reports
- Research Team
WOOD Daily: NLBR SV; PL Banks; DAT PW; ALE PW; INPST NA; CDR PW; ACP P...
HEADLINES: • NLB Group: 4Q25 net profit materially ahead of expectations • Polish banks: CJEU rules on WIBOR case, in line with the General Attorney's opinion, issued on 11 September 2025 NEUTRAL • DataWalk: issues shares worth PLN 116.3m POSITIVE • Allegro: changes in MOV are negative for lockers NEGATIVE • CD Projekt: 2026-29 incentive programme net profit condition set at PLN 5.0bn NEUTRAL • Asseco Poland: 4Q25E preview – 11% yoy organic net profit growth expected (due on 31 March) • OPAP: Al...
- Research Team
WOOD Daily: OPAP GA; WPL PW; BDX PW; PKN PW; INPST NA; ENA PW; TPE PW;...
HEADLINES: • OPAP: only 6.7% of shares elect for cash exit; free float to remain above all-important 20% level POSITIVE • Wirtualna Polska: TUI renews cooperation with Wakacje.pl POSITIVE • Budimex: signs PLN 481m contract with GAZ-SYSTEM NEUTRAL • Orlen: 4Q25E results preview (due on 19 February) NEUTRAL • InPost: 4Q25E preview – flattish adjusted EBITDA expected (due on 18 March) NEUTRAL • Enea: 4Q25E preview – 11% EBITDA drop on weaker Generation and Mining (prelims due on 23 March; full due ...
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
INPST INPOST S.A.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
7203 ELM CO
- Oliver Metzger
- Wim Gille
- Oliver Metzger
- Wim Gille
- Research Team
WOOD Daily: BFT PW; ING PW; MBK PW; CAR PW; VGO PW; GEKTERNA GA; DIGI ...
HEADLINES: • Benefit Systems: grow baby, grow! (BUY - transfer of coverage) • ING BSK: 4Q25 results beat; solid DPS guidance; recent share price rally might have consumed part of the upside • mBank: solid 4Q25; rather cautious on the 2026E revenue outlook NEUTRAL • Inter Cars: January sales increase by 4.0% yoy NEGATIVE • VIGO Photonics: 4Q25E results preview – solid yoy adjusted EBITDA improvement expected (due on 16 March) • GEK Terna: seals c.EUR 1bn of Romanian railway projects – positive, b...
- Jovan Sikimic
- Research Team
WOOD Daily: KOMB CP; TPE PW; ENA PW; WPL PW; CZ Macro; MTELEKOM HB; BR...
HEADLINES: • Komercni Banka: neutral 2025 results and DPS; 2026E dividend payout ratio trimmed and no major upside surprise in the 2026E guidance NEUTRAL • Tauron / Enea: URE initiates proceedings over FWRC settlements NEUTRAL • Wirtualna Polska: 4Q25E preview – a weak quarter, with a 10% yoy pro-forma adjusted EBITDA drop expected (due on 24 March) • Czech Republic macro: CNB on hold • Magyar Telekom: 4Q25E preview – 12% yoy EBITDA growth expected (due on 25 February) • BRD-GSG: 4Q25 net profit...
- Research Team
WOOD Daily: SPL PW; Polish media; DVL PW; SNP RO; BELA GA; Turkish aut...
HEADLINES: • Santander BP: posts solid 4Q25 numbers; rebranding costs guidance in line; DPS of PLN 46 seems very feasible NEUTRAL • Polish media: CPS's audience share at 22.30%, while WP TV is at 0.57% in January 2026 NEUTRAL • Develia: management targets for 2026E close to our forecasts NEUTRAL • OMV Petrom: 4Q25 results and dividend proposal NEUTRAL • Jumbo: January sales +8% on easy comps; guiding for 5% sales growth and EUR 310-320m net earnings in 2026E NEUTRAL • Turkish automotive: strong ...
- Research Team
WOOD Daily: PL Banks; CBF PW; VRC PW; SHO PW; TEN PW; MUR PW; MONET CP...
HEADLINES: • Polish banks: still opportunities, if the growth continues (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • cyber_Folks: 4Q25E results preview – 18% yoy organic adjusted EBITDA growth (due on 18 March) • Shoper: 4Q25E results preview – 11% yoy adjusted EBITDA growth (due on 18 March) • Vercom: 4Q25E results preview – 23% yoy adjusted EBITDA growth (due on 18 March) • Ten Square Games: 4Q25E preview – adjusted EBITDA -7% qoq on higher U...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
PPC PUBLIC POWER CORPORATION S.A.
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
R22 R22
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
VRC VERCOM SA
SHO SHOPER SA
MUR2 MURAPOL SA
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: still opportunities, if the growth continues (PKO BP, Ba...
We keep our positive bias on the Polish banks, although the upside is melting away, with the continuous positive share price performance. The upside left for our median 12M PTs lands at 17%+, just enough to keep our marginally positive stance on the sector. The WIG Banks index has returned c.45%+ in the LTM, mostly a function of a multiples expansion, as the 2025E median EPS change was almost zero in the LTM and the 2026E EPS saw a median cut of 10% in the LTM, driven mostly by the change in the...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
- Stamatios Draziotis CFA
- Thaleia Makedou
JUMBO | Jumbonomics v2026: The anatomy of margins
Margins under scrutiny: competition capping upside rather than driving margin debasement – We have received a growing number of questions on whether Jumbo’s gross margin model is structurally at risk as competition intensifies, with Romania in focus following Action’s entry and against a broader backdrop of rising online price transparency. Competitive concerns, however, are not new. Similar fears surfaced in the early 2010s (Amazon threat), yet Jumbo has repeatedly confounded them, delivering g...
- Stamatios Draziotis CFA
- Thaleia Makedou
JUMBO | Jumbonomics v2026: The anatomy of margins
Margins under scrutiny: competition capping upside rather than driving margin debasement – We have received a growing number of questions on whether Jumbo’s gross margin model is structurally at risk as competition intensifies, with Romania in focus following Action’s entry and against a broader backdrop of rising online price transparency. Competitive concerns, however, are not new. Similar fears surfaced in the early 2010s (Amazon threat), yet Jumbo has repeatedly confounded them, delivering g...
- Research Team
WOOD Daily: CPS PW; EME Strategy – OFEs; GPP PW; MIL PW; ING PW; MBK P...
HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...
MBank S.A.: 1 director
A director at MBank S.A. sold 73 shares at 1,051.450PLN and the significance rating of the trade was 51/100. 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 showi...
- Wedbush Research
UBI UBISOFT ENTERTAINMENT SA
WDC WESTERN DIGITAL CORPORATION
VRNS VARONIS SYSTEMS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QLYS QUALYS INC.
PSTG PURE STORAGE INC. CLASS A
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
HURN HURON CONSULTING GROUP INC.
GOOGL ALPHABET INC. CLASS A
FTNT FORTINET INC.
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BIIB BIOGEN INC.
AXTI AXT INC.
NFLX NETFLIX INC.
CDR CD PROJEKT S.A.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
RCKT ROCKET PHARMACEUTICALS
MSFT MICROSOFT CORPORATION
ZG ZILLOW GROUP INC. CLASS A
BKNG BOOKING HOLDINGS INC.
TENB TENABLE HOLDINGS
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PRAX IDEAYA BIOSCIENCES
U PRAXIS PRECISION MEDICINES
TVTX UNITY SOFTWARE
DASH TRAVERE THERAPEUTICS INC
ABNB DOORDASH
PLTK AIRBNB INC. CLASS A
RBLX PLAYTIKA HOLDING
DAWN ROBLOX
FHTX DAY ONE BIOPHARMACEUTICALS INC
STX FOGHORN THERAPEUTICS
APP SEAGATE TECHNOLOGY HLDGS PLC
GFS APPLOVIN CORP
S GLOBALFOUNDRIES INC
RGTI SENTINELONE INC
DDI RIGETTI COMPUTING INC
EMBRAC B DOUBLEDOWN INTERACTIVE CO LTD
CART EMBRACER GROUP AB
RBRK MAPLEBEAR INC.
ORKA RUBRIK INC
ORUKA THERAPEUTICS INC
Digital subscription results of AS Ekspress Grupp for the fourth quart...
Digital subscription results of AS Ekspress Grupp for the fourth quarter of 2025 The total number of digital subscriptions of AS Ekspress Grupp increased by 7% in the Baltic States year-over-year (4th quarter: 5%) and totalled 255 964 at the end of December. The number of digital subscriptions of AS Delfi Meedia that publishes the news portal Delfi, newspapers Maaleht, Eesti Ekspress and several popular magazines increased by 9% year-over-year (4th quarter: 3%) and totalled 124 637.The number of digital subscriptions of AS Õhtuleht Kirjastus, 50% of which is owned by Ekspress Grupp, decrea...
ASi Ekspress Grupp 2025. aasta 4. kvartali digitellimuste tulemused
ASi Ekspress Grupp 2025. aasta 4. kvartali digitellimuste tulemused ASi Ekspress Grupp digitaalsete tellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga Balti riikides kokku 7% (IV kvartalis 5%) ja ulatus detsembri lõpus 255 964-ni. Eestis uudisteportaali Delfi, Maalehte, Eesti Ekspressi ja mitmeid populaarseid ajakirju kirjastava ASi Delfi Meedia digitellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga 9% (IV kvartalis 3%), ulatudes 124 637-ni.50%-liselt Ekspress Grupile kuuluva ASi Õhtuleht Kirjastus digitellimuste hulk kahanes võrreldes eelmise aasta sama perioodiga ...
- Research Team
WOOD Daily: DOM PW; MIL PW; PL Banks; TITC GA; OPAP GA; BELA GA; THYAO...
HEADLINES: • Dom Development: sells 4.4k apartments in 2025, an all-time high POSITIVE • Bank Millennium: to add PLN 487m of FX mortgage saga costs in 4Q25E NEUTRAL • Polish banks: Puls Biznesu on M&A in the Polish banking sector • Titan: Titan America enters agreement to acquire Keystone Cement Company POSITIVE • OPAP: Allwyn merger passes EGM; focus shifts to 9 February exit-right deadline NEUTRAL • Jumbo: 2025 sales +7%, to EUR 1.23bn, as expected; declares EUR 0.50 special DPS NEUTRAL • Turk...
Changes in the Management Board of AS Delfi Meedia
Changes in the Management Board of AS Delfi Meedia The Supervisory Board of AS Delfi Meedia, the subsidiary of AS Ekspress Grupp, decided to elect Karin Vene as a new member of the Management Board until January 6, 2029. Karin Vene will be responsible for managing the company’s new business areas. Starting from January 7, 2026, the Management Board of Delfi Meedia will be as follows: Erik Heinsaar (Chairman of the Board), Erle Laak-Sepp, Tarvo Ulejev, Urmo Soonvald, Piret Põldoja, Sander Maasik and Karin Vene. The CV of Karin Vene is enclosed to the stock exchange release. Delfi Meedia A...
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