reports
- 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
- 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
- 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
- Piotr Raciborski
- CFA
WOOD Flash – Wirtualna Polska: agrees to acquire Invia Group for c.EUR...
Yesterday (23 December), Wirtualna Polska announced that it has signed a framework agreement to acquire 100% shares of Invia Group – a European travel group with operations in Germany, Austria, Switzerland, the Czech Republic, Slovakia, Hungary and Poland. The transaction will result in the acquisition of a 100% stake in Invia Group SE for a purchase price of nearly EUR 240m, which may be increased by a net cash increment up to the closing date of the transaction. The closing of the transaction ...
- Research Team
WOOD Daily: CPS PW; PL Banks; PZU PW; PCF PW; CDR PW; PPC GA
HEADLINES: • Cyfrowy Polsat: court in Liechtenstein appoints administrator for Zygmunt Solorz’s foundations NEGATIVE • Polish banks: to face the same dividend guidance from the watchdog as last year NEUTRAL • PZU: PFSA issues dividend payment guidance for 2025 NEUTRAL • PCF Group: limits scope of work on Project Bifrost and suspends work on Project Victoria NEUTRAL • CD Projekt: releases new Update 2.2 for Cyberpunk 2077 NEUTRAL • Public Power Corporation: cancellation of own shares NEUTRAL
- 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
- Research Team
WOOD Daily: G2M SS; CCC PW; ACP PW; ECH PW; TXT PW; CAI AV; PCF PW; VG...
HEADLINES: • Gentoo Media: let’s roll! (BUY - initiation of coverage) • CCC: 3Q24 results in line with prelims; positive trends maintained in 4Q24 NEUTRAL • Asseco Poland: 3Q24 review –net profit up 18% yoy, 9% above the consensus POSITIVE • Echo Investment: 3Q24 results in line with the consensus; to sell React office in Lodz POSITIVE • Text: 2Q24-25 (calendar 3Q24) results – EBITDA up 12% yoy, in line with the consensus NEUTRAL • CA Immo: 3Q24 in line, focus remains on disposals NEUTRAL • PCF ...
- Research Team
WOOD Daily: ESLT IT; HUG PW; TEN PW; PCF PW; VGO PW; CDR PW; PGE PW; G...
HEADLINES: • Elbit Systems: HOLD, on valuation grounds (downgraded to HOLD) • Polish mobile game development: missing the growth, counting cash (Huuuge Games stays BUY, Ten Square Games stays HOLD) • PCF Group: 3Q24 EBIT in positive territory, above our and the market's expectations POSITIVE • VIGO Photonics: 3Q24 – miss on the adjusted EBITDA and bottom line NEGATIVE • CD Projekt: 3Q24 EBITDA 8% below our forecast, 5% above the consensus NEUTRAL • PGE: 3Q24 results fully in line with the prelim...
- Maria Mickiewicz
- Piotr Raciborski
- CFA
Polish Mobile Game Development: missing the growth, counting cash (Huu...
In this report, we maintain our BUY rating on Huuuge Games (HUG), with our 12M price target (PT) cut to PLN 24.8 (vs. PLN 34.6). For Ten Square Games (TEN), we reiterate our HOLD rating, having cut our 12M PT to PLN 83 (vs. PLN 100). On our revised down forecasts, both HUG and TEN offer significantly weaker earnings outlooks vs. their foreign peers (a 3Y adjusted EBITDA CAGR of -17% for HUG and -8% for TEN, vs. +6% for their peers, on the consensus). We mostly blame the low diversification (two ...
- Research Team
WOOD Daily: KLKIM TI; EME Macro/Strategy Weekly – Year Ahead, Part 2; ...
HEADLINES: • Kalekim: compelling growth story yet to be priced in (BUY - reinitiation of coverage) • EME Macro/Strategy: macro all-in-one – the Year Ahead issue, part 2 • Athens Exchange Group: solid delivery in 3Q24, small beat vs. our expectations POSITIVE • Wirtualna Polska: 3Q24 results review – adjusted EBITDA up 3% yoy, in line with the consensus NEUTRAL • GTC: 3Q24 – recurring broadly in line, risk-on after German acquisition NEUTRAL • Romania macro: implications of the presidential elect...
- Research Team
WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HU...
HEADLINES: • Romanian oil & gas: just have a little patience (OMV Petrom stays BUY, Romgaz downgraded to HOLD – transfer of coverage) • Akcansa: recovery on the horizon (stays BUY) • EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout • Huuuge Games: 3Q24 broadly in line with our expectations, slightly above the consensus NEUTRAL • Colt CZ Group SE: 3Q24 results – slow quarter; FY24E guidance confirmed NEUTRAL • Türkiye macro: CBT signals a dovish turn • Cyfrowy Polsat:...
- Research Team
WOOD Morning (21 November 2024)
HEADLINES: • PZU: 3Q24 not as weak as feared – once the special claims end, should deliver a very strong profitability profile POSITIVE • Cyfrowy Polsat: 3Q24 results review – adjusted EBITDA up 13% yoy, 2% above our estimate POSITIVE • Grupa Pracuj: 3Q24 results – adjusted EBITDA up 8% yoy, 3% above our forecast and 6% above the consensus POSITIVE • OPAP: 3Q24 earnings beat expectations, as EBITDA jumps 24% yoy POSITIVE • Motor Oil Hellas: 3Q24 results – CCS EBITDA in line NEUTRAL • Elbit Syste...
- Research Team
WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM...
HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
AEGN AEGEAN AIRLINES SA
PPC PUBLIC POWER CORPORATION S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
VRC VERCOM SA
- Research Team
WOOD Daily: EAT PW; EUR PW; CBF PW; MBR PW; ALE PW; VRC PW; TEN PW; PK...
HEADLINES: • AmRest: 3Q24 in line, on a EUR 9m positive one-off NEGATIVE • Eurocash: 3Q24 weak, as expected; FY25E guidance cancelled NEGATIVE • cyber_Folks: 3Q24 results review – 26% yoy adjusted EBITDA growth, 2% above our estimate POSITIVE • Mo-BRUK: 3Q24 EBITDA up 26% yoy, 22-28% above our and the market's expectations POSITIVE • Allegro: 3Q24 EBITDA beat, but yoy decline guided for 4Q24E, due to international operations NEUTRAL • Vercom: 3Q24 results - 28% yoy EBITDA growth, in line with ou...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
MBR MO-BRUK S.A.
ETEL TELECOM EGYPT
DIGI DIGI COMMUNICATIONS NV
R22 R22
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
VRC VERCOM SA
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.