reports
- Christophe-Raphaël Ganet
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
SOP SOPRA STERIA GROUP SA
KPN ROYAL KPN NV
DBK DEUTSCHE BANK AG
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
INF INFOTEL SA
SRT3 SARTORIUS AG PREF
ASY ASSYSTEM SA
OMV OMV AG
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
DSV DSV PANALPINA A/S
ATE ALTEN SA
CARL B CARLSBERG A/S CLASS B
CAP CAPGEMINI SE
SPL SANTANDER BANK POLSKA SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
HM B H&M HENNES & MAURITZ AB CLASS B
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
DIM SARTORIUS STEDIM BIOTECH SA
ALSN ALSO HOLDING AG
SNP PETROM S.A.
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
ATO ATOS SE
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Christophe-Raphaël Ganet
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
SOP SOPRA STERIA GROUP SA
KPN ROYAL KPN NV
DBK DEUTSCHE BANK AG
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
INF INFOTEL SA
SRT3 SARTORIUS AG PREF
ASY ASSYSTEM SA
OMV OMV AG
AMUN AMUNDI SA
SWP SWORD GROUP SE
AUB AUBAY SA
DSV DSV PANALPINA A/S
ATE ALTEN SA
CARL B CARLSBERG A/S CLASS B
CAP CAPGEMINI SE
SPL SANTANDER BANK POLSKA SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
HM B H&M HENNES & MAURITZ AB CLASS B
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
DIM SARTORIUS STEDIM BIOTECH SA
ALSN ALSO HOLDING AG
SNP PETROM S.A.
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
ATO ATOS SE
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Oleg Galbur
- Research Team
WOOD Daily: SPL PW; Polish media; DVL PW; SNP RO; BELA GA; Turkish aut...
HEADLINES: • Santander BP: posts solid 4Q25 numbers; rebranding costs guidance in line; DPS of PLN 46 seems very feasible NEUTRAL • Polish media: CPS's audience share at 22.30%, while WP TV is at 0.57% in January 2026 NEUTRAL • Develia: management targets for 2026E close to our forecasts NEUTRAL • OMV Petrom: 4Q25 results and dividend proposal NEUTRAL • Jumbo: January sales +8% on easy comps; guiding for 5% sales growth and EUR 310-320m net earnings in 2026E NEUTRAL • Turkish automotive: strong ...
- Research Team
WOOD Daily: ARCLK TI; XTB PW; CCC PW; OPL PW; HUG PW; TEN PW; RBW PW; ...
HEADLINES: • Arcelik (BUY, PT TRY 207.5): 4Q25 results – in line operationally NEUTRAL • XTB S.A.: 4Q25 net profit materially ahead of expectations • CCC: acquisition of controlling stake in MKRI NEUTRAL • Orange Polska: fined PLN 34m by Poland's antitrust regulator NEUTRAL • Huuuge Games: January 2026 Sensor Tower bookings estimate down 1% mom NEUTRAL • Ten Square Games: January 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Rainbow Tours: 4Q25E preview – EBITDA marginally above zero in...
CEZ CEZ AS
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
RBW RAINBOW TOURS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
TEN TEN SQUARE GAMES
XTB X-TRADE BROKERS DOM MAKLERSKI SA
HUGE HUUUGE
IGN1L IGNITIS GRUPE
BOROUGE BOROUGE
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
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
ACP ASSECO POLAND SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
- Research Team
WOOD Daily: WIZZ LN; CCC PW; ALE PW; INPST NA; BDX PW; SPL PW; SNP RO;...
HEADLINES: • Wizz Air: 3Q FY26 – broadly in line NEUTRAL • CCC: profit warning – 4Q25 EBITDA down 50-60% yoy, FY25E guidance missed by 15% NEGATIVE • Allegro/InPost: Allegro raises delivery fees by c.4%, effective as of 2 March NEUTRAL • Budimex: extension of strategic options review process for FBSerwis until April 2026 NEUTRAL • Santander Bank Polska: 4Q25E preview (due on 4 February) • OMV Petrom: 4Q25E results preview (due on 4 February) NEUTRAL • Titan: EUR 350m bond at 3.5% to fund M&A and...
- Research Team
WOOD Daily: SPLUS HB; ACP PW; PL telecoms; PE RO; MTLN GA; Türkiye mac...
HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Team
WOOD Daily: BCG LN; KRU PW; BFT PW; SNP RO
HEADLINES: • Baltic Classifieds Group: the perfect storm cannot last forever (stays BUY) • Kruk: plans to change organisational structure NEUTRAL • Benefit Systems: Poland's antitrust watchdog brings charges against the company NEGATIVE • OMV Petrom: State-owned Bulgarian Energy Holding to become a partner in Han Asparuh offshore project POSITIVE
- Ahmed Ben Salem
- Charlotte Vaisse
- Oddo Sustainability Team
- Ahmed Ben Salem
- Charlotte Vaisse
- Oddo Sustainability Team
- Research Team
WOOD Daily: OPAP GA; BFT PW; OPL PW; PEO PW; BHW PW; MONET CP; KOMB CP
HEADLINES: • OPAP: waiving of the 5% exit threshold paves the way for the Allwyn merger NEUTRAL • Benefit Systems: changes in the Supervisory Board NEUTRAL • Orange Polska: 4Q25E – 4% yoy EBITDAaL growth expected (due on 18 February) • Bank Pekao: 4Q25E preview (due on 19 February) • Bank Handlowy: 4Q25E preview (due on 17 March) • MONETA Money Bank: 4Q25E preview (due on 3 February) • Komercni Banka: 4Q25E preview (due on 6 February)
- Oleg Galbur
- Research Team
WOOD Daily: CPS PW; EME Strategy – OFEs; GPP PW; MIL PW; ING PW; MBK P...
HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...
- Atinc Ozkan
- Piotr Raciborski
- CFA
Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL)
We have downgraded our rating on Cyfrowy Polsat (CPS) to SELL (from Hold) and cut our price target (PT) to PLN 11.86/share (from PLN 15.42), implying 12% downside potential. We believe that the positive short-term triggers in CPS’ story have materialised already (succession completion, interest rates cuts supporting the FCF), while the weak 4Q25 results and 2026E outlook (we expect further declines in the telecoms segment) could fuel drops. Most importantly, in the long term, we see structural h...
- Nicolas David
- Oliver Metzger
SGE SAGE GROUP PLC
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
RHM RHEINMETALL AG
FHZN FLUGHAFEN ZURICH AG
OMV OMV AG
G24 SCOUT24 AG
GEBN GEBERIT AG
RWE RWE AG
FIE FIELMANN AG
PGHN PARTNERS GROUP HOLDING AG
VACN VAT GROUP AG
SNP PETROM S.A.
TUI TUI AG
SCHOTT PHARMA AG
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Nicolas David
- Oliver Metzger
SGE SAGE GROUP PLC
MTX MTU AERO ENGINES AG
GBF BILFINGER SE
RHM RHEINMETALL AG
FHZN FLUGHAFEN ZURICH AG
OMV OMV AG
G24 SCOUT24 AG
GEBN GEBERIT AG
RWE RWE AG
FIE FIELMANN AG
PGHN PARTNERS GROUP HOLDING AG
VACN VAT GROUP AG
SNP PETROM S.A.
TUI TUI AG
SCHOTT PHARMA AG
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Oleg Galbur
- Research Team
WOOD Daily: PL Macro; MUR PW; PCO PW; XTB PW; PZU PW; CTPNV NA; WIZZ L...
HEADLINES: • Poland macro: rates unchanged, and some positive news • Murapol: sells 767 and hands over 1,286 units in 4Q25 NEGATIVE • Pepco Group: 1Q26 revenues growth eases to 4% yoy; FY26E guidance maintained NEGATIVE • XTB S.A.: over 250k new clients in 4Q25 in sight NEUTRAL • PZU/Bank Pekao: merger uncertain even by end-4Q27E, according to the Minister of State Assets NEUTRAL • CTP: prices EUR 500m 4Y bond at 3.4%; leases space in Amsterdam to Crisp POSITIVE • Wizz Air: may grow capacity by ...
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