reports
- Research Team
WOOD Daily: EU Oil and Gas Monthly; MBR PW; CDR PW
HEADLINES: • European oil and gas monthly: May 2025 – bottomed out • Mo-BRUK: SKO decision reducing the increased fees for 2019, in line with previous guidance NEUTRAL • CD Projekt: Cyberpunk 2077: Ultimate Edition released on Nintendo Switch 2 NEUTRAL • Short News (CDR)
- Research Team
WOOD Daily: CDR PW; LAMDA GA; GEKTERNA GA; MOL HB; The Rear-View Mirro...
HEADLINES: • CD Projekt: new tech demo of The Witcher 4 opens State of Unreal event POSITIVE • Lamda Development: 1Q25 results – malls doing well, valuation undemanding, but margins visibility likely a prerequisite for re-rating • GEK Terna: 1Q25 EBITDA jumps 55%, to slightly stronger than expected EUR 136m POSITIVE • MOL: agrees with SOCAR on onshore exploration project in Azerbaijan NEUTRAL • The Rear-View Mirror – EME markets: EME indices mostly in the green in May
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
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
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
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
TBCB TBC BANK JOINT STOCK CO
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.
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.
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
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.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Wedbush Research
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
KURA KURA ONCOLOGY INC.
GME GAMESTOP CORP. CLASS A
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
BPMC BLUEPRINT MEDICINES CORP.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
BLDR BUILDERS FIRSTSOURCE INC.
EA ELECTRONIC ARTS INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
ISR ISORAY
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
PINS PINTEREST INC. CLASS A
STOK STOKE THERAPEUTICS
IGMS IGM BIOSCIENCES
SWTX SPRINGWORKS THERAPEUTICS
APRE APREA THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
RVMD REVOLUTION MEDICINES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
KROS KEROS THERAPEUTICS
ITOS ITEOS THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
LRMR LARIMAR THERAPEUTICS INC
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
UFPI UFP INDUSTRIES INC.
VRDN VIRIDIAN THERAPEUTICS INC
IMNM IMMUNOME
PLTK PLAYTIKA HOLDING
NUVB NUVATION BIO INC (A)
RBLX ROBLOX
CGEM CULLINAN ONCOLOGY INC
DAWN DAY ONE BIOPHARMACEUTICALS INC
ELEV ELEVATION ONCOLOGY
TCRX TSCAN THERAPEUTICS INC
APP APPLOVIN CORP
ATXS ASTRIA THERAPEUTICS INC
GMTX GEMINI THERAPEUTICS INC
VIGL VIGIL NEUROSCIENCE INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
NUVL NUVALENT INC
ARTV ARTIVA BIOTHERAPEUTICS INC
DDI DOUBLEDOWN INTERACTIVE CO LTD
APGE APOGEE THERAPEUTICS INC
SKLZ SKILLZ INC
EMBRAC B EMBRACER GROUP AB
BCAX BICARA THERAPEUTICS INC.
- Research Team
WOOD Daily: Middle Eastern Oil Services – ADNOCDRI UH, ARABIAND AB; PL...
HEADLINES: • Middle Eastern oil services: time to switch horses (ADNOC Drilling downgraded to HOLD, Arabian Drilling upgraded to BUY) • Poland macro: Presidential election – final results and implications • 4iG: 1Q25 results review – 11% yoy increase in reported EBITDA, in line with our estimate NEUTRAL • GTC: 1Q25 – some notes, post the results • PCF Group: suspension of development works on Gemini and Bifrost, over 60 people to be laid off NEGATIVE • OMV: to sell stake in Ghasha sour gas proje...
- Rok Stibric
MT ARCELORMITTAL SA
CA CARREFOUR SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
HEI HEIDELBERGCEMENT AG
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
- Rok Stibric
MT ARCELORMITTAL SA
CA CARREFOUR SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
HEI HEIDELBERGCEMENT AG
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
- Wedbush Research
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
CRM SALESFORCE.COM INC.
AXTI AXT INC.
CDR CD PROJEKT S.A.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
NTLA INTELLIA THERAPEUTICS INC.
ANAB ANAPTYSBIO INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
ORIC INC.
AI ORIC PHARMACEUTICALS
STX C3.AI
GFS SEAGATE TECHNOLOGY HLDGS PLC
S GLOBALFOUNDRIES INC
JANX SENTINELONE INC
PEPG JANUX THERAPEUTICS INC
DBD PEPGEN INC
DIEBOLD NIXDORF INCORPORATED
- Research Team
WOOD Daily: OPAP GA; CDR PW; VGO PW; DAT PW; KAP LI; LAMDA GA; AEGN GA...
HEADLINES: • OPAP: 1Q25 – strong, as expected NEUTRAL • CD Projekt: 1Q25 EBIT broadly as expected, guidance on three unannounced projects POSITIVE • VIGO Photonics: adjusted EBITDA up 2x yoy (on a low base), in line with our estimate NEUTRAL • DataWalk: actual 1Q25 numbers fully in line with the preliminaries NEUTRAL • Kazatomprom: 1Q25 results – much weaker than expected NEGATIVE • Lamda Development: 1Q25 results – opex outside the Ellinikon better than expected, but quarterly capex still slow ...
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
VGO VIGO SYSTEM SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Michael Pachter
- Rok Stibric
- Research Team
WOOD Daily: BHW PW; ACP PW; PGE PW; HUG PW; DIA PW; BFT PW; GPP PW; WP...
HEADLINES: • Bank Handlowy: sells retail operations, sets 2027E ROE target of 19% • Asseco Poland: 1Q25 review – net profit up 9% yoy, in line with the consensus; 2025 backlog up 10% yoy POSITIVE • PGE: full 1Q25 results in line with the preliminaries NEUTRAL • Huuuge Games: 1Q25 adjusted EBITDA in line with our expectations NEUTRAL • Diagnostyka: 1Q25 results in line with expectations NEUTRAL • Benefit Systems: 1Q25 earnings call takeaways – very optimistic on MAC Group POSITIVE • Grupa Pracuj:...
ACP ASSECO POLAND SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
HUGE HUUUGE
GPP GRUPA PRACUJ DA
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: Polish Food Retail – DNP PW; EUR PW; JMT PL; ZAB PW; BFT P...
HEADLINES: • Polish food retail: turning the corner (initiating on Zabka with a BUY, Eurocash and Jeronimo stay BUY, Dino stays SELL) • Benefit Systems: 1Q25 adjusted EBIT up 14% yoy, 10% above our forecast POSITIVE • Grupa Pracuj: 1Q25 results – adjusted EBITDA up 11% yoy, in line with our forecast, 4% above the consensus POSITIVE • Wirtualna Polska: 1Q25 results review – adjusted EBITDA up 2% yoy, 2% above the consensus NEUTRAL • Athens Exchange Group: 1Q25 results in line with expectations NE...
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
ZAB ZABKA GROUP
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Daniela Popov
- Wedbush Research
TSLA TESLA INC
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
EXPE EXPEDIA GROUP INC.
BBY BEST BUY CO. INC.
CDR CD PROJEKT S.A.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
CVCO CAVCO INDUSTRIES INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
REPL REPLIMUNE GROUP
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
STX AIRBNB INC. CLASS A
YOU SEAGATE TECHNOLOGY HLDGS PLC
ALCC CLEAR SECURE INC
EMBRAC B ALTC ACQUISITION CORP
BCAX EMBRACER GROUP AB
BICARA THERAPEUTICS INC.
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Michael Pachter
- Research Team
WOOD Daily: BDX PW (upgraded to BUY); HSBK LI; TEN PW; GEV CP; TITC GA...
HEADLINES • Budimex: growth acceleration on the horizon (upgraded to BUY) • Halyk Bank: 1Q25 results highlights before the call POSITIVE • Ten Square Games: 1Q25 adjusted EBITDA 15% above our forecast, but April sales disappoint NEGATIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations; 2025E conservative guidance POSITIVE • Titan Cement: completes divestment of its 75% stake in Adocim in Eastern Türkiye NEUTRAL • Al Arabia Outdoor Advertising: key takeaways from our call with the CF...
- Mihaly Gajda
Petrom Posts Solid Quarter, In Line with Consensus
The company reported a clean CCS operating profit of RON 1,257 mn, representing a 32% increase QoQ but a 29% decline YoY. Operational performance remained broadly stable compared to the previous quarter, if we take into consideration that Q4 results were significantly impacted by year-end impairments in the E&P segment totalling RON 630 mn. The results are in line with our expectations and the market consensus, although outlook worsened for the coming quarters.
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