reports
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Research Team
WOOD Daily: Polish banks; CGEO LN; Czech Republic macro; InPost/Shoper...
HEADLINES: • Polish banks: Finance Ministry mulls levy on obligatory reserve interest revenues NEGATIVE • Georgia Capital: sells 20% stake in water utility for USD 70.4m POSITIVE • Czech Republic macro: CNB on hold • InPost/Shoper: InPost Pay records 8.5m users, and operates in over 2.5k online stores NEUTRAL • Metlen: launches tender share exchange offer from Metlen SA to Metlen PLC, as part of the planned LSE listing NEUTRAL
National Bank Of Greece: 3 directors
Three Directors at National Bank Of Greece sold after exercising options/sold 12,562 shares at between 10.710EUR and 11.030EUR. The significance rating of the trade was 59/100. 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 ...
- Research Team
WOOD Daily: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...
HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)
- Research Team
- Research Team
- Andreas Souvleros
- CFA
GREEK BANKS | Recharged by results, lifted by M&A
Q1 results spark 6% outperformance in Greek banks, led by Alpha – Q1 results triggered an 6% outperformance of Greek banks vs their EU periphery peers (and 8% vs SX7E), led by Alpha Bank (+27% since 28 Apr), followed by Optima (+22%), NBG (+14%), Piraeus (+13%), and Eurobank (+10%). The rally was earnings-driven—Alpha (+24% vs cons) and NBG (+17%) delivered standout beats—while Alpha’s momentum was further fuelled by the Astrobank and AXIA bolt-ons and, primarily, by the UniCredit stake increase...
- Andreas Souvleros
- CFA
GREEK BANKS | Recharged by results, lifted by M&A
Q1 results spark 6% outperformance in Greek banks, led by Alpha – Q1 results triggered an 6% outperformance of Greek banks vs their EU periphery peers (and 8% vs SX7E), led by Alpha Bank (+27% since 28 Apr), followed by Optima (+22%), NBG (+14%), Piraeus (+13%), and Eurobank (+10%). The rally was earnings-driven—Alpha (+24% vs cons) and NBG (+17%) delivered standout beats—while Alpha’s momentum was further fuelled by the Astrobank and AXIA bolt-ons and, primarily, by the UniCredit stake increase...
Metlen Energy & Metals S.A: 1 director
A director at Metlen Energy & Metals S.A sold 4,391 shares at 45.026EUR and the significance rating of the trade was 65/100. 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 yea...
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
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.
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
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
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
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.
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
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
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
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Stamatios Draziotis CFA
OPAP | First thoughts: Robust and in line; toughening comps ahead
In line quarter; comps to get tougher in H2 – OPAP has reported results in line with our projections delivering 8% revenue growth (to €595m) and 9% higher EBITDA (to €207m). In general, Q1 looks in symphony with the recent experience, namely strong online growth (+20%, powered by Stoiximan) and healthy retail (+4%). Across the verticals, betting (+13%, helped by strong sports margins) and online casino (+20%) stood out. We remind that the quarter benefited from favourable sports results and the ...
- Stamatios Draziotis CFA
OPAP | First thoughts: Robust and in line; toughening comps ahead
In line quarter; comps to get tougher in H2 – OPAP has reported results in line with our projections delivering 8% revenue growth (to €595m) and 9% higher EBITDA (to €207m). In general, Q1 looks in symphony with the recent experience, namely strong online growth (+20%, powered by Stoiximan) and healthy retail (+4%). Across the verticals, betting (+13%, helped by strong sports margins) and online casino (+20%) stood out. We remind that the quarter benefited from favourable sports results and the ...
- Andreas Souvleros
- CFA
GREEK BANKS | Strong Q1 Delivery, Valuation Still Stuck in Catch-Up Mo...
Q1 Results Beat Estimates – Greek banks kicked off 2025 with a strong set of Q1, reporting net profits of €1.26bn, down just 4% qoq but coming in 5% above our expectations and 8% ahead of consensus, with Alpha Bank and NBG leading the beat (24% and 17% vs cons, respectively). Results were supported by resilient NII (in line), tight cost control (OpEx slightly below), and a solid trading line beat. Credit quality remained stable, with average CoR broadly in line at c50bps. Sector-wide NII fell 5%...
- Andreas Souvleros
- CFA
GREEK BANKS | Strong Q1 Delivery, Valuation Still Stuck in Catch-Up Mo...
Q1 Results Beat Estimates – Greek banks kicked off 2025 with a strong set of Q1, reporting net profits of €1.26bn, down just 4% qoq but coming in 5% above our expectations and 8% ahead of consensus, with Alpha Bank and NBG leading the beat (24% and 17% vs cons, respectively). Results were supported by resilient NII (in line), tight cost control (OpEx slightly below), and a solid trading line beat. Credit quality remained stable, with average CoR broadly in line at c50bps. Sector-wide NII fell 5%...
- 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
WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
MOL MOL NYRT
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Stamatios Draziotis CFA
Jumbo | Jumbonomics v2025: from soft landing to margin tailwinds
FY24 as resilient as could be given multiple headwinds… – 2024 left us with mixed feelings, with Jumbo delivering just 4% adj. EBITDA and c3% adj. EPS growth on 6.3% sales growth, due to mild gross margin compression and cost deleveraging from new capacity (c0.7pps increase in opex/sales). That said, the actual performance eclipsed the overly cautious message echoed by mgt last summer (flat net income), validating the resilience of the business model. FCF was weaker than our expectation due to ...
- Stamatios Draziotis CFA
Jumbo | Jumbonomics v2025: from soft landing to margin tailwinds
FY24 as resilient as could be given multiple headwinds… – 2024 left us with mixed feelings, with Jumbo delivering just 4% adj. EBITDA and c3% adj. EPS growth on 6.3% sales growth, due to mild gross margin compression and cost deleveraging from new capacity (c0.7pps increase in opex/sales). That said, the actual performance eclipsed the overly cautious message echoed by mgt last summer (flat net income), validating the resilience of the business model. FCF was weaker than our expectation due to ...
- 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: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
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