reports
- Research Team
WOOD Daily: OPAP GA; EUROB GA; CTPNV NA; PGSUS TI; CIMSA TI; 11B PW; E...
HEADLINES: • OPAP: announces all-share merger with parent Allwyn International NEUTRAL • Eurobank: acquires Fairfax's 80% stake in Eurolife's life insurance business NEUTRAL • CTP: issues EUR 600m 6.5Y green bonds at a 3.625% coupon POSITIVE • Pegasus Airlines: ASK up 17% in 3Q25 NEUTRAL • Cimsa: grey cement grinding plant in Houston has been commissioned POSITIVE • 11 bit: management board member sold shares worth PLN 0.3m NEUTRAL • EME Macro/Strategy: macro all-in-one (6-12 October) • Titan: ...
- Research Team
WOOD Daily: KAP LI; ESLT US; MONET CP; MBR PW; CAR PW; RBW PW; GTC PW;...
HEADLINES: • Kazatomprom: soft metal still rocks (stays BUY) • Elbit Systems: strong execution at a rich valuation (stays HOLD) • MONETA Money Bank: management recommends CZK 4/share extra dividend due before the year-end POSITIVE • Mo-BRUK: conditions have been met for the acquisition of Eco Point PSA shares POSITIVE • Inter Cars: September sales growth accelerates to 13% yoy POSITIVE • Rainbow Tours: winter season pre-sales 5.7% higher yoy NEUTRAL • GTC: repurchases EUR 195m of 2026 bonds • Er...
KOMB KOMERCNI BANKA A.S.
MIL BANK MILLENNIUM SA
GTC GLOBE TRADE CENTRE S.A.
RBW RAINBOW TOURS S.A.
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: TOASO TI; HUG PW; WIZZ LN; 4IG HB; AIRA LI; EME Strategy –...
HEADLINES: • Tofas: shifting gear to growth (stays BUY) • Huuuge Games: preliminary 3Q25 revenue at USD 55.8m, down 5% yoy and 5% qoq NEUTRAL • Wizz Air: restarts flights to Abu Dhabi, tempers expectations on groundings NEGATIVE • 4iG: signs sale and purchase agreement regarding acquisition of N7 Holding subsidiaries NEUTRAL • Air Astana: CEO Peter Foster to retire at end-March 2026 • EME Strategy: FTSE reclassifies Greece as a Developed Market POSITIVE
- Atinc Ozkan
- Can Yurtcan
Tofas: shifting gear to growth (stays BUY)
We maintain our BUY on Tofas and revise our 12M price target (PT) to TRY 426.90 (from TRY 450.20). We believe that Tofas’ investment case is evolving into a multi-year growth story, as the Stellantis Otomotiv acquisition is completed, and two new vehicle projects have been awarded by Stellantis. We foresee a notable recovery in the operating performance, in both the short and medium term, driven by higher sales volumes and improving margins, and building on the main pillars of the company’s equi...
- Research Team
WOOD Daily: CZ Macro; TXT PW; GTC PW; ACP PW; TL Automotive; Rear-View...
HEADLINES: • Czech macro: parliamentary elections – 3-4 October • Text: preliminary 2Q25-26 (calendar 3Q25) results – MRR of USD 7.06m (down 1.5% qoq, up 0.3% yoy) NEGATIVE • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Asseco Poland: TSS sends open letter to ACP's shareholders and proposes new incentive scheme NEUTRAL • Turkish automotive: strong momentum in light vehicle sales continued in September • The Rear-View Mirror – EME markets: Romanian BET in...
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: GTC PW; ZAB PW; PCF PW; CCC PW; BFT PW; WIZZ LN; OTE/DIGI ...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
- Research Team
WOOD Daily: BCG LN; MBK PW; EME Macro/Strategy Weekly; RO Macro; 11B P...
HEADLINES: • Baltic Classifieds Group: still structurally attractive (stays BUY) • mBank: PLN 426.7m of FX mortgage saga costs expected in 3Q25E NEUTRAL • EME Macro/Strategy: macro all-in-one – taking stock of the global picture • Romania macro: an update on the budget and the economy • 11 bit studios: satisfied with Frostpunk 2 console launch, now focusing on DLCs NEUTRAL • Short News (4iG)
- Jakub Caithaml
- Peter Palovic
Aegean Airlines: strong CF, but waiting for an earnings inflection poi...
We have revised our forecasts for Aegean Airlines, following the 1H25 results, maintaining our HOLD rating and nudging our 12M PT upwards to EUR 14.5. Our forecast changes for 3Q-4Q25E are minor, reflecting stronger-than-expected capacity growth. Management remains upbeat on the late-summer demand, and we have raised our 2H25E earnings slightly vs. our prior estimates. We continue to highlight Aegean’s strong cash generation, which could improve in FY26E, as PDPs turn into inflows. With a core a...
- Research Team
WOOD Daily: RO Energy; EME Macro/Strategy – Türkiye; HUG PW; NOVAL GA;...
HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...
- Jakub Caithaml
WOOD Flash – Aegean Airlines: 2Q25 in line; cash flow contracting; gui...
Aegean's 2Q25 numbers are fully in line with our estimates. The operating cash flow after leases is down by around 30% compared to the previous two years. However, the guidance on the summer sounds optimistic, and offers possible upside for our ASK estimate for 3Q25E. This may, however, may be offset by the RASK being slightly weaker in 3Q25E, reportedly (we have been pencilling it in as flat yoy). The company is guiding for a brisk 9% seat growth in 4Q25E, which could indicate some upside for t...
- Research Team
WOOD Morning (17 September 2025)
HEADLINES: • Noval Property: 1H25 – FFO en route to exceed our FY estimate POSITIVE • Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging NEUTRAL • Tauron: 2Q25 results fully in line with the preliminaries NEUTRAL • OMV Petrom: special dividend proposal POSITIVE • Shoper: acquires remaining 40% stake in Sempire for PLN 15m, as expected NEUTRAL • Solutions by STC: signs framework agreement with Saudi Aramco POSITIVE
- Research Team
WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
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
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
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.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Research Team
WOOD Daily: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG...
HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings ...
- Research Team
WOOD Daily: OTP HB; CZG CP; 11B PW; CDR PW; TXT PW; SFG RO; M RO; ACAG...
HEADLINES: • OTP Bank: all about capital returns (stays BUY) • Colt CZ Group SE: acquires SNC – a strategic move POSITIVE • 11 bit studios: 2Q25 EBITDA 14-24% above our and the market's expectations; guidance on new projects POSITIVE • CD Projekt: 2Q25 EBITDA 19-24% above our and the market's expectations POSITIVE • Text: 1Q25-26 (calendar 2Q25) results – EBITDA down 21% yoy, 5% below the consensus NEGATIVE • Sphera Group: 2Q25 soft, but better than we expected; FY25E budget cut NEGATIVE • MedLi...
- Research Team
WOOD Daily: GPW PW; KMGZ KZ; CPS PW; MBR PW; PKN PW; BGEO LN; GEV CP; ...
HEADLINES: • Warsaw Stock Exchange: bottom-line beat in 2Q25, due mostly to non-operating net revenues POSITIVE • KazMunayGas: 2Q25 results – EBITDA in line with our forecast NEUTRAL • Cyfrowy Polsat: 2Q25 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEUTRAL • Mo-BRUK: 2Q25 EBITDA up 6% yoy, in line with our and the market's expectations NEUTRAL • Orlen: 2Q25 results – broadly in line NEUTRAL • Lion Finance Group: 2Q25 highlights – in line, but not strong enough to sh...
- Research Team
WOOD Daily: NRP NA; HSBK LI; THYAO TI; 11B PW; APR PW
HEADLINES: • NEPI Rockcastle: 1H25 good (first look), FFO guidance revised upwards POSITIVE • Halyk Bank: 2Q25 highlights – 2025E guidance revised down, but still targeting >30% ROE NEGATIVE • Turkish Airlines: buys a stake in Air Europa for EUR 300m • 11 bit studios: early access release date for Moonlighter 2: The Endless Vault set as 23 October NEUTRAL • Auto Partner: 2Q25E preview – just flat earnings yoy (due on 18 September)
- Research Team
WOOD Daily: DOC AV; CGEO LN; EME Macro/Strategy Weekly; KMGZ KZ; CBF P...
HEADLINES: • DO & CO: on the menu – fair value (downgraded to HOLD) • Georgia Capital: launches nine-month USD 50m buyback programme POSITIVE • EME Macro/Strategy: macro all-in-one (11-17 August) • KazMunayGas: 2Q25E results preview (due on 22 August) NEUTRAL • cyber_Folks: 2Q25E results preview – 22% yoy organic adjusted EBITDA growth (due on 2 September) • Vercom: 2Q25E results preview – 20% yoy EBITDA growth (due on 2 September)
- Research Team
WOOD Daily: CGEO LN; BIMAS TI; SOKM TI; KLKIM TI; AQ RO; SNG RO; RO Ma...
HEADLINES: • Georgia Capital: multi-sector story (BUY - transfer of coverage) • BIM: solid operating results overshadowed by bottom-line miss in 2Q25 NEUTRAL • Sok Marketler Ticaret: bottom line misses expectations in 2Q25 NEGATIVE • Kalekim: 2Q25 – strong set of results POSITIVE • Aquila Part Prod Com S.A.: 2Q25 – eyeing +6% EBITDA margin for 2H25E POSITIVE • Romgaz: 2Q25 results – better than our forecasts POSITIVE • Romania macro: GDP heading into a tough 2H • DIGI Communications: key takeawa...
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