reports
- 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)
- 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...
- Research Team
WOOD Daily: ALE PW; CZG CP; MAVI TI; ECH PW; APR PW; LAMDA GA; GEV CP;...
HEADLINES: • Allegro: 1Q25 results spot on our expectations; lower bound of FY25E guidance increased POSITIVE • Colt CZ Group: 2Q25 results – slightly below the consensus; no changes in FY25E guidance • Mavi: 2Q25 results miss expectations; 2025E guidance lowered NEGATIVE • Echo Investment: 2Q25 – sales could unlock net cash equivalent to one-third of market cap • Auto Partner: 2Q25 EBITDA broadly in line with our and the market's expectations NEUTRAL • Lamda Development: 2Q25 – yield compressio...
- 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: BOCHGR GA; KZ Macro; PGE PW; APR PW; ASELS TI; DSPW CP; MO...
HEADLINES: • Bank of Cyprus: value is (sometimes) relative (stays BUY) • Kazakhstan macro: State of the Nation Address sets grounds for new constitutional reform and ambitious digitalisation agenda • PGE: 2Q25 conference call highlights NEUTRAL • Auto Partner: August sales growth decelerates to a mere 2% yoy NEGATIVE • Aselsan: massive domestic contract win POSITIVE • Doosan Skoda Power: wins multi-billion CZK tender for new generators at Temelin POSITIVE • MOL: announces discovery of an oil fie...
- Research Team
WOOD Daily: GR Refiners; ACP PW; OPAP GA; TRESTATE GA; VRC PW; CBF PW;...
HEADLINES: • Greek Refiners: elevated margins, extended run (HELLENiQ Energy (HOLD) and Motor Oil Hellas (BUY) - transfer of coverage) • Asseco Poland: 2Q25 review – net profit up 33% yoy, 11% above the consensus; 2025 backlog up 9% yoy POSITIVE • OPAP: 2Q25 results – in line NEUTRAL • Trade Estates: 1H25 – FFO at EUR 10m, up 37% yoy POSITIVE • Vercom: key takeaways from the 2Q25 earnings call POSITIVE • cyber_Folks/Shoper: key takeaways from the 2Q25 earnings call NEUTRAL • Shoper: 2Q25 earning...
- Research Team
WOOD Daily: CBF PW; VRC PW; SHO PW; INPST NA; ALE PW; TL Automotive; W...
HEADLINES: • cyber_Folks: 2Q25 results review – 66% yoy EBITDA growth, 3% above the consensus POSITIVE • Vercom: 2Q25 results review – 21% yoy EBITDA growth, 2% above the consensus POSITIVE • Shoper: 2Q25 broadly in line with expectations NEUTRAL • InPost: suing Allegro for breach of agreement • Turkish automotive: strong light vehicle sales in August NEUTRAL • Eurowag: 1H25E results preview (due out tomorrow)
- 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: 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: CDR PW; PZU PW; MOL HB; ELPE GA; NLBR SV; CCC PW; AKCNS TI...
HEADLINES: • CD Projekt: opening the next chapter (upgraded to BUY) • PZU: CEO Klesyk dismissed NEGATIVE • MOL: 2Q25 results hit by one-off charge NEUTRAL • HELLENiQ Energy: 2Q25 results NEUTRAL • NLB Group: material bottom-line beat in 2Q25, due mainly to provisions and impairments released POSITIVE • CCC: preliminary 2Q25 EBITDA beats expectations by 1-5%, on the top line POSITIVE • Akcansa: 2Q25 conference call takeaways NEUTRAL • Brisa: takeaways from the 2Q25 earnings call POSITIVE • Cimsa:...
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
APR AUTO PARTNER SA
NLBR NLB GROUP
ELPE HELLENIQ ENERGY
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
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
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
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
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: WIZZ LN; ARCLK TI; SOLUTION AB; Shoper/cyber_Folks
HEADLINES: • Wizz Air: slower growth could help medium-term margins (stays BUY) • Arçelik: operating performance recovery masked by the higher-than-expected loss on the bottom line NEGATIVE • Solutions by STC: 2Q25 financial results review NEUTRAL • Shoper/cyber_Folks: MCI’s stake in IAI to be sold to Montagu Private Equity
- Research Team
WOOD Daily: ARCLK TI; 11B PW; BHW PW; CDR PW
HEADLINES: • Arcelik: 2Q25E earnings preview (due on 25 July) • 11 bit studios: 2Q25E preview – results driven by launch of The Alters (due on 28 August) • Bank Handlowy: 2Q25E preview (due on 28 August) • CD Projekt: 2Q25E preview – EBITDA down 36% qoq (due on 28 August) • Short News (CEZ, MTELEKOM, CPS)
- Research Team
WOOD Daily: DAT PW; EU Macro; CBF PW; SHO PW; OPAP GA; AEGN GA; GTC PW...
HEADLINES: • DataWalk: returning like a phoenix from the ashes (HOLD) • EU macro: Commission presents the new budget • cyber_Folks/Shoper: resign from large acquisition in the e-commerce space and bets on the development of own solutions NEGATIVE • OPAP: Greek gaming market growth accelerates further in May POSITIVE • Aegean Airlines: adds two A321neo XLRs, plans to start flying to India in March 2026E • GTC: buys out German minorities • CD Projekt: free update 2.3 for Cyberpunk 2077 today NEUTR...
- Research Team
WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPR...
HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...
- Research Team
WOOD Daily: RO Macro; HU Macro; KRU PW; HUG PW; CAR PW; 11B PW; MUR PW...
HEADLINES: • Romania macro: MPC turns cautiously dovish on the fiscal package • Hungary macro: June inflation picks up further • Kruk: 2Q25 trading update shows a pick up in recoveries vs. 1Q25 NEUTRAL • Huuuge Games: preliminary 2Q25 revenue at USD 59m, down 7% yoy and 6% qoq NEUTRAL • Inter Cars: June sales growth at 10% yoy, implying 2Q25E revenue growth of also 10% yoy NEUTRAL • 11 bit studios: 280k copies of The Alters sold NEUTRAL • Murapol: sells 708 apartments and hands over 289 units in...
- Research Team
WOOD Daily: OMV AV; SNP RO; MIL PW; APR PW; TL Macro; TITC GA
HEADLINES: • OMV: 2Q25 trading statement NEUTRAL • OMV Petrom: 2Q25 trading statement NEUTRAL • Bank Millennium: 2Q25E FX mortgage saga provisions information NEUTRAL • Auto Partner: monthly sales disappoint again – limited 8% yoy growth in June NEGATIVE • Türkiye macro: June budget data shows stable, but wide, deficit • Titan: invests in fly-ash processing facility in the UK NEUTRAL
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