reports
- Research Team
WOOD Daily: KTY PW; ALE PW; BFT PW; MBR PW; TEN PW; PL Telecoms; GEKTE...
HEADLINES: • Kety: still fuel in the tank (stays BUY) • Allegro: disposal of Mall’s Slovenian and Croatian business with a PLN 235m loss POSITIVE • Benefit Systems: net addition of 145.6k sports cards in 4Q25, acceleration in Türkiye POSITIVE • Mo-BRUK: SKO cancels increased fees for 2016 and 2020 NEUTRAL • Ten Square Games: 4Q25 bookings up 12.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 4Q25 NEUTRAL • GEK Terna / Motor Oil Hellas: EC cle...
- Research Team
WOOD Daily: INPST NA; CZG CP; TL Automotive; KAP LI; EU Oil and Gas Mo...
HEADLINES: • InPost: potential bid for all the company’s shares; valuation gap vs. Allegro closes POSITIVE • Colt CZ Group SE: closes Synthesia Nitrocellulose deal NEUTRAL • Turkish automotive: strong momentum in light vehicle sales continued in December POSITIVE • Kazatomprom: Kazakhstan changes the law on uranium subsoil agreements POSITIVE • European Oil and Gas Monthly: December 2025 – whoops, there goes gravity • Short News (4iG)
- Research Team
WOOD Daily: CEZ CP; TXT PW; DAT PW; APR PW; CPS PW; WPL PW; JMT PL; TL...
HEADLINES: • CEZ: government reiterates intention to seek full control of generation assets NEUTRAL • Text: key takeaways from the 3Q25-26 preliminary earnings call NEUTRAL • DataWalk: key takeaways from an interview with the CEO NEUTRAL • Auto Partner: December sales growth accelerates to 17.9% yoy POSITIVE • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 23.20%, while WP TV at 0.57% in December 2025 NEUTRAL • Jeronimo Martins: 4Q25E trading update preview – 8% yoy sales growth expected...
Kofola Ceskoslovensko A.S.: 2 directors
Two Directors at Kofola Ceskoslovensko A.S. sold 3,700 shares at between 483.000CZK and 486.000CZK. The significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directo...
- Research Team
The Rear-View Mirror – EME markets: Czech PX in the lead in December
EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SNP PETROM S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
BCG BALTIC CLASSIFIEDS GROUP PLC
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
THEON THEON INTERNATIONAL PLC
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: TXT PW; PZU PW; PEO PW; MBK PW; SPL PW; CPS PW; MBR PW; CD...
HEADLINES: • Text: preliminary 3Q25-26 (calendar 4Q25) results – MRR of USD 6.98m (-1.1% qoq and -1.7% yoy) NEGATIVE • PZU/Bank Pekao: delay merger deadline NEGATIVE • mBank: to face PLN 362.1m of FX mortgage saga costs in 4Q25E NEUTRAL • Santander Bank Polska: updates market on the impact of sale of 60% stake in Santander Consumer Bank NEUTRAL • Santander Bank Polska: calls EGM for 22 January NEUTRAL • Cyfrowy Polsat: Liechtenstein court upholds May ruling on Solorz family succession POSITIVE •...
PEO BANK POLSKA KASA OPIEKI SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: LPP PW; PE RO; Polish telecoms; PCO PW; CEZ CP; Hungary ma...
HEADLINES: • LPP: profitable growth (stays BUY) • Premier Energy: M&A-driven growth on track (upgraded to BUY) • Polish telecoms: Revolut enters the Polish mobile market NEUTRAL • Pepco Group: 2H25 in line with guidance; FY26 EBITDA and earnings growth guidance of 9%+ and 25%+, 2025-30E EBTDA CAGR of 9%+ POSITIVE • CEZ: cabinet approves step to lower utility bills NEUTRAL • Hungary macro: MNB softens its hawkish tone • OPAP: EGM for merger with Alwyn set for 7 January; preference shares scrapped...
- Research Team
WOOD Daily: OPTIMA GA; CTPNV NA; PCF PW; CPS PW; WPL PW; BDX PW; 11B P...
HEADLINES: • Optima Bank: buying the dip (stays BUY) • CTP: great story, fairly valued (downgraded to HOLD) • PCF Group: key takeaways from the 3Q25 earnings call • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.37%, while WP TV at 0.46% in November 2025 NEUTRAL • Budimex: plans to pay out 100% of net income in dividends in 2025-29E NEUTRAL • 11 bit studios: finalises agreement with Microsoft on licence for Game Pass POSITIVE • Huuuge Games: October Sensor Tower bookings estimate flat...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...
HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...
- Alessio Chiesa
- Raffaella Tenconi
EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...
The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
IGN1L IGNITIS GRUPE
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
BOCHGR BANK OF CYPRUS
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Emmanuel Matot
UNIQA INSURANCE GROUP AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
ITP INTERPARFUMS
VLS VALNEVA SE
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
POS PORR AG
GLB GLANBIA PLC
SOI SOITEC SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
PYT POLYTEC HOLDING
CPS CYFROWY POLSAT SA
ANR ANSWEAR.COM
CABKA CABKA N.V.
ZAB ZABKA GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Emmanuel Matot
UNIQA INSURANCE GROUP AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
ITP INTERPARFUMS
VLS VALNEVA SE
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
POS PORR AG
GLB GLANBIA PLC
SOI SOITEC SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
PYT POLYTEC HOLDING
CPS CYFROWY POLSAT SA
NFN NFON AG
ANR ANSWEAR.COM
CABKA CABKA N.V.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Bojan Djurickovic
- Research Team
WOOD Daily: AEGN GA; ELM AB; EAT PW; CAR PW; HSBK LI; ELPE GA; SNG RO;...
HEADLINES: • Aegean Airlines: summer performance ahead of our estimates (upgraded to BUY) • Elm: clarity is on its way (stays BUY) • AmRest: 3Q25 below expectations NEGATIVE • Inter Cars: 3Q25 EBITDA above our expectations and the market by 3-6% NEUTRAL • Halyk Bank: 3Q25 highlights before the call - good quarter with an 8% beat to our estimate, 2026E guidance POSITIVE • HELLENiQ Energy: 3Q25 results beat, on record-high refining output POSITIVE • Romgaz: 3Q25 results - net income beat our expec...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AEGN AEGEAN AIRLINES SA
CAR INTER CARS S.A.
DAT DATAWALK SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ELPE HELLENIQ ENERGY
ACAG AUSTRIACARD HOLDINGS AG
7203 ELM CO
- Research Team
WOOD Daily: OPAP GA; BHW PW; KRKG SV; AQ RO; MTELEKOM HB; WIZZ LN; DAT...
HEADLINES: • OPAP: tempting, but tricky (downgraded to HOLD) • Bank Handlowy: posts neutral set of 3Q25 results NEUTRAL • Krka: 3Q25 results – positive surprise in the gross margin POSITIVE • Aquila Part Prod Com S.A.: 3Q25 miss on gross margin compression NEGATIVE • Magyar Telekom: 3Q25 results review – EBITDA up 13% yoy, in line with the consensus; 2025E guidance reiterated NEUTRAL • Wizz Air: 2Q FY26 – 10% EBIT beat on lower CASKX POSITIVE • DataWalk: actual 3Q25 numbers fully in line with th...
- Research Team
WOOD Daily: PKO PW; CBF PW; VRC PW; SHO PW; RICHT HB; CTPNV NA; FROTO ...
HEADLINES: • PKO BP: posts solid 3Q25 results NEUTRAL • cyber_Folks: 3Q25 results review – 55% yoy EBITDA growth, 3% above the consensus POSITIVE • Vercom: 3Q25 results review – 10% yoy EBITDA growth, 2% above the consensus POSITIVE • Shoper: 3Q25 results review – EBITDA up 28% yoy, to PLN 18.4m, in line with the consensus NEUTRAL • Richter: weak 3Q25 across all segments NEGATIVE • CTP: 3Q25 – in line, FY targets reiterated NEUTRAL • Ford Otosan: 3Q25 results in line operationally NEUTRAL • Sok ...
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
MYTIL MYTILINEOS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
CTPNV CTP NV
VRC VERCOM SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
OPTIMAr OPTIMA BANK S.A.
- Research Team
WOOD Morning (5 November 2025)
HEADLINES: • Aselsan: 3Q25 results – improved margins, strong NI beat and record backlog additions POSITIVE • Coca-Cola Icecek: 3Q25 results – recovery in operating performance begins POSITIVE • Logo Yazilim: 3Q25 results – in line, except for a small NI beat • Medicover: soft 3Q25 top line, but adjusted EBITDA beats on admin costs NEUTRAL • Enea: preliminary 3Q25 EBITDA 9% above our expectations, supported by strong Supply, Generation and Distribution NEUTRAL • Solutions by STC: 3Q25 conference...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
MCOV B MEDICOVER AB
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
THEON THEON INTERNATIONAL PLC
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