reports
- Andreas Souvleros
- CFA
GREEK BANKS | Geopolitical noise masks resilient earnings and re-ratin...
Earnings have bottomed; delivery now structurally de-risked… – Q4’25 marked a clear inflection point, with system NII stabilising q/q (+1.7% q/q) and confirming Q3’25 as the trough, as strong volume growth (>10% y/y, mainly corporate, with gradual retail recovery) and deposit repricing (c.30–40bps) offset rate normalisation. Fee generation (+12% y/y), alongside loan growth, remains the key positive driver, with strong momentum across lending commissions, asset management and bancassurance, suppo...
- Andreas Souvleros
- CFA
GREEK BANKS | Geopolitical noise masks resilient earnings and re-ratin...
Earnings have bottomed; delivery now structurally de-risked… – Q4’25 marked a clear inflection point, with system NII stabilising q/q (+1.7% q/q) and confirming Q3’25 as the trough, as strong volume growth (>10% y/y, mainly corporate, with gradual retail recovery) and deposit repricing (c.30–40bps) offset rate normalisation. Fee generation (+12% y/y), alongside loan growth, remains the key positive driver, with strong momentum across lending commissions, asset management and bancassurance, suppo...
- Baptiste Salaville
- Margaux van Oerle
- Stefano Toffano
LOGN LOGITECH INTERNATIONAL S.A.
PUB PUBLICIS GROUPE SA
JMT JERONIMO MARTINS SGPS S.A.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DAI DAIMLER AG
GIVN GIVAUDAN SA
SW SODEXO SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
CARL B CARLSBERG A/S CLASS B
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
JEN JENOPTIK AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Baptiste Salaville
- Margaux van Oerle
- Stefano Toffano
LOGN LOGITECH INTERNATIONAL S.A.
PUB PUBLICIS GROUPE SA
JMT JERONIMO MARTINS SGPS S.A.
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DAI DAIMLER AG
GIVN GIVAUDAN SA
SW SODEXO SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
CARL B CARLSBERG A/S CLASS B
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIK SIKA AG
JEN JENOPTIK AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Research Team
WOOD Daily: MUR PW; ENA PW; XTB PW; MBR PW; 11B PW; ALR PW; MIL PW; PE...
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 ...
- Juan Ros-Padilla
- Research Team
WOOD Daily: MTLN GA; DVL PW; SNT PW; 11B PW; OPL PW; CEZ CP; DIGI RO; ...
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...
- Research Team
WOOD Daily: DVL PW; TXT PW; GPP PW; 11B PW; JMT PL; ALPHA GA; TL Autom...
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...
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
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.
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.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RB...
HEADLINES: • Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL • DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL • Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE • PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE • Tauron: 4Q25 conference call takeaways NEUTRAL • Wirtualna Polska: announces tender to acquire own...
- Research Team
WOOD Daily: DNP PW; BDX PW; BDX PW; CAR PW; KTY PW; MUR PW; VGO PW; KT...
HEADLINES: • Dino Polska: 12-15% EBITDA miss in 4Q25; bearish guidance for 2026E NEGATIVE • Budimex: full 4Q25 results in line with the preliminaries NEUTRAL • Budimex: management recommends DPS of PLN 32.42 from the 2025 earnings (4.9% DY) POSITIVE • Inter Cars: preliminary 4Q25 EBITDA in line with expectations NEUTRAL • Kety: full 4Q25 results in line with the preliminaries NEUTRAL • Murapol: Hampont files for sole control acquisition of Murapol NEUTRAL • VIGO Photonics: acquires InfraRed Asso...
- Research Team
WOOD Daily: MOH GA; GPW PW; TEN PW; BFT PW; HUG PW; ALR PW; ACP PW; RI...
HEADLINES: • Motor Oil Hellas: 4Q25 net earnings and dividend beat; strong refining drives FCF POSITIVE • Warsaw Stock Exchange: solid operational delivery in 4Q25, bottom line miss on impairment charges, communicated ahead of results NEUTRAL • Ten Square Games: 4Q25 adjusted EBITDA 11% below the market consensus; management recommends PLN 10.0 DPS NEUTRAL • Benefit Systems: 4Q25 earnings call takeaways NEUTRAL • Huuuge Games: 4Q25 earnings call takeaways NEUTRAL • Alior Bank: wants to pay a DPS...
LOGN LOGITECH INTERNATIONAL S.A.
AC ACCOR SA
JMT JERONIMO MARTINS SGPS S.A.
ACN ACCENTURE PLC CLASS A
RMS HERMES INTERNATIONAL SCA
CDR CD PROJEKT S.A.
OMV OMV AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
BAYN BAYER AG
ENEL ENEL SPA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
RAA RATIONAL AG
MONC MONCLER SPA
WAF SILTRONIC AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
GALD GALDERMA GROUP AG
ZAB ZABKA GROUP
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
LOGN LOGITECH INTERNATIONAL S.A.
AC ACCOR SA
JMT JERONIMO MARTINS SGPS S.A.
ACN ACCENTURE PLC CLASS A
RMS HERMES INTERNATIONAL SCA
CDR CD PROJEKT S.A.
OMV OMV AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
BAYN BAYER AG
ENEL ENEL SPA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
RAA RATIONAL AG
MONC MONCLER SPA
WAF SILTRONIC AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
GALD GALDERMA GROUP AG
ZAB ZABKA GROUP
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Juan Ros-Padilla
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
UTDI UNITED INTERNET AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
NEM NEMETSCHEK SE
RAA RATIONAL AG
SQN SWISSQUOTE GROUP HOLDING AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DRI 1&1 DRILLISCH AG
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
UTDI UNITED INTERNET AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
NEM NEMETSCHEK SE
RAA RATIONAL AG
SQN SWISSQUOTE GROUP HOLDING AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DRI 1&1 DRILLISCH AG
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
- Juan Ros-Padilla
- Research Team
WOOD Daily: JMT PL; RBW PW; 11B PW; OPTIMA GA; ACAG GA
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)
- Research Team
WOOD Daily: MBK PW; BHW PW; DOM PW; TPE PW; BDX PW; BFT PW; INPST NA; ...
HEADLINES: • mBank: bid or no bid? • Bank Handlowy: solid 4Q25, giving support to strong dividend yield expectations NEUTRAL • Dom Development: 4Q25 – a good end to a record year NEUTRAL • Tauron: preliminary 4Q25 EBITDA 7% below our expectations, following provisions in the Supply segment; adjusted EBITDA 11% above our forecast POSITIVE • Budimex: KIO orders rejection of company’s offer in Rail Baltica tender NEGATIVE • Benefit Systems: PLN 40.6m provision to be created in the 4Q25E results NEG...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.