reports
- Research Team
WOOD Daily: TL Food Retailers; BDX PW; ALE PW; HU Macro; RICHT HB; NRP...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
TBCB TBC BANK JOINT STOCK CO
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
2381 ARABIAN DRILLING CO.
GEV GEVORKYAN A.S.
- Bruno Cavalier
- Jean Danjou
ZURN ZURICH INSURANCE GROUP LTD
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
CRG CRH PLC
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
NEXI NEXI S.P.A.
DSY DASSAULT SYSTEMES SA
BEAN BELIMO HOLDING AG
ZGN ERMENEGILDO ZEGNA NV
- Bruno Cavalier
- Jean Danjou
ZURN ZURICH INSURANCE GROUP LTD
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
CRG CRH PLC
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
NEXI NEXI S.P.A.
DSY DASSAULT SYSTEMES SA
BEAN BELIMO HOLDING AG
ZGN ERMENEGILDO ZEGNA NV
- Jovan Sikimic
- Research Team
WOOD Daily: OPL PW; CDR PW; RICHT HB; RO Macro; SNP RO; SNG RO; ELPE G...
HEADLINES: • Orange Polska: 4Q25 results – EBITDAaL up 7% yoy, 2% above the consensus; strong 2026E guidance POSITIVE • CD Projekt: The Witcher 3: Wild Hunt – Complete Edition available on Xbox Game Pass on 19 February NEUTRAL • Richter: announces R&D collaboration for endometriosis drug candidate NEUTRAL • Romania macro: NBR extends the pause • OMV Petrom / Romgaz: Romania to postpone gas price liberalisation until 2027E NEGATIVE • Romgaz: 4Q25 preview (due on 27 February) NEUTRAL • HELLENiQ En...
- Research Team
WOOD Daily: NLBR SV; PL Banks; DAT PW; ALE PW; INPST NA; CDR PW; ACP P...
HEADLINES: • NLB Group: 4Q25 net profit materially ahead of expectations • Polish banks: CJEU rules on WIBOR case, in line with the General Attorney's opinion, issued on 11 September 2025 NEUTRAL • DataWalk: issues shares worth PLN 116.3m POSITIVE • Allegro: changes in MOV are negative for lockers NEGATIVE • CD Projekt: 2026-29 incentive programme net profit condition set at PLN 5.0bn NEUTRAL • Asseco Poland: 4Q25E preview – 11% yoy organic net profit growth expected (due on 31 March) • OPAP: Al...
- Research Team
WOOD Daily: OPAP GA; WPL PW; BDX PW; PKN PW; INPST NA; ENA PW; TPE PW;...
HEADLINES: • OPAP: only 6.7% of shares elect for cash exit; free float to remain above all-important 20% level POSITIVE • Wirtualna Polska: TUI renews cooperation with Wakacje.pl POSITIVE • Budimex: signs PLN 481m contract with GAZ-SYSTEM NEUTRAL • Orlen: 4Q25E results preview (due on 19 February) NEUTRAL • InPost: 4Q25E preview – flattish adjusted EBITDA expected (due on 18 March) NEUTRAL • Enea: 4Q25E preview – 11% EBITDA drop on weaker Generation and Mining (prelims due on 23 March; full due ...
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
INPST INPOST S.A.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
7203 ELM CO
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Research Team
WOOD Daily: EAT PW; SFG RO; INPST NA; MIL PW; PGE PW; APR PW; DVL PW; ...
HEADLINES: • AmRest/Sphera Group: no beauty and no beast (AmRest stays BUY, Sphera downgraded to HOLD) • InPost: EUR 15.6 offer from FedEx, Advent, A&R and PPF consortium POSITIVE • Bank Millennium: solid 4Q25 delivery, beat due to tax differences NEUTRAL • PGE: URE initiates proceedings over FWRC settlements NEUTRAL • Auto Partner: January sales growth drops to 3.4% yoy NEGATIVE • Develia: 4Q25E preview – 30% EBITDA drop, following margin normalisation (due on 3 April) • 4iG: 4Q25E preview – 4%...
MYTIL MYTILINEOS S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
BRD BRD-GROUPE SOCIETE GENERALE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
EAT AMREST HOLDINGS SE
INPST INPOST S.A.
4IG 4IG NYRT
ADNOCDRILL ADNOC DRILLING CO
- Stefano Toffano
- Wim Gille
- Oleg Galbur
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
ANDR ANDRITZ AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- 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: PL Banks; CBF PW; VRC PW; SHO PW; TEN PW; MUR PW; MONET CP...
HEADLINES: • Polish banks: still opportunities, if the growth continues (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • cyber_Folks: 4Q25E results preview – 18% yoy organic adjusted EBITDA growth (due on 18 March) • Shoper: 4Q25E results preview – 11% yoy adjusted EBITDA growth (due on 18 March) • Vercom: 4Q25E results preview – 23% yoy adjusted EBITDA growth (due on 18 March) • Ten Square Games: 4Q25E preview – adjusted EBITDA -7% qoq on higher U...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
PPC PUBLIC POWER CORPORATION S.A.
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
R22 R22
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
VRC VERCOM SA
SHO SHOPER SA
MUR2 MURAPOL SA
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