HEADLINES: • Romania macro: ruling coalition at risk of breaking soon • PGE: 4Q25 conference call takeaways NEUTRAL • Auto Partner: post-4Q25 earnings call takeaways POSITIVE • Czechoslovak Group: bags new munitions contract POSITIVE • Premier Energy: agrees to buy power distributor Oltenia • Short News (ING, SHO, VRC)
HEADLINES: • Auto Partner: 4Q25 EBITDA 4% above the consensus and 5% below our estimate NEUTRAL • Murapol: 4Q25 conference call takeaways POSITIVE • Enea: proposes PLN 0.56 DPS from the 2025 profit NEUTRAL • PGE: recommends no dividend payment for 2025 NEUTRAL • PZU: conclusion of competition for Management Board member – former CFO not on the list • CEZ: PM Babis says first steps towards privatisation at upcoming AGM NEUTRAL • Arcelik: 1Q26E earnings preview (due on 22 April) • Short News (CBF)
HEADLINES: • Murapol: 4Q25 slightly below our forecasts, but close to the consensus NEUTRAL • Murapol: 1Q26 sales up 8% yoy, handovers significantly lower NEUTRAL • Enea: 4Q25 in line with the preliminaries NEUTRAL • XTB S.A.: KNF issues PLN 20m fine over historical onboarding and product governance shortcomings NEGATIVE • Mo-BRUK: new contract signed for PLN 6.9m net NEUTRAL • 11 bit studios: revised amortisation method for Frostpunk 2 and The Alters NEUTRAL • Alior Bank: 1Q26E preview (due on ...
HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...
HEADLINES: • Czechoslovak Group: ReArming Europe – from ammo to armour (BUY - initiation of coverage) • Develia: strong handovers in 1Q26 (2.3x higher yoy), slightly disappointing sales (10% lower yoy) NEUTRAL • Kruk: 1Q26 trading update NEUTRAL • Kruk: recommends PLN 20 DPS • Huuuge Games: preliminary 1Q26 revenue at USD 56.5m, down 9% yoy and 4% qoq NEGATIVE • Bank Millennium: to book PLN 190m of FX mortgage saga provisions in 1Q26E NEUTRAL • Budimex: FBSerwis to remain within the group NEUTRA...
HEADLINES: • Develia : 4Q25 EBIT and net income 26% above our expectations, following stronger gross margin and lower SG&As POSITIVE • Develia: preliminary agreement to acquire major residential project in Gdańsk POSITIVE • Text: 4Q25-26 (calendar 1Q26) preliminary results – MRR of USD 6.93m (down 0.7% qoq and 2.7% yoy) NEGATIVE • Grupa Pracuj: key takeaways from the 4Q25 earnings call • 11 bit studios: announces DLC for Frostpunk 2 and Nintendo Switch port of Frostpunk POSITIVE • Jeronimo Marti...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
HEADLINES: • Jeronimo Martins: miss in 4Q25 on other financial costs; flat yoy capex guidance for 2026E, DPS proposal yields 3% NEUTRAL • Rainbow Tours: impact of the geopolitical situation in the Middle East on operations NEUTRAL • 11 bit studios: 4Q25E preview – EBITDA to decline by 32% qoq (due on 20 April) • Optima Bank SA: non-binding EUROXX Securities offer worth up to EUR 65.5m NEUTRAL • Austriacard: 2025E preview (due on 23 March)
HEADLINES: • Theon International: model update due to KAPPA and Exosens deals (stays BUY) • InPost: 4Q25 well below expectations due to the UK; only flat FY26E EBITDA guidance NEGATIVE • DataWalk: preliminary 4Q25 results – sales down 26% yoy, to PLN 6.68m NEGATIVE • cyber_Folks: final 4Q25 group results fully in line with preliminaries NEUTRAL • Auto Partner: management recommends DPS of PLN 0.15 from 2025 earnings NEUTRAL • OMV Petrom: announces dividend proposal NEUTRAL • Trade Estates: FFO u...
HEADLINES: • BIM: 4Q25 results – strong beat POSITIVE • Enea: preliminary 4Q25 EBITDA 25% below expectations on Supply one-offs; adjusted EBITDA 2% below forecast NEUTRAL • Enea / Tauron: URE orders additional payments to the Price Difference Payment Fund NEUTRAL • PGE: completes acquisition of 350 MW Bałtyk II offshore wind project from RWE NEUTRAL • Warsaw Stock Exchange: PLN 10.7m impairment losses to spoil otherwise strong quarter (due on 23 March) NEGATIVE • Footshop: preliminary 4Q25 resul...
The majority of European real estate seems to have sailed through the rate hikes surprisingly smoothly. There appears to be a broad consensus among companies and realtors that the trough in values may have passed, and that 2026E may see a continued transaction volume recovery, led by prime assets. Valuations are broadly expected to be income driven, with limited room for yield compression, as rates remain stable. Investors appear selective, favouring prime, core assets; while secondary, older st...
HEADLINES: • EMEA airlines: oil price spike negative NEGATIVE • Budimex: PLN 2.59bn rail contract signed with PKP PLK NEUTRAL • Auto Partner: February sales growth of 3.4% yoy NEGATIVE • Diagnostyka: 4Q25E preview – 8% yoy EBITDA growth expected (due on 20 April) NEUTRAL • CEZ: 4Q25E earnings preview (due on 12 March) • Jumbo: February sales growth slows to 3% yoy on tough comps, as expected NEUTRAL • Mavi: 4Q25E earnings preview (due on 17 March) • EME Macro/Strategy: macro all-in-one (27 Febru...
HEADLINES: • European Oil and Gas Monthly: February 2026 – trouble brewing in Hormuz • EME Macro/Strategy: Hungary – the Tisza policy programme • cyber_Folks: preliminary 4Q25 results review – 72% yoy adjusted EBITDA growth, 2% above our expectations POSITIVE • Shoper: preliminary 4Q25 results review – 14% yoy adjusted EBITDA growth, 3% above our expectations POSITIVE • Vercom: preliminary 4Q25 results review – 25% yoy EBITDA growth, 2% above our expectations POSITIVE • Poland macro: outlook imp...
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
HEADLINES: • Aselsan: master of multi-domain warfare (stays BUY) • EMEA airlines: attack on Iran disrupts global aviation • Rainbow Tours: flattish yoy January sales growth at both the consolidated (+2.6% yoy) and stand-alone (+1.6% yoy) levels NEGATIVE • Huuuge Games: February 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: February 2026 Sensor Tower bookings estimate up 33% mom POSITIVE • Auto Partner: 4Q25E preview – 7% yoy EBITDA deterioration expected (due on 15 Apr...
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...
HEADLINES: • Benefit Systems: grow baby, grow! (BUY - transfer of coverage) • ING BSK: 4Q25 results beat; solid DPS guidance; recent share price rally might have consumed part of the upside • mBank: solid 4Q25; rather cautious on the 2026E revenue outlook NEUTRAL • Inter Cars: January sales increase by 4.0% yoy NEGATIVE • VIGO Photonics: 4Q25E results preview – solid yoy adjusted EBITDA improvement expected (due on 16 March) • GEK Terna: seals c.EUR 1bn of Romanian railway projects – positive, b...
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%...
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).
HEADLINES: • Dom Development: sells 4.4k apartments in 2025, an all-time high POSITIVE • Bank Millennium: to add PLN 487m of FX mortgage saga costs in 4Q25E NEUTRAL • Polish banks: Puls Biznesu on M&A in the Polish banking sector • Titan: Titan America enters agreement to acquire Keystone Cement Company POSITIVE • OPAP: Allwyn merger passes EGM; focus shifts to 9 February exit-right deadline NEUTRAL • Jumbo: 2025 sales +7%, to EUR 1.23bn, as expected; declares EUR 0.50 special DPS NEUTRAL • Turk...
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