Turnaround is distant, but shares are overly punished

We have significantly reduced our forecasts following Wizz Air’s early June financial report, which fell short of expectations. Moreover, the company published guidance for next year that also came in below expectations for key performance indicators. The stock’s poor performance comes as no surprise, as a growing number of investors are questioning the credibility and preparedness of the management. We have lowered our target price from 22.1 GBP to 17.0 GBP, while maintaining our Buy recommenda...

WOOD Daily: WIZZ LN; ARCLK TI; SOLUTION AB; Shoper/cyber_Folks

HEADLINES: • Wizz Air: slower growth could help medium-term margins (stays BUY) • Arçelik: operating performance recovery masked by the higher-than-expected loss on the bottom line NEGATIVE • Solutions by STC: 2Q25 financial results review NEUTRAL • Shoper/cyber_Folks: MCI’s stake in IAI to be sold to Montagu Private Equity

Wizz Air: slower growth could help medium-term margins (stays BUY)

Following the recalibration of Wizz Air’s strategy, we have tried to capture some of the changes ahead, in our revised figures. The pivot towards slower growth and refocusing on CEE could support margins over the medium term. The near-term dynamics remain challenging, however. Wizz is still likely to grow 15-20% this winter, which, given seasonally-low demand, may pressure margins. The accelerated return of current engine option (ceo) aircraft to the lessors over the next two years could also el...

WOOD Daily: MCOVB SS; Türkiye macro; KRKG SV; WIZZ LN; EXAE GA; SAB1L ...

HEADLINES: • Medicover: 2Q25 results - a decent beat on operating leverage POSITIVE • Türkiye macro: CBT surprises with a bold cut • Krka: 2Q25 in line with prelims, guidance update in November NEUTRAL • Wizz Air: 1QF26 results - another miss, but focus on a planned shift to slower growth • Athens Exchange Group: 2Q25E preview (due on 28 July) • Artea Bankas: 2Q25E preview (due on 31 July) • BRD-GSG: 2Q25E preview (due on 31 July) • Coca-Cola Içecek – 2Q25E earnings preview (due on 11 August) • ...

WOOD Flash - Wizz Air: 1QF26 results - another miss, but focus on a pl...

Wizz Air’s 1QF26 figures were a slight miss to our forecasts, and a more material one to consensus. The emphasis, this time around, seems mainly on the significant planned refocusing of the business. On top of the recently-announced exit from Abu Dhabi, Wizz Air plans to slow its expansion materially, and is planning to reduce its capacity (ASK) growth rate to around 10-12% in the medium term, from roughly mid-2026E onwards. It also plans to refocus the business towards CEE, unpark all of the gr...

WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...

HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...

WOOD Daily: EMEA Airlines; GEKTERNA GA; BFT PW; Allegro; JAHEZ AB; TIT...

HEADLINES: • EMEA Airlines: 2Q25 traffic - Easter good, conflict bad • GEK Terna: motorway traffic grows faster than expected in 1H25 POSITIVE • Benefit Systems: changes in the Supervisory Board NEUTRAL • Allegro: expands its delivery network via a partnership with Zabka, adding 11,600+ new pick-up points NEUTRAL • Jahez: takeaways from the conference call on the Snoonu deal POSITIVE • Titan Cement: 2Q25E financial results preview (due on 31 July)

WOOD Flash - EMEA Airlines: 2Q25 traffic - Easter good, conflict bad

Calendar 2Q25 started off well for the sector, benefitting from the Easter effect and low fuel prices, but many airlines experienced disruptions to their networks later in the quarter, following Israel’s attack on Iran. Demand for flying seems broadly resilient so far, with fares helped by limited capacity growth in Europe, due to supply constraints. As we move into the peak season, Air Traffic Control (ATC) remains a bottleneck, especially as parts of the European network remain closed to traff...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/18/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 18/07/2025

Argan SA : Full-year targets confirmed in a less-favourable environmen...

Argan SA : Objectifs annuels confortés dans un environnement moins fav...

Morning Notes : AOO BB, OCW BB, OT7 BB, ARLLF FP

: AOO BB, OCW BB, OT7 BB, ARLLF FP

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/16/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/16/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 16/07/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/07/2025

ODDO : Focus on best-in-class