to the group’s media company AS Delfi Meedia. The aim of the change is to make better use of Delfi Meedia’s expertise and to place greater focus on developing the content and new formats offered by Geenius. Geenius Meedia OÜ will continue to operate as a separate media company. The change has no impact on the group's economic activities. Geenius Meedia OÜ is a media company founded in 2015 whose content is compiled b...
AS Ekspress Grupp korrastab kontserni struktuuri
AS Ekspress Grupp korrastab kontserni struktuuri AS Ekspress Grupp korrastab kontserni struktuuri, viies tütarettevõtte OÜ Geenius Meedia osaluse grupile kuuluva meediaettevõtte AS Delfi Meedia omandisse. Muudatuse eesmärk on kasutada paremini ära Delfi Meedia oskusteavet ja suunata suurem fookus Geeniuse pakutava sisu ning uute formaatide arendamisele. Geenius Meedia OÜ jätkab tegutsemist eraldiseisva meediaettevõttena. Muudatusel ei ole mõju kontserni majandustegevusele. Geenius Meedia OÜ on 2015. aastal asutatud meediaettevõte, mille sisu koondab portaal geenius.ee. Geenius Meedia käi...
- Stamatios Draziotis CFA
JUMBO | Margins bruised but value unbroken; top pick
Somewhat disappointing H1, but H2 set to be better – Jumbo’s H1 results were rather disappointing, with adj. EBITDA up just 7% yoy but shaping c5% below our estimates. The disappointment stemmed from a 1.4pps yoy contraction in gross margins, contrary to our expectation for expansion and out of sync with the appreciation of the EUR vs the USD. This led to net profit of €117m, -4% yoy, or -8% vs our number, with the optics of reported numbers affected further by the tough comp due to last year’s ...
- Stamatios Draziotis CFA
JUMBO | Margins bruised but value unbroken; top pick
Somewhat disappointing H1, but H2 set to be better – Jumbo’s H1 results were rather disappointing, with adj. EBITDA up just 7% yoy but shaping c5% below our estimates. The disappointment stemmed from a 1.4pps yoy contraction in gross margins, contrary to our expectation for expansion and out of sync with the appreciation of the EUR vs the USD. This led to net profit of €117m, -4% yoy, or -8% vs our number, with the optics of reported numbers affected further by the tough comp due to last year’s ...
- Research Team
WOOD Daily: THEON NA; OTKAR TI; TOASO TI; HSBK LI; CIS+ Macro; BRISA T...
HEADLINES: • Theon International: 3Q25 trading update – strong execution, guidance upgraded POSITIVE • Otokar: 3Q25 results – weak EBITDA, low quality bottom-line beat NEGATIVE • Tofas: 3Q25 results miss expectations NEGATIVE • Halyk Bank: controlling shareholder ALMEX announces intention to dispose of stake NEGATIVE • CIS+ macro: on the ground in Central Asia – reform stories enter the next phase • Brisa: guiding lower for FY25E revenues growth, but higher for EBITDA margin NEUTRAL • CEZ: natio...
CEZ CEZ AS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
IGN1L IGNITIS GRUPE
THEON THEON INTERNATIONAL PLC
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS 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
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
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.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
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
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
Changes in the Management Board of AS Ekspress Grupp
Changes in the Management Board of AS Ekspress Grupp The supervisory board of AS Ekspress Grupp has decided to appoint Liina Liiv as a new management board member starting from December 1, 2025, for a term until November 30, 2030. As of January 1, 2026, Liina Liiv will assume the duties of the group CEO. Liina Liiv's more than 15 years experience in strategic marketing, communication and business development adds value to the development of Ekspress Grupp. The current CEO and management board member of AS Ekspress Grupp, Mari-Liis Rüütsalu, will from her position on 31 December 2025, when...
Muudatused ASi Ekspress Grupp juhatuses
Muudatused ASi Ekspress Grupp juhatuses ASi Ekspress Grupp nõukogu otsustas valida alates 1. detsembrist 2025 uueks juhatuse liikmeks Liina Liivi tähtajaga 30. november 2030. Alates 1. jaanuarist 2026 asub Liina Liiv täitma grupi tegevjuhi ülesandeid. Liina Liivi enam kui 15-aastane kogemus strateegilise turunduse, kommunikatsiooni ja äriarenduse valdkonnas annab lisaväärtust Ekspress Grupi arengusse. ASi Ekspress Grupp senine tegevjuht ja juhatuse liige Mari-Liis Rüütsalu 31. detsembril 2025. aastal, kui lõpeb tema viimane nelja-aastane ametiaeg. ASi Ekspress Grupp nõukogu tänab Mari-Lii...
AS Ekspress Grupp: Consolidated unaudited interim report for Q3 and 9 ...
AS Ekspress Grupp: Consolidated unaudited interim report for Q3 and 9 months of 2025 The revenue of Ekspress Grupp continued to grow in the 3rd quarter and the first nine months of the year, driven by the Group's investments in the fields of conference business, ticket sales and digital outdoor screens. The digital subscriptions of media companies also grew strongly. The revenue of AS Ekspress Grupp for the 3rd quarter of 2025 increased by EUR 1.1 million (+6%) year-over-year, totalling EUR 17.9 million. The revenue for the first nine months of 2025 increased by EUR 3.6 million (+7%) year-...
AS Ekspress Grupp: 2025. aasta III kvartali ja 9 kuu konsolideeritud a...
AS Ekspress Grupp: 2025. aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne Ekspress Grupi müügitulu jätkas nii III kvartalis kui ka 9 kuu kokkuvõttes kasvu, mida vedasid grupi investeeringud konverentsiäri, piletimüügi ja digitaalsete väliekraanide valdkonnas. Tugeva kasvu tegid ka meediaettevõtete digitaalsed tellimused. Ekspress Grupi 2025. aasta III kvartali müügitulu kasvas aastases võrdluses 1,1 miljoni euro võrra (+6%), ulatudes 17,9 miljoni euroni. 2025. aasta 9 kuu müügitulu kasvas eelmise aastaga võrdluses 3,6 miljoni euro võrra (+7%) 56,3 miljoni euroni. Suu...
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Daily: PEO PW; KOMB CP; ING PW; MBK PW; KRU PW; JMT PL; RBI AV; B...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
DOC DO & CO AKTIENGESELLSCHAFT
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
9526 JAHEZ INTERNATIONAL CO
H2O HIDROELECTRICA S.A.
- Jovan Sikimic
- Pelham Smithers
NEH NETEASE INC. SPONSORED ADR
DIS WALT DISNEY COMPANY
CDR CD PROJEKT S.A.
9697 CAPCOM CO. LTD.
9468 KADOKAWA CORPORATION
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
00700 TENCENT HOLDINGS LTD.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
78320 BANDAI NAMCO
7844 JT MARVELOUS INC
- Research Team
WOOD Daily: ARCLK TI; EME Macro/Strategy Weekly; DIGI RO; TITC GA; ELP...
HEADLINES: • Arcelik: 3Q25 – operating recovery overshadowed by loss on bottom line, full-year guidance lowered NEGATIVE • EME Macro/Strategy: macro all-in-one (20-26 October) • DIGI Communications: chooses banks to list its Spanish unit POSITIVE • Titan: Fitch improves outlook to Positive, citing strong financial profile POSITIVE • HELLENiQ Energy: consortium with Chevron wins tender for four new Greek offshore E&P blocks, as expected NEUTRAL • Diagnostyka: CFO steps down NEUTRAL • Mo-BRUK: ann...
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
ARCLK ARCELIK A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
VGO VIGO SYSTEM SA
DIGI DIGI COMMUNICATIONS NV
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
DIAG DIAGNOSTYKA SA
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Emmanuel Matot
IPS IPSOS
FP TOTAL SE
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
ITP INTERPARFUMS
BLC BASTIDE LE CONFORT MEDICAL SA
PKO PKO BANK POLSKI S.A.
LPE LAURENT-PERRIER SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
ENI ENI S.P.A.
NEX NEXANS SA
ICAD ICADE SA
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
VRNL VERNEUIL PARTICIPATIONS
ERG ERG S.P.A.
CTAC CTAC N.V.
TPS ORANGE POLSKA S.A.
AOF ATOSS SOFTWARE AG
RIEN RIETER HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
CON CONZZETA AG
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ALR ALIOR BANK SA
VLTSA VOLTALIA
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
GALE GALENICA AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
4X0 STEYR MOTORS AG
- Jovan Sikimic
ODDO : Healthy operational outlook absorbs higher tax beyond 2026
We think that the robust outlook for Polish economic growth should offset mid-term uncertainty on fiscal policy and political risk. We have made a slight upward revision to our forecasts for pre-tax profit (by 1% to 4%) but lowered our EPS forecasts by 21% for 2026e and 4% for 2027e. After factoring in the full impact of the new tax bill, we have adjusted our target prices but remain cautiously positive on Polish banks. We favour mBank (upgrade to Outperform) for its upbeat long-term outlook and...
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