reports
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: TXT PW; TEN PW; PL Telecoms; PL Media; JMT PL
HEADLINES: • Text: key takeaways from the 3Q24-25 preliminary earnings call NEGATIVE • Ten Square Games: 4Q24 bookings down by 2% qoq, slight miss vs. our expectations NEUTRAL • Polish telecoms: mobile number portability in 4Q24 NEGATIVE • Polish media: CPS audience share at 22.72%, while WP TV at 0.72% in December 2024 NEUTRAL • Jeronimo Martins: 4Q24E trading update preview – 5% yoy sales growth expected (due on 14 January) NEUTRAL
- Jonathan Lamb
European Oil and Gas Monthly: December 2024
Average crude oil prices changed little in December, after production increases and perceived weakness in demand pushed prices down in November. The WOOD benchmark margin remains above average, despite reaching its lowest level in 2024, after declining by USD 0.7/bbl. Petrochemicals remains in the doldrums, with some product groups marginally better and others marginally worse.
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; TXT PW; SPL PW; DNP PW; ASELS T...
HEADLINES: • EME Macro/Strategy: macro all-in-one (2-5 January) • Text: 3Q24-25 (calendar 4Q24) preliminary results – MRR of USD 7.10m (+0.9% qoq, +9.4% yoy); 927 net LiveChat customers outflow NEGATIVE • Santander Bank Polska: to book PLN 1,174m of FX mortgage saga provisions in 4Q24E NEUTRAL • Dino Polska: 116 new stores added in 4Q24, shopping space +12% yoy POSITIVE • Aselsan: reorganises MGEO division POSITIVE • The Rear-View Mirror – EME markets: positive performances from all indices in D...
- Research Team
The Rear-View Mirror – EME markets: positive performances from all ind...
EME Equity Market – December 2024 A green December. The MSCI EM Europe Index advanced 2.9% in EUR terms and 0.8% in USD terms in December. The Greek ASE Index (+5.5% mom in EUR terms) was the best performer, followed closely by the Czech PX Index (+5.0% mom in EUR terms). Solid performances were also reported by the BET (+2.4% mom), BUX (+2.2% mom) and ISE 30 (+1.5% mom) indices (all in EUR terms). The Polish WIG 20 Index (+0.4% mom in EUR terms) reported a muted performance.
CEZ CEZ AS
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: CEZ CP; WIZZ LN; MBK PW; MBR PW; WPL PW; HUG PW; TEN PW; 1...
HEADLINES: • CEZ: government may try to include support for coal plants in draft gas bill NEUTRAL • Wizz Air: extends compensation agreement with PW until YE26 NEUTRAL • mBank: sees PLN 907m of FX mortgage saga costs in 4Q24E NEUTRAL • Mo-BRUK: update on increased fees in Wałbrzych for 2018 NEUTRAL • Wirtualna Polska: agrees to acquire Invia Group for c.EUR 240m POSITIVE • Huuuge Games: December bookings estimate jumps by 18% mom, to USD 13m POSITIVE • Ten Square Games: December bookings estimat...
CEZ CEZ AS
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
WIZZ WIZZ AIR HOLDINGS PLC
PPA PIRAEUS PORT AUTHORITY S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
TEN TEN SQUARE GAMES
HUGE HUUUGE
IGN1L IGNITIS GRUPE
- Adrian Kowollik
- Research Team
WOOD Daily: TPE PW; 11B PW; KTY PW; KTY PW; Hungary macro; MOL HB; CTP...
HEADLINES: • Tauron: 2025-35 strategy - very ambitious targets, but unrealistic, in our view NEUTRAL • 11 bit studios: decides to discontinue Project 8 NEGATIVE • Kety: preliminary 4Q24 results flat yoy NEUTRAL • Kety: management guidance for 2025E NEGATIVE • Hungary macro: MNB reinforces the hawkish stance • MOL: to acquire additional upstream and infrastructure assets in Hungary NEUTRAL • CTP: buys EUR 155m land plot in Dusseldorf, Germany • Baltic Classifieds Group: CEO sells 4m shares (0.8% ...
- Research Team
- Research Team
WOOD Daily: Greek banks; TPE PW; EME Macro/Strategy
HEADLINES: • Greek banks: government imposes cap on money transfer fees, and new taxes related to real estate and school rebuilding NEGATIVE • Tauron: results of the 2029 capacity market auction NEUTRAL • EME Macro/Strategy: macro all-in-one (9-15 December) • Short News (MBR)
Moody's Ratings affirms KRUK S.A.'s Ba1 corporate family rating, outlo...
Moody's Ratings (Moody's) has today affirmed KRUK S.A.'s (KRUK) Ba1 corporate family rating (CFR) and its Ba2 senior unsecured debt rating. The issuer outlook remains stable. RATINGS RATIONALE The affirmation of the Ba1 CFR reflects several factors, notably a re-assessment of the applicable oper...
- Jonathan Lamb
European Oil and Gas Monthly: November 2024 – gas inventories down, pr...
Perceived weakness in demand brought oil prices lower in November and threatens to push them lower still. OPEC freezing production for another three months may not be enough. For the second month running, the WOOD benchmark margin was close to average, while HELLENiQ’s margins rose and Orlen’s fell. Petrochemicals remains in the doldrums, despite lower oil prices.
- Research Team
WOOD Daily: BCG LN; KTY PW; CDR PW; 11B PW; BFT PW; BDX PW; OPL PW; PG...
HEADLINES: • Baltic Classifieds Group: strong FY 1H25 financial results; conference call takeaways POSITIVE • Kety: Roman Przybylski (current deputy CEO) to become new CEO NEUTRAL • CD Projekt: update on the US class action lawsuit regarding the technical solutions used by GOG NEUTRAL • 11 bit studios: starts marketing campaign for Moonlighter 2 publishing project NEUTRAL • WOOD's Winter Wonderland EME Conference 2024 • 11 bit studios: postcard from Prague • Benefit Systems: postcard from Prague...
CDR CD PROJEKT S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
AKCNS AKCANSA CIMENTO
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PPC PUBLIC POWER CORPORATION S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
TEN TEN SQUARE GAMES
BCG BALTIC CLASSIFIEDS GROUP PLC
GIG GAMING INNOVATION GROUP
- Research Team
WOOD Daily: RO Macro; PL Macro; PGE PW; HU Macro; TL Macro; ACP PW; TX...
HEADLINES: • Romania macro: important comments ahead of the second round of elections • Poland macro: NBP extends the pause • PGE: CEO comments on strategy, coal assets and nuclear power plant NEUTRAL • Hungary macro: Magyar aims to unlock EU funds and enter the Eurozone • Türkiye macro: November inflation shows key challenge remains in food prices • WOOD's Winter Wonderland EME Conference 2024 • Asseco Poland: postcard from Prague • Text: postcard from Prague • Aquila Part Prod Com S.A.: postca...
- Research Team
WOOD Daily: PL Utilities; GPP PW; PZU PW; HU Macro; 4IG HB; CPS PW; WP...
HEADLINES: • Polish utilities: with coal, through thick and thin (Enea (HOLD), PGE (SELL) and Tauron (HOLD) - transfer of coverage) • Grupa Pracuj: volume rebound expected in 2025E (upgraded to BUY) • PZU: strong profits and attractive shareholder returns implied by 2025-27E strategy update POSITIVE • Hungary macro: MNB nominations and opinion polls swings • 4iG: 3Q24 conference call takeaways NEUTRAL • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.26%, while WP TV at 0.69% in Novemb...
- 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
- Bram Buring
- CFA
- Jakub Bronicki
Polish Utilities: with coal, through thick and thin (Enea (HOLD), PGE ...
Following a change in analyst responsibilities, we transfer coverage, and update our forecasts and outlook, of the Polish utilities, due to the recent (non) development of the coal carve out. In view of: 1) Enea’s recent strategy update, assuming coal generation within the group until 2035E; 2) Tauron’s comments on “being prepared” for no carve out; and 3) with no dedicated funds in the 2025 budget to finance the plan, we do not see a carve out happening soon. While we do not rule it out, the ch...
- Research Team
WOOD Daily: RO Macro; 4IG HB; GEKTERNA GA; KZ Macro; CBF PW; SHO PW; T...
HEADLINES: • Romania macro: parliamentary elections deliver relative victory to pro-EU parties • 4iG: 3Q24 results review – 14% yoy increase in reported EBITDA, in line with our estimate NEUTRAL • GEK Terna: 3Q EBITDA +13% yoy, slightly above expectations POSITIVE • Kazakhstan macro: NBK hikes by 100bps • cyber_Folks/Shoper: key takeaways from the call on the Shoper stake acquisition POSITIVE • Tauron: 3Q24 conference call highlights NEUTRAL • MOL: to divest its stake in its synthetic rubber bus...
- Research Team
WOOD Daily: PZU PW; CBF PW; SHO PW; DUNAHOUS HB; KAP LI; TPE PW; GE Ma...
HEADLINES: • PZU: newswires drop a bomb just before company's strategic update – Bank Pekao may buy a 32% stake in Alior from PZU • cyber_Folks: concludes preliminary agreement to purchase a 49.9% stake in Shoper for a total of PLN 547.5m NEUTRAL • Shoper: preliminary agreement for the sale of 49.9% of SHO's shares to cyber_Folks at PLN 39/share NEUTRAL • Duna House: 3Q24 results – a good set of numbers POSITIVE • Kazatomprom: 3Q24 results beat expectations POSITIVE • Tauron: full 3Q24 results i...
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