reports
- Research Team
WOOD Daily: LPP PW; EEMEA Macro; TRESTATE GA; MOH GA; EUR PW; TXT PW; ...
HEADLINES: • LPP: mediocre 4Q24 – EBIT 4-5% below expectations, but decent start to the year; FY25E guidance broadly maintained, and FY26-27E guidance of stable margins, despite major sales growth acceleration POSITIVE • EEMEA macro: US reciprocal tariff effects • Trade Estates: strong 2024 results POSITIVE • Motor Oil Hellas: 4Q24 results – CCS EBITDA in line with the consensus, but net income weak NEUTRAL • Eurocash: 4Q24 in line with the prelims NEUTRAL • Text: 4Q24-25 (calendar 1Q25) prelimi...
- Research Team
WOOD Daily: MAVI TI; TL Banks; GPW PW; BFT PW; MOL HB; EU Macro; DNP P...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
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.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
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.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
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.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Morning (1 April 2025)
HEADLINES: • Athens Exchange Group: bottom-line miss in 4Q24, on higher costs, but proposed DPS in line with expectations NEUTRAL • AROBS Transilvania Software: publishes its 2025 budget POSITIVE • MedLife: publishes its 2025 budget NEGATIVE • CCC: new financing agreement, extending factoring line POSITIVE • DataWalk: sale to Coöperatieve Rabobank; total contract value reaches PLN 66.1m POSITIVE • Orlen: 2024 consolidated results to be affected by one-offs NEUTRAL • Poland macro: preliminary Mar...
- Research Team
WOOD Daily: PL Banks; ACP PW; INPST NA; KTY PW; HSBK LI; TITC GA; GPP ...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
PEO BANK POLSKA KASA OPIEKI SA
ACP ASSECO POLAND SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALR ALIOR BANK SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
KSPI KASPI KZ
INPST INPOST S.A.
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: PL Banks; DAT PW; TL Macro; EME Macro/Strategy Weekly; GTC...
HEADLINES: • Polish banks: Financial Stability Committee mentions sanction of free credit risk for consumer loans portfolio NEGATIVE • DataWalk: preliminary 4Q24 results – sales up 19% yoy, to PLN 9.09m POSITIVE • Türkiye macro: putting the CBRT’s emergency rate hike into context • EME Macro/Strategy: macro all-in-one (17-23 March) • GTC: solvency of controlling investor in question, after State Audit Office of Hungary's report • Banca Transilvania: dividend proposal from the 2024 profits NEUTRA...
- Jakub Caithaml
WOOD Flash – GTC: solvency of controlling investor in question, after ...
The State Audit Office of Hungary has compiled a report on the foundation set up by the National Bank of Hungary. The foundation, which is, among others, the controlling shareholder of GTC, is reportedly on the brink of insolvency. In addition to GTC, the foundation also invested in Ultima, the owner of luxury chalets and lodges in Switzerland and France. Initially, the foundation tried to buy Ultima using GTC's balance sheet (as we reported in 2023 in a flash note), but that transaction did not...
- Research Team
WOOD Daily: PL Banks; SIPCHEM AB; TL Macro; KAP LI; JMT PL; ALR PW; PC...
HEADLINES: • Polish banks: first politician to suggest additional military tax for the banks NEGATIVE • Sipchem: preliminary 4Q24 results, net profit down, on maintenance NEGATIVE • Türkiye macro: CBRT tightens policy with surprise corridor hike • Kazatomprom: 4Q24 results – well above the market’s estimates POSITIVE • Jeronimo Martins: key takeaways from the 4Q24 call NEGATIVE • Alior Bank: CEO Żabski’s interview with Puls Biznesu, ahead of strategic update (due on 25 March) • Sipchem: to mothb...
- Research Team
WOOD Daily: BFT PW; JMT PL; OPAP GA; TPE PW; TL Macro; ALE PW; INPST N...
HEADLINES: • Benefit Systems: pumping iron (stays BUY) • Jeronimo Martins: small beat in 4Q24, Biedronka margin erosion slows down; tough market environment continues in 2025 POSITIVE • OPAP: the beat goes on, in 4Q24 POSITIVE • Tauron: preliminary 4Q24 EBITDA 45% above our estimate, on strong Generation and Distribution, and lower loss in Supply POSITIVE • Türkiye macro: assessment of recent political events • Allegro vs. InPost: our take on the companies' two calls • cyber_Folks / Shoper: key ...
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Benefit Systems: pumping iron (stays BUY)
We reiterate our BUY on Benefit Systems (BFT). Our new 12-month price target (PT) of PLN 4,300 (from PLN 3,400) offers a strong 47% potential upside. We maintain our view of sound growth prospects for Poland, with a 3Y adjusted EBIT CAGR of 11%. The four established foreign markets could add c.100k cards annually in the coming three years, on our estimates, vs. 110-130k for Poland. We forecast a 3Y adjusted EBIT CAGR of 29% for the four markets, although 2025E may remain under pressure from the ...
- Research Team
WOOD Daily: DSPW CP; ESLT IT; CBF PW; KAP LI; VRC PW; OPL PW; PEO PW; ...
HEADLINES: • Doosan Škoda Power: steaming ahead (BUY - initiation of coverage) • Elbit Systems: 4Q24 – strong results, record FCF generation POSITIVE • cyber_Folks: 4Q24 results review – 27% yoy EBITDA growth, in line with our estimates and the consensus POSITIVE • Kazatomprom: 4Q24 results POSITIVE • Vercom: key takeaways from the 4Q24 earnings call NEUTRAL • Orange Polska: 2025-28E strategy announcement – at least PLN 1.2bn FCF in 2028E POSITIVE • Bank Pekao: recommends DPS of PLN 12.6 and des...
- Research Team
WOOD Daily: DIA PW; EME Macro/Strategy Ukraine Primer; EME Macro/Strat...
HEADLINES: • Diagnostyka: take a test (BUY - initiation of coverage) • EME Macro/Strategy: Ukraine – a macro primer • EME Macro/Strategy: Ukraine’s peace deal – WOOD’s equity playbook • EMEA airlines: some notes on the potential Ukraine reopening • Aegean Airlines: 4Q24 – material beat vs. our estimates, on higher revenue and lower employee costs POSITIVE • Dom Development: 4Q24 – strongest year on record POSITIVE • Vercom: 4Q24 results review – 29% yoy EBITDA growth, in line with the consensus ...
- Jakub Caithaml
WOOD Flash – EMEA airlines: some notes on the potential Ukraine reopen...
In our airlines coverage, we see Wizz Air (BUY, PT GBP 20) as the key beneficiary of a potential re-opening of Ukraine. We expect Ryanair and Wizz Air to move in strongly to Ukraine after it reopens, and we expect that the two carriers may end up with a large share of the Ukrainian aviation market. Given that European aviation capacity growth in 2025E is forecast by both IATA and Eurocontrol only at a mid-single digit pace, constrained by supply-chain issues, the gradual return of traffic to Isr...
- Research Team
WOOD Daily: CEZ CP; PKO PW; SAR GA; ALE PW; CAR PW; SHO PW; SHO PW; GE...
HEADLINES: • CEZ: 4Q24 results a strong beat, FY25E guidance also positive POSITIVE • PKO BP: posts solid 4Q24, and sets solid base for 2025E delivery NEUTRAL • Sarantis: FY24 slightly above guidance; minor guidance upgrade for 2025E POSITIVE • Allegro: 4Q24 EBITDA beat, solid FY25E guidance, PLN 1.4bn buyback POSITIVE • Inter Cars: preliminary 4Q24 net profit rises 41% yoy, but a slight miss vs. expectations NEUTRAL • Shoper: 4Q24 preliminary adjusted EBITDA up 32% yoy, sound 12% beat vs. our f...
- Research Team
WOOD Daily: BIMAS TI; BHW PW; SOKM TI; GEV CP; BFT PW; GPP PW; BDX PW;...
HEADLINES: • BIM: strong operating results in 4Q24 POSITIVE • Bank Handlowy: 4Q24 results do not bring much new to the table NEUTRAL • Sok Marketler Ticaret: recovery in operating results masked by bottom-line loss in 4Q24 NEUTRAL • GEVORKYAN: 4Q24 results – lower than expected, due to one-off expenses NEUTRAL • Benefit Systems: key takeaways from the call on the MAC Group acquisition in Türkiye POSITIVE • Grupa Pracuj: PLN 28.6m revaluation of Beamery to harm 2024 results NEGATIVE • Budimex: an...
- Research Team
WOOD Daily: BFT PW; CAR PW; CTPNV NA; FROTO TI; PL Utilities; BCG LN; ...
HEADLINES: • Benefit Systems: conditional USD 420m agreement to buy leading MAC Group fitness chain in Türkiye POSITIVE • Inter Cars: February sales growth decelerates to 3% yoy NEGATIVE • CTP: issues EUR 1bn of green bonds in two tranches, 6Y and 10Y POSITIVE • Ford Otosan: signs agreement with Iveco to develop heavy truck cabin models NEUTRAL • Polish utilities: comments on electricity price freeze for 4Q25 NEUTRAL • Baltic Classifieds Group: acquires Lithuanian real estate valuation platform ...
- Research Team
WOOD Daily: JAHEZ AB; EME Macro/Strategy Weekly; APR PW; PGE PW; AEGN ...
HEADLINES: • Jahez: slightly positive 4Q24 results – beat on adjusted EBITDA, miss on net revenue POSITIVE • EME Macro/Strategy: macro all-in-one (3-9 March) • Auto Partner: February sales growth decelerates to a mere 2% yoy NEGATIVE • PGE: signs PLN 1.26bn agreement to construct energy storage facility NEUTRAL • Aegean Airlines: January-February traffic up 9% yoy NEUTRAL • Turkish Airlines: traffic growth slowed in February NEUTRAL • Turkish food retail: Competition Board launches investigation...
- Research Team
WOOD Daily: BCG LN; KLKIM TI; MGROS TI; PGE PW; PCO PW; TLV RO; EU Oil...
HEADLINES: • Baltic Classifieds Group: good opportunity to act (upgraded to BUY) • Kalekim: strong results in 4Q24 POSITIVE • Migros: a good set of operating results for 4Q24 POSITIVE • PGE: preliminary 4Q24 EBITDA 11% above our forecast and 27% above the consensus POSITIVE • Pepco Group: strategy update ahead of Capital Markets Day – focus on Pepco banner and CEE region; EUR 200m buyback in 2025-27E; Poundland dragging on FY25E EBITDA guidance POSITIVE • Banca Transilvania: 2025E guidance analy...
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
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
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS 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
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
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
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
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
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; ETE GA; PBK RO; 4IG HB; SFG RO;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (24 February-2 March) • National Bank of Greece: 4Q24 results and 2025-27E guidance highlights NEUTRAL • Patria Bank: 4Q24 bottom-line miss due mostly to lower non-interest income NEGATIVE • 4iG: 4Q24 results review – 22% yoy reported EBITDA increase, in line with our estimate; bottom-line miss, on D&A hike NEUTRAL • Sphera Group: 4Q24 soft, as expected; webcast takeaways NEGATIVE • Duna House: 4Q24 – FY results in line, lower DPS, but possible u...
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
FROTO FORD OTOMOTIV SANAYI A.S.
11B 11 BIT STUDIOS S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
DUNAHOUSE DUNA HOUSE
4IG 4IG NYRT
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