reports
- Research Team
WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...
HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...
MIL BANK MILLENNIUM SA
CCC CCC SA
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
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
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
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
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI
HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...
- 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.
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
- 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...
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
ENA ENEA S.A.
PPC PUBLIC POWER CORPORATION S.A.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
CZG CESKA ZBROJOVKA GROUP
IGN1L IGNITIS GRUPE
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: BFT PW; JMT PL; OPAP GA; TPE PW; TL Macro; ALE PW; INPST N...
HEADLINES: • Benefit Systems: pumping iron (stays BUY) • Jeronimo Martins: small beat in 4Q24, Biedronka margin erosion slows down; tough market environment continues in 2025 POSITIVE • OPAP: the beat goes on, in 4Q24 POSITIVE • Tauron: preliminary 4Q24 EBITDA 45% above our estimate, on strong Generation and Distribution, and lower loss in Supply POSITIVE • Türkiye macro: assessment of recent political events • Allegro vs. InPost: our take on the companies' two calls • cyber_Folks / Shoper: key ...
- Research Team
- Stamatios Draziotis CFA
OPAP | Cashing in, moving to Hold
Strong play, but limited new aces up its sleeve, for now – OPAP shares have had a robust start to 2025 returning c11% ytd, fueled by a strong H2’24 operational performance driven by both recurring (strong online/sports betting trends) and non-recurring (e.g. jackpot rollovers) factors. Although the better execution is set to lead FY24 EBITDA c2% above our previous projection and >4% above the upper end of mgt expectations (€750-770m guided range), it also sets a high bar for 2025. The year does ...
- Stamatios Draziotis CFA
OPAP | Cashing in, moving to Hold
Strong play, but limited new aces up its sleeve, for now – OPAP shares have had a robust start to 2025 returning c11% ytd, fueled by a strong H2’24 operational performance driven by both recurring (strong online/sports betting trends) and non-recurring (e.g. jackpot rollovers) factors. Although the better execution is set to lead FY24 EBITDA c2% above our previous projection and >4% above the upper end of mgt expectations (€750-770m guided range), it also sets a high bar for 2025. The year does ...
- 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.
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
WOOD Daily: OPAP GA; ASELS TI; MTELEKOM HB; NRP NA; BGEO LN; BDX PW; H...
HEADLINES: • OPAP: strong momentum (stays BUY) • Aselsan: strong 4Q24 results and upbeat FY25E outlook POSITIVE • Magyar Telekom: 4Q24E results review – EBITDA +17% yoy, in line with the consensus; solid 2025E guidance and dividend recommendation POSITIVE • Magyar Telekom: prepares for separation of its passive mobile POSITIVE • NEPI Rockcastle: 2H24 – strong performance continues • Lion Finance Group PLC: 4Q24 results highlights POSITIVE • Budimex: 4Q24 prelims in line with the January guidance...
- George Grigoriou
- Lukasz Wachelko
- CFA
OPAP: strong momentum (stays BUY)
We have updated our earnings estimates for OPAP, ahead of next month’s 4Q/FY24E results release. Based on the Hellenic Gaming Commission’s (HGC) recently-released figures, 2024 ended on a very strong footing, with gross gaming revenues (GGRs) up 13% yoy in 4Q24, thus driving the total for the year higher, by 11%. Following this, we have lifted our 2024E top-line/EBITDA forecasts by 2%/3%, standing ahead of both management’s guidance and the consensus expectations. We have also increased our pric...
- 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...
- Kate Heseltine
OPAP - Winning strategy
OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported by exclusive prepaid licences. To complement these activities, OPAP has developed a strong presence in the regulated online markets, where, by definition, there is greater competition. Management’s strategy is to grow its customer interactions in both the online and offline worlds, through a combination of rejuvenating its older games and devel...
- Research Team
The Rear-View Mirror – EME markets: Turkiye rebounds, Romania declines
EME Equity Market – November 2024 Rebound in Türkiye, Romania hammered. The MSCI EM Europe Index advanced 3.8% in EUR terms and 1.0% in USD terms in November. The Turkish ISE30 recouped the losses of the previous month, adding 10.4% mom in EUR terms. The Hungarian BUX added 4.3% mom in EUR terms, followed by the PX (+2.9% mom), the ASE (+0.8% mom) and the WIG (+0.8% mom) (all in EUR terms). Following the first round of presidential elections, and the polemic and uncertainty that ensued, the BET ...
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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
GTC GLOBE TRADE CENTRE S.A.
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.
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
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
9526 ARABIAN DRILLING CO.
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
TRESTATES AQUILA PART PROD COM
AIRA TRADE ESTATES REIC SA
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
BANK OF CYPRUS
- Research Team
WOOD Morning (21 November 2024)
HEADLINES: • PZU: 3Q24 not as weak as feared – once the special claims end, should deliver a very strong profitability profile POSITIVE • Cyfrowy Polsat: 3Q24 results review – adjusted EBITDA up 13% yoy, 2% above our estimate POSITIVE • Grupa Pracuj: 3Q24 results – adjusted EBITDA up 8% yoy, 3% above our forecast and 6% above the consensus POSITIVE • OPAP: 3Q24 earnings beat expectations, as EBITDA jumps 24% yoy POSITIVE • Motor Oil Hellas: 3Q24 results – CCS EBITDA in line NEUTRAL • Elbit Syste...
- Stamatios Draziotis CFA
OPAP | First thoughts: Impeccable results, guidance raised to the uppe...
Q3 adj. EBITDA +24% yoy, c12% above our estimates on strong revenues; FY24 EBITDA to settle to the upper end, as per mgt – OPAP has reported a very strong Q3, growing revenues +18% yoy, thanks to easy comps, Joker jackpot and strong online (+36%) coupled with the normalization of costs which were frontloaded to H1’24 (non variable opex -11% yoy in Q3). These led EBITDA to an impressive +24% increase yoy on an adjusted basis (€213m), or +47% on a reported basis (Q3’23 weighed down by provisions)....
- Stamatios Draziotis CFA
OPAP | First thoughts: Impeccable results, guidance raised to the uppe...
Q3 adj. EBITDA +24% yoy, c12% above our estimates on strong revenues; FY24 EBITDA to settle to the upper end, as per mgt – OPAP has reported a very strong Q3, growing revenues +18% yoy, thanks to easy comps, Joker jackpot and strong online (+36%) coupled with the normalization of costs which were frontloaded to H1’24 (non variable opex -11% yoy in Q3). These led EBITDA to an impressive +24% increase yoy on an adjusted basis (€213m), or +47% on a reported basis (Q3’23 weighed down by provisions)....
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: OPAP GA (reinitiating with a BUY); THYAO TI; AEGN GA; RICH...
HEADLINES: • OPAP: licence to yield (reinitiating coverage with a BUY) • Turkish Airlines: 3Q24 traffic - ASK up 5% yoy NEUTRAL • Aegean Airlines: 3Q24 traffic - ASK down 1% yoy NEUTRAL • Richter: licences in a new biosimilar candidate from China’s Bio-Thera POSITIVE • Eurocash: creates a purchase group POSITIVE • Dom Development: advance dividend of PLN 6.0/share POSITIVE • Orange Polska: 3Q24E – 1% yoy EBITDAaL growth expected (due on 23 October) • Short News (CPS, BOCHGR)
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