reports
- Research Team
WOOD Daily: LPP PW; PL Macro; BDX PW; EBS AV; SNG RO; RO Macro; HTO GA...
HEADLINES: • LPP: 4Q prelims in line with expectations NEUTRAL • Poland macro: NBP on hold • Budimex: bids rank highest in two PSE tenders NEUTRAL • Romgaz: 4Q25 operational results NEUTRAL • Romania macro: positive news • OTE: Greek telecoms regulator launches public consultations on 900MHz and 1,800MHz spectrum POSITIVE • Metlen Energy & Metals: sells 283MW UK solar portfolio to Schroders Greencoat POSITIVE • Aselsan: strategic JV agreement with CSG POSITIVE • Erste Bank: 4Q25E preview (due on...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
JMT JERONIMO MARTINS SGPS S.A.
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
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
- Research Team
WOOD Morning (28 January 2026)
HEADLINES: • Titan: three deals cemented, more to come (stays BUY) • Eurocash: wins court battle with antimonopoly watchdog POSITIVE • PKO BP: 4Q25E preview (due on 12 March) • Mo-BRUK: 4Q25E – 21% yoy EBITDA growth expected (due on 23 April) • Hungary macro: MNB on hold • Hidroelectrica: shareholders’ approval for key strategic projects • DIGI Communications: hires Linklaters and Uría Menéndez for legal work in its Spanish IPO NEUTRAL • EME Strategy: MSCI – consultations under way to reclassify...
- Bruno Cavalier
- Hela Zarrouk
- Oliver Metzger
- Roy Külter
FME FRESENIUS MEDICAL CARE AG
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ALLAN LANSON-BCC
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
- Bruno Cavalier
- Hela Zarrouk
- Oliver Metzger
- Roy Külter
FME FRESENIUS MEDICAL CARE AG
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ALLAN LANSON-BCC
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
- Daniela Popov
- 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: LAMDA GA; KTY PW; PKN PW; PGE PW; PGE PW; Czech Republic m...
HEADLINES: • Lamda Development: 3Q25 - malls and marinas steady, bond and land sale to boost liquidity • Kety: 4Q25 results and 2026E guidance conference call NEUTRAL • Orlen: to acquire butadiene plant at Plock, Poland, from Synthos NEGATIVE • PGE: to acquire a 350MW offshore project from RWE POSITIVE • Polish utilities: offshore auction results - minimum price at PLN 477/MWh POSITIVE • Czech Republic macro: CNB extends the pause
- Research Team
WOOD Daily: Polish utilities; KTY PW; KTY PW; RBW PW; SPL PW; Polish u...
HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...
- Natalia Svyriadi
Aegean Airlines | Holding Altitude Amid Turbulence
A turbulent 2025e – We have moderately lowered our 2025 revenue forecast to €1.84bn (up 3.8% yoy) and reduced our bottom-line estimate by c2% to €139mn (+7% yoy), while maintaining both our load factor (82.5%) and EBITDA forecast (€422mn, +4% yoy). These revisions capture the two-speed nature of 2025: robust H1 pricing and meaningful FX gains offset by Q3 softness and an anticipated Q4 pullback on a demanding comp base. At the same time, Aegean continues to push significant capacity growth into ...
- Natalia Svyriadi
Aegean Airlines | Holding Altitude Amid Turbulence
A turbulent 2025e – We have moderately lowered our 2025 revenue forecast to €1.84bn (up 3.8% yoy) and reduced our bottom-line estimate by c2% to €139mn (+7% yoy), while maintaining both our load factor (82.5%) and EBITDA forecast (€422mn, +4% yoy). These revisions capture the two-speed nature of 2025: robust H1 pricing and meaningful FX gains offset by Q3 softness and an anticipated Q4 pullback on a demanding comp base. At the same time, Aegean continues to push significant capacity growth into ...
- Research Team
WOOD Daily: BOCHGR GA; PL Utilities; PKN PW; CEZ CP; SNP RO
HEADLINES: • Bank of Cyprus: paid to wait (stays BUY) • Polish utilities: 2030 capacity market price set at PLN 465/kW/year NEUTRAL • Orlen: receives response from Grupa Azoty about offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: new government aiming to reduce power bills by c.10% or more NEUTRAL • OMV Petrom: preparing to drill offshore Bulgaria by the year-end NEUTRAL
- Bruno Cavalier
- Charlotte Vaisse
- Jean Danjou
- Maxime Kogge
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MF WENDEL SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
01913 PRADA S.P.A.
CARM CARMILA SAS
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WINE PURCARI WINERIES PCL
ZGN ERMENEGILDO ZEGNA NV
- Bruno Cavalier
- Charlotte Vaisse
- Jean Danjou
- Maxime Kogge
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
MF WENDEL SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
01913 PRADA S.P.A.
CARM CARMILA SAS
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WINE PURCARI WINERIES PCL
ZGN ERMENEGILDO ZEGNA NV
- Daniela Popov
- Research Team
WOOD Daily: TBCG LN; LPP PW; CBF PW; PL Utilities; TPE PW; MBR PW; TIT...
HEADLINES: • TBC Bank: rough patch in Uzbekistan, but stock is cheap (upgraded to BUY) • LPP: 3Q25 ahead of expectations; FY25E profitability guidance upped; FY26-27E EBITDA guidance 10-11% above the consensus POSITIVE • cyber_Folks: acquires PrestaShop for EUR 55m POSITIVE • Polish utilities: capacity market auction results for 2030 POSITIVE • Tauron: to build a 600 MW OCGT unit in Jaworzno POSITIVE • Mo-BRUK: administrative court ruling on increased landfill fees for 2019 NEUTRAL • Titan: sign...
- Research Team
WOOD Daily: RO Macro; CAR PW; PGE PW; PL Utilities; BELA GA; OPTIMA GA...
HEADLINES: • Romania macro: Bucharest vote supports government • Inter Cars: November sales growth decelerates to 2.6% yoy NEGATIVE • PGE: CEO and COO dismissed; former Tauron CEO appointed as acting CEO NEUTRAL • Polish utilities: ready for lower distribution WACC NEGATIVE • Jumbo: sales up 6% in November and 8% in 11M25, as expected NEUTRAL • Optima Bank SA: 4m shares block trades at 1.9% discount NEUTRAL • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m POSITIVE • ...
- Research Team
WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...
HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover
KRKG KRKA D.D.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
M MED LIFE
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
- 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...
- Daniela Popov
- Thomas Zlowodzki
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