reports
AS Ekspress Grupp to acquire traffic training platform Liikluslab
AS Ekspress Grupp to acquire traffic training platform Liikluslab On 19 December 2025, AS Ekspress Grupp entered the contract for the acquisition of 100% of shares in the traffic training platform Liikluslab Baltic OÜ. Liikluslab Baltic OÜ is a platform for traffic education materials (liikluslab.ee) founded in 2019, which has expanded rapidly and offers services to both private individuals and driving schools. Liikluslab Baltic has two subsidiaries: the traffic learning environment Teooria OÜ (teooria.ee) and Liikluslab Tervis OÜ, which deals with health certificates for driving license a...
AS Ekspress Grupp omandab liiklusõppeplatvormi Liikluslab
AS Ekspress Grupp omandab liiklusõppeplatvormi Liikluslab 19. detsembril 2025 sõlmis AS Ekspress Grupp lepingu liiklusõppeplatvormi Liikluslab Baltic OÜ 100% osade omandamiseks. Liikluslab Baltic OÜ on 2019. aastal asutatud liiklusõppematerjalide platvorm (liikluslab.ee), mis on kiiresti laienenud ja pakub teenust nii eraisikutele kui ka autokoolidele. Liikluslab Balticul on kaks tütarettevõtet: liiklusõppekeskkond Teooria OÜ (teooria.ee) ja juhiloa taotlejate tervisetõenditega tegelev Liikluslab Tervis OÜ. Omandamise eesmärk on digitaalse äri kasvatamine ja laienemine uude ärivaldkonda. ...
Changes in the Supervisory Boards of AS Ekspress Grupp’s subsidiaries
Changes in the Supervisory Boards of AS Ekspress Grupp’s subsidiaries Due to the of the current CEO of AS Ekspress Grupp, alterations to the Supervisory Boards of significant subsidiaries will take place in December 2025. Liina Liiv, a of the Management Board of Ekspress Grupp, will become a new member of AS Delfi Meedia Supervisory Board. The Supervisory Board of Delfi Meedia will continue in a composition of four members: Hans Luik (the Chairman), Karl Anton, Rain Sarapuu and Liina Liiv. Liina Liiv will also become a new member of the Supervisory Board of the Latvian subsidiary A/S De...
Muudatused AS Ekspress Grupp tütarettevõtete nõukogudes
Muudatused AS Ekspress Grupp tütarettevõtete nõukogudes ASi Ekspress Grupp senise tõttu toimuvad detsembris 2025 muudatused grupi oluliste tütarettevõtete nõukogudes. ASi Delfi Meedia nõukogu uueks liikmeks saab Ekspress Grupi Liina Liiv. Nõukogu jätkab tegevust neljaliikmelises koosseisus: Hans Luik (esimees), Karl Anton, Rain Sarapuu ja Liina Liiv. Läti tütarettevõtte A/S Delfi ja Leedu tütarettevõtte UAB Delfi uueks nõukogu liikmeks saab samuti Liina Liiv. A/S Delfi nõukogu hakkab tegutsema järgmises koosseisus: Liina Liiv (esimees), Rain Sarapuu ja Karl Anton. UAB Delfi nõukogu jätk...
- Pelham Smithers
- Research Team
WOOD Daily: RO Macro; CAR PW; PGE PW; PL Utilities; BELA GA; OPTIMA GA...
HEADLINES: • Romania macro: Bucharest vote supports government • Inter Cars: November sales growth decelerates to 2.6% yoy NEGATIVE • PGE: CEO and COO dismissed; former Tauron CEO appointed as acting CEO NEUTRAL • Polish utilities: ready for lower distribution WACC NEGATIVE • Jumbo: sales up 6% in November and 8% in 11M25, as expected NEUTRAL • Optima Bank SA: 4m shares block trades at 1.9% discount NEUTRAL • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m POSITIVE • ...
OPINION OF THE SUPERVISORY BOARD OF AKTSIASELTS EKSPRESS GRUPP IN RESP...
OPINION OF THE SUPERVISORY BOARD OF AKTSIASELTS EKSPRESS GRUPP IN RESPECT OF TAKEOVER BID The opinion of the Supervisory Board of Aktsiaselts Ekspress Grupp (“Ekspress Grupp”) (“Supervisory Board”) has been drawn up on 9 December 2025 in accordance with § 171 (2) of the Securities Market Act (“SMA”) and § 21 of Regulation No. 71 of the Minister of Finance, dated 28 May 2002, “Rules for Takeover Offers” (“Rules”) with regard to the voluntary takeover bid made by HHL Rühm Osaühing (“Bidder”) on 25 November 2025 for the acquisition of all the shares of Ekspress Grupp not already owned by the B...
AKTSIASELTSI EKSPRESS GRUPP NÕUKOGU ARVAMUS ÜLEVÕTMISPAKKUMISE KOHTA
AKTSIASELTSI EKSPRESS GRUPP NÕUKOGU ARVAMUS ÜLEVÕTMISPAKKUMISE KOHTA Aktsiaseltsi Ekspress Grupp („Ekspress Grupp”) nõukogu („Nõukogu”) arvamus on koostatud 9. detsembril 2025 kooskõlas väärtpaberituru seaduse („VPTS“) § 171 lõikega 2 ja rahandusministri 28. mai 2002 määruse nr 71 Ülevõtmispakkumisreeglid („Reeglid“) §-iga 21 seoses HHL Rühm Osaühing („Ülevõtja“) poolt 25. novembril 2025 tehtud vabatahtliku ülevõtmispakkumisega kõigi Ülevõtjale mittekuuluvate Ekspress Grupi aktsiate omandamiseks („Pakkumine”). Nõukogu liikmed ja käesoleva arvamuse koostajad on Ülar Maapalu (esimees), Argo ...
- Research Team
WOOD Morning (5 December)
HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan
- Research Team
WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...
HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover
KRKG KRKA D.D.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
M MED LIFE
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
- Rok Stibric
- Rok Stibric
- Rok Stibric
- Wedbush Research
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
CDR CD PROJEKT S.A.
7974 NINTENDO CO. LTD.
EA ELECTRONIC ARTS INC.
AMZN AMAZON.COM INC.
UBER UBER TECHNOLOGIES INC.
U UNITY SOFTWARE
DASH DOORDASH
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
APP APPLOVIN CORP
JANX JANUX THERAPEUTICS INC
DDI DOUBLEDOWN INTERACTIVE CO LTD
EMBRAC B EMBRACER GROUP AB
CART MAPLEBEAR INC.
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
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.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
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.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
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
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Daily: EME Macro/Strategy – Years Ahead; RBW PW; ALR PW; BHW PW; ...
HEADLINES: • EME Macro/Strategy: the years ahead – 2026-27E • Rainbow Tours: consolidated October sales 20.7% higher yoy, driven by Paralela 45 acquisition; stand-alone sales 14% higher yoy POSITIVE • Alior Bank: c.PLN 105m positive DTA revaluation in 4Q25E NEUTRAL • Bank Handlowy: c.PLN 120m positive DTA revaluation in 4Q25E NEUTRAL • mBank: PLN 125m positive DTA revaluation and estimated 2026E CIT increase impact NEUTRAL • LPP: PLN 788m write-down of Russian assets NEGATIVE • Bank Millennium: ...
- Wedbush Research
VRNT VERINT SYSTEMS INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
CDR CD PROJEKT S.A.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
TSEM TOWER SEMICONDUCTOR LTD
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
SMCI SUPER MICRO COMPUTER
ORIC INC.
STX ORIC PHARMACEUTICALS
GFS SEAGATE TECHNOLOGY HLDGS PLC
DBD GLOBALFOUNDRIES INC
BCAX DIEBOLD NIXDORF INCORPORATED
BICARA THERAPEUTICS INC.
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Rok Stibric
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
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