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Motor Oil (Hellas) Corinth Refineries S.A. : 1 director

A director at Motor Oil (Hellas) Corinth Refineries S.A. bought 3,000 shares at 19.000EUR and the significance rating of the trade was 56/100. 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 ov...

Research Team
  • Research Team

WOOD Daily: MTELEKOM HB; DAT PW; LPP PW; TXT PW; CZG CP; EU Oil and Ga...

HEADLINES: • Magyar Telekom: regulatory risk outweighs the growth story (downgraded to HOLD) • DataWalk: actual 4Q24 figures in line with the prelims; strong hikes in sales funnel and value of acquired contracts in 1Q25 POSITIVE • LPP: key takeaways from 4Q24 and the strategy update presentation POSITIVE • Text: key takeaways from the 4Q24-25 preliminary earnings call NEUTRAL • Colt CZ Group SE: management's initial comment on US tariffs NEGATIVE • European oil and gas monthly: March 2025 – refi...

Research Team
  • 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.

BRE MBANK SA
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
Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

METLEN Energy & Metals | London calling, with €2bn EBITDA in sight; To...

Capital Markets Day in April to set the tone… – Following another year of sequentially improved results, with FY’24 EBITDA reaching €1.08bn (+8% yoy), 2025 looks poised to be a pivotal year for Metlen, with major announcements expected at the CMD on 28th April, ahead of its planned LSE listing in early Q3’25. During the event, mgmt will unveil the updated 2025-2028 strategy and outline the organic drivers that will lead to the ambitious €2bn EBITDA implied target by 2028 (CAGR: 17%). The above, ...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

METLEN Energy & Metals | London calling, with €2bn EBITDA in sight; To...

Capital Markets Day in April to set the tone… – Following another year of sequentially improved results, with FY’24 EBITDA reaching €1.08bn (+8% yoy), 2025 looks poised to be a pivotal year for Metlen, with major announcements expected at the CMD on 28th April, ahead of its planned LSE listing in early Q3’25. During the event, mgmt will unveil the updated 2025-2028 strategy and outline the organic drivers that will lead to the ambitious €2bn EBITDA implied target by 2028 (CAGR: 17%). The above, ...

Metlen Energy & Metals S.A: 2 directors

Two Directors at Metlen Energy & Metals S.A sold 10,000 shares at between 40.900EUR and 42.360EUR. The significance rating of the trade was 66/100. 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 director...

Research Team
  • 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...

Research Team
  • Research Team

WOOD Daily: PL Banks; DAT PW; TL Macro; EME Macro/Strategy Weekly; GTC...

HEADLINES: • Polish banks: Financial Stability Committee mentions sanction of free credit risk for consumer loans portfolio NEGATIVE • DataWalk: preliminary 4Q24 results – sales up 19% yoy, to PLN 9.09m POSITIVE • Türkiye macro: putting the CBRT’s emergency rate hike into context • EME Macro/Strategy: macro all-in-one (17-23 March) • GTC: solvency of controlling investor in question, after State Audit Office of Hungary's report • Banca Transilvania: dividend proposal from the 2024 profits NEUTRA...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...

EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.

BRE MBANK SA
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
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
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS 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.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
Research Team
  • Research Team

WOOD Daily: WIZZ LN; GSPARK HB; MOL HB; NLBR SV; MYTIL GA; AKCNS TI; T...

HEADLINES: • Wizz Air: knocked out, beat down, black and blue (stays BUY) • Graphisoft Park: 4Q24 results, and another strong year • MOL: 4Q24 results below expectations, posts a net loss NEGATIVE • NLB Group: bottom-line miss in 4Q24, but equity story remains intact NEUTRAL • Metlen Energy & Metals: 2024 EBITDA +7%, to EUR 1.1bn, as expected NEUTRAL • Akcansa: proposed dividend almost in line with our estimate NEUTRAL • Piraeus Financial Holdings: 4Q24E preview (due on 24 February) NEUTRAL • Gr...

Research Team
  • Research Team

WOOD Daily: BFT PW; GE Macro; BIMAS TI; OPAP GA; MYTIL GA; WPL PW; SNP...

HEADLINES: • Benefit Systems: 4Q24 headline profit a touch below forecasts, due to the accelerated recognition of the incentive plan POSITIVE • Georgia macro: insights on a Ukraine deal spillover to Georgia • BIM: Competition Authority imposes administrative fine of TRY 1,296m NEGATIVE • OPAP: Greek gaming market +6% yoy in December and 11% in 2024 POSITIVE • Metlen Energy & Metals: reaches 11-year bauxite supply/alumina offtake agreement with Rio Tinto POSITIVE • Wirtualna Polska: announces ten...

Research Team
  • Research Team

WOOD Daily: MOL HB; TOASO TI; OPL PW; ADNOCDRI UH; TBCG LN; ISCTR TI; ...

HEADLINES: • MOL: there’s gain in the mundane (stays BUY) • Tofas: very weak set of results in 4Q24 NEGATIVE • Orange Polska: 4Q24 – EBITDAaL up 7% yoy, 6% above the consensus; 2025E guidance in line with expectations POSITIVE • ADNOC Drilling: 4Q24 results beat expectations POSITIVE • TBC Bank: 4Q24 results and conference call • Isbank: 4Q24 results and 2025E guidance highlights NEUTRAL • Medicover: takeaways from the 4Q24 earnings call • 11 bit studios: delays release of The Alters NEGATIVE • ...

Research Team
  • Research Team

WOOD Daily: CCC PW; ADNOCDIS UH; RO Macro; PL Macro; MYTIL GA; CAR PW;...

HEADLINES: • CCC: preliminary 4Q24 EBITDA beats our and the market's expectations by c.20% POSITIVE • ADNOC Distribution: 4Q24 results and dividend proposal NEUTRAL • Romania macro: update on the political and fiscal situation • Poland macro: PM Tusk signals shift of policy focus • Metlen Energy & Metals: Canadian Fairfax officially raises stake to 6.4%, as expected NEUTRAL • Inter Cars: January sales growth at 9% yoy NEUTRAL • Budimex: 4Q24E preview – strong gross margin, but headlines down, as...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: starting 2025 on the right foot

EME Equity Market – January 2025 The markets entered 2025 on the right foot. The MSCI EM Europe Index advanced by 7.7% in EUR terms and 8.4% in USD terms in January. The Polish WIG20 was the best performer (+12.7% mom), followed by the Hungarian BUX and Czech PX indices (+8.9% mom and +6.2% mom, in EUR terms, respectively). There was also a very solid performance from the Greek ASE Index (+5.4% mom in EUR terms), but more muted performances from the Romanian BET and Turkish ISE 30 indices (+1.6%...

Andreas Souvleros ... (+7)
  • Andreas Souvleros
  • CFA
  • Christiana Armpounioti
  • Marios Bourazanis
  • Natalia Svyriadi
  • Nikos Athanasoulias CFA
  • Stamatios Draziotis CFA

Greek Equity Strategy – 2025 outlook | Almost same story, different ye...

Repeat of 2024, with different headwinds – Following a year in which Greek equities performed broadly in line with EU periphery stocks (but better than broad EU indices), 2025 looks somewhat trickier given international headwinds (e.g. tariffs, geopolitics). Easing monetary policy is certainly a positive, in the sense that it could justify higher valuations, but the overriding driver of re-rating would be a resolution of the war in Ukraine, as is the case for the EU as a whole. On the positive s...

Andreas Souvleros ... (+7)
  • Andreas Souvleros
  • CFA
  • Christiana Armpounioti
  • Marios Bourazanis
  • Natalia Svyriadi
  • Nikos Athanasoulias CFA
  • Stamatios Draziotis CFA

Greek Equity Strategy – 2025 outlook | Almost same story, different ye...

Repeat of 2024, with different headwinds – Following a year in which Greek equities performed broadly in line with EU periphery stocks (but better than broad EU indices), 2025 looks somewhat trickier given international headwinds (e.g. tariffs, geopolitics). Easing monetary policy is certainly a positive, in the sense that it could justify higher valuations, but the overriding driver of re-rating would be a resolution of the war in Ukraine, as is the case for the EU as a whole. On the positive s...

Research Team
  • Research Team

WOOD Daily: KRU PW; MYTIL GA; PL Macro; PEO PW; HUG PW; GPP PW; GPP PW...

HEADLINES: • Kruk: 2025-29E strategy – ambitious, and sees further growth of earnings, assisted by high ROEs POSITIVE • Metlen Energy & Metals: EUR 0.3bn capex plan to boost alumina capacity by 50% and produce gallium as well POSITIVE • Poland macro: NBP keeps rates unchanged, as expected • Bank Pekao: to add PLN 370m of FX mortgage provision charges, shielded by PLN 103m of deferred tax asset recognition; positive change in NPL stock NEUTRAL • Huuuge Games: USD 3.5m impairment of investment in ...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

GREEK ENERGY | Greek Power Play Handbook: 2025 Edition

Charging in a new era; Prefer power companies over refineries – The Greek energy market underwent structural shifts in 2024, with disruptions in Eastern Europe driving high intraday volatility in electricity prices, which is likely to persist as long as Greece remains a net electricity importer. Since regulatory interventions were lifted in 2024, power generation units saw a step-up in their spark spreads, capturing 2-digit premia vs baseload prices amidst daily price spikes, while the retail ma...

Nikos Athanasoulias CFA
  • Nikos Athanasoulias CFA

GREEK ENERGY | Greek Power Play Handbook: 2025 Edition

Charging in a new era; Prefer power companies over refineries – The Greek energy market underwent structural shifts in 2024, with disruptions in Eastern Europe driving high intraday volatility in electricity prices, which is likely to persist as long as Greece remains a net electricity importer. Since regulatory interventions were lifted in 2024, power generation units saw a step-up in their spark spreads, capturing 2-digit premia vs baseload prices amidst daily price spikes, while the retail ma...

Public Power Corp S.A.: 1 director

A director at Public Power Corp S.A. sold 2,500 shares at 12.470EUR and the significance rating of the trade was 52/100. 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 c...

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