reports
- Research Team
WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RB...
HEADLINES: • Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL • DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL • Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE • PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE • Tauron: 4Q25 conference call takeaways NEUTRAL • Wirtualna Polska: announces tender to acquire own...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Carole Braudeau
- Carole Braudeau
- Research Team
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
UTDI UNITED INTERNET AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
NEM NEMETSCHEK SE
RAA RATIONAL AG
SQN SWISSQUOTE GROUP HOLDING AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DRI 1&1 DRILLISCH AG
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
UTDI UNITED INTERNET AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
NEM NEMETSCHEK SE
RAA RATIONAL AG
SQN SWISSQUOTE GROUP HOLDING AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DRI 1&1 DRILLISCH AG
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
- Research Team
WOOD Daily: JMT PL; RBW PW; 11B PW; OPTIMA GA; ACAG GA
HEADLINES: • Jeronimo Martins: miss in 4Q25 on other financial costs; flat yoy capex guidance for 2026E, DPS proposal yields 3% NEUTRAL • Rainbow Tours: impact of the geopolitical situation in the Middle East on operations NEUTRAL • 11 bit studios: 4Q25E preview – EBITDA to decline by 32% qoq (due on 20 April) • Optima Bank SA: non-binding EUROXX Securities offer worth up to EUR 65.5m NEUTRAL • Austriacard: 2025E preview (due on 23 March)
- Benoit Valleaux
- Steven Gould
- Benoit Valleaux
- Steven Gould
- Adrian Kowollik
- Benoit Valleaux
- Steven Gould
- Benoit Valleaux
- Steven Gould
- Carole Braudeau
- Martial Descoutures
BKW BKW AG
RNO RENAULT SA
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
RHM RHEINMETALL AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BNTX BIONTECH SE
CPR DAVIDE CAMPARI-MILANO N.V.
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
CVC CVC CAPITAL PARTNERS PLC
- Carole Braudeau
- Martial Descoutures
BKW BKW AG
RNO RENAULT SA
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
RHM RHEINMETALL AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BNTX BIONTECH SE
CPR DAVIDE CAMPARI-MILANO N.V.
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
CVC CVC CAPITAL PARTNERS PLC
- Research Team
WOOD Daily: MDV PW; BDX PW; CBF PW; SHO PW; VRC PW; PGE PW; RBW PW; OT...
HEADLINES: • Modivo Group: the role of a serial disruptor is never easy (stays BUY) • Budimex: built on solid ground, priced for perfection (HOLD - transfer of coverage) • Budimex: 4Q25 conference highlights NEUTRAL • cyber_Folks / Shoper: key takeaways from the 4Q25 earnings call POSITIVE • Vercom: key takeaways from the 4Q25 earnings call POSITIVE • PGE: PLN 12.1bn loan impairment recognised in stand-alone accounts NEGATIVE • Rainbow Tours: summer 2026E season pre-sales accelerate to +10.9% yo...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI 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
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP 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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
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
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
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