reports
- Ahmed Ben Salem
- Bruno Cavalier
FP TOTAL SE
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
TLX TALANX AG
01913 PRADA S.P.A.
LPP LPP S.A.
MONC MONCLER SPA
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Ahmed Ben Salem
- Bruno Cavalier
FP TOTAL SE
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
TLX TALANX AG
01913 PRADA S.P.A.
LPP LPP S.A.
MONC MONCLER SPA
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Bruno Cavalier
- Jerôme Bodin
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
POM PLASTIC OMNIUM SE
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
GBT GUERBET SA
KER KERING SA
01913 PRADA S.P.A.
LPP LPP S.A.
FDR FLUIDRA S.A.
MONC MONCLER SPA
BRNL BRUNEL INTERNATIONAL N.V.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MAU ETABLISSEMENTS MAUREL & PROM SA
ATRY ATRYS HEALTH
HGEA HGEARS AG
- Jean Danjou
- Jean Danjou
- Jerôme Bodin
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
PSM PROSIEBENSAT.1 MEDIA SE
IPH INNATE PHARMA SA CLASS A
NTG NETGEM SA
LNA LNA SANTE SA
GBT GUERBET SA
VOE VOESTALPINE AG
ALCAR CARMAT SA
ACX ACERINOX SA
TRI TRIGANO SA
FR VALEO SE
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
QDT QUADIENT SA
POS PORR AG
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
CIE CIE AUTOMOTIVE S.A.
MONT MONTEA SCA
SLIGR SLIGRO FOOD GROUP N.V.
KTCG KAPSCH TRAFFICCOM
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SEFER SERGEFERRARI GROUP SA
ALBFR SIDETRADE SA
FYB FORMYCON AG
SMHN SUESS MICROTEC AG
FACC FACC AG
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
JST JOST WERKE AG
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
UMI UMICORE
GEST GESTAMP AUTOMOCION S.A.
2CRSI 2CRSI SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALCUR ARCURE SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FAST FASTNED
ALAFY AFYREN
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
LHYFE LHYFE S.A.
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
IOS IONOS GROUP SE
TUI TUI AG
DSFIR KONINKLIJKE DSM N.V.
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Jerôme Bodin
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
PSM PROSIEBENSAT.1 MEDIA SE
IPH INNATE PHARMA SA CLASS A
NTG NETGEM SA
LNA LNA SANTE SA
GBT GUERBET SA
VOE VOESTALPINE AG
ALCAR CARMAT SA
ACX ACERINOX SA
TRI TRIGANO SA
FR VALEO SE
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
QDT QUADIENT SA
POS PORR AG
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
CIE CIE AUTOMOTIVE S.A.
MONT MONTEA SCA
SLIGR SLIGRO FOOD GROUP N.V.
KTCG KAPSCH TRAFFICCOM
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SEFER SERGEFERRARI GROUP SA
ALBFR SIDETRADE SA
FYB FORMYCON AG
SMHN SUESS MICROTEC AG
FACC FACC AG
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
JST JOST WERKE AG
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
UMI UMICORE
GEST GESTAMP AUTOMOCION S.A.
2CRSI 2CRSI SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALCUR ARCURE SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FAST FASTNED
ALAFY AFYREN
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
LHYFE LHYFE S.A.
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
IOS IONOS GROUP SE
TUI TUI AG
DSFIR KONINKLIJKE DSM N.V.
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Philip Hettich
- 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 Department
IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENDESA, OHLA, REPSOL, SANTANDER. IBEX unable to break through 13,500 points It was a cautious session with profit taking in Europe, where the geopolitical (Middle East and Ukraine) and tariff situation (they would go into force next week) curbed the advances. In the STOXX 600, most sectors (13 of 20) closed with losses, led by Autos and Technology vs. Energy and Utilities, which were the biggest winners. On the macro side, in the UK both general (2.8% YoY) and core inflation (3.5...
- Atinc Ozkan
- Piotr Raciborski
- CFA
Orange Polska: strategy focused on growth (stays BUY)
We reiterate our BUY on Orange Polska (OPL) and raise our 12-month price target (PT) to PLN 10.40/share, from PLN 9.91, implying 16% upside potential. Despite our current preference for more cyclical high-beta names, we continue to see Orange Polska as one of the safest defensive bets among the Polish blue chips, offering stable growth and relatively attractive dividend yields in the mid-term (c.6-7% in 2025-26E, on our estimates). The equity story has become even clearer now that the 700MHz auc...
- Research Department
INFORME DIARIO 27 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, OHLA, REPSOL, SANTANDER. EUROPA: SECTOR AUTOS. El Ibex no consigue perforar los 13.500 Jornada de cautela con recogida de beneficios en Europa, donde la situación geopolítica (Oriente Medio y Ucrania) y los aranceles (entrarían en vigor la semana que viene penalizaron los avances). En el STOXX 600, la mayoría de los sectores (13 de 20) cerraron con pérdidas, liderados por Autos y Tecnología frente a Energía y Utilities que presentaron las m...
- Research Team
WOOD Morning (26 March 2025)
HEADLINES: • Warsaw Stock Exchange: strong delivery in 4Q24, due mainly to the lower costs booked POSITIVE • CD Projekt: 4Q24 EBIT 7% above our forecast; The Witcher 4 to be released after 2026E NEUTRAL • KazMunayGas: 4Q24 results – below expectations NEGATIVE • Ten Square Games: earnings call takeaways – focus on flagship games’ monetisation improvement in 2Q25E NEUTRAL • Wirtualna Polska: key takeaways from the 4Q24 earnings call NEUTRAL • Eurowag: takeaways from the 2H24 earnings call NEUTRAL...
- Research Team
WOOD Daily: WPL PW; ALR PW; TEN PW; WPS LN; PL Retail; CEZ CP; PL Macr...
HEADLINES: • Wirtualna Polska: 4Q24 results review – adjusted EBITDA up 17% yoy, 8% above the consensus POSITIVE • Alior Bank: 2027E targets – PLN 2.6bn of net profit; ROE above 18%; payout ratio above 50% POSITIVE • Ten Square Games: mixed newsflow – solid 4Q24 adjusted EBITDA, strong dividend recommendation, but disappointing trading update POSITIVE • Eurowag: 2H24 operating results in line, special dividend announced NEUTRAL • Polish retail: Zabka's 4Q24 below the consensus NEGATIVE • CEZ: up...
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
CCL CARNIVAL PLC
LPP LPP S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Bruno Cavalier
- Michael B. Schäfer
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
TIETO TIETOEVRY OYJ
LPP LPP S.A.
PAT PATRIZIA AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FPE3 FUCHS PETROLUB SE
DSPW DOOSAN SKODA POWER A.S.
HBX HBX GROUP INTERNATIONAL PLC
- Bruno Cavalier
- Michael B. Schäfer
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
TIETO TIETOEVRY OYJ
LPP LPP S.A.
PAT PATRIZIA AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FPE3 FUCHS PETROLUB SE
DSPW DOOSAN SKODA POWER A.S.
HBX HBX GROUP INTERNATIONAL PLC
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MUV2 MUNICH REINSURANCE COMPANY
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
01913 PRADA S.P.A.
CCL CARNIVAL PLC
LPP LPP S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Jean Danjou
- Jean Danjou
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