reports
- 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)
MBank S.A.: 1 director
A director at MBank S.A. sold 1,000 shares at 986.400PLN and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Research Team
WOOD Daily: ACP PW; PKO PW; ESLT IT; MGROS TI; PGSUS TI; LOGO TI; IGN1...
HEADLINES: • Asseco Poland: unjustifiably expensive (downgraded to SELL) • PKO BP: very solid 2Q25; our ambitious forecasts seem achievable; market valuation appears to be pricing it in NEUTRAL • Elbit Systems: 2Q25 results – strong operating performance and a big contract win in Europe • Migros: 2Q25 results – bottom line misses expectations NEGATIVE • Pegasus Airlines: 2Q25 – weaker margins yoy, as expected • Logo Yazilim: 2Q25 results – in line; FY25E guidance reiterated NEUTRAL • Ignitis Gro...
PKO PKO BANK POLSKI S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
GSPARK GRAPHISOFT PARK SE
DAT DATAWALK SA
VGO VIGO SYSTEM SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
ESLT ELBIT SYSTEMS LTD
IGN1L IGNITIS GRUPE
9526 JAHEZ INTERNATIONAL CO
AQ AQUILA PART PROD COM
- Julian Dobrovolschi
- Julian Dobrovolschi
- Research Team
WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG ...
HEADLINES: • Solutions by STC: balance of risks to the upside (upgraded to BUY) • TBC Bank: 2Q25 results and conference call highlights • Al Arabia Outdoor Advertising: weak 2Q25 financial results NEGATIVE • Jahez: weak 2Q25 financial results, with significant pressure on the EBITDA margin NEGATIVE • Inter Cars: July sales growth accelerates marginally, to 11% yoy NEUTRAL • Austriacard: 1H25E earnings preview (due on 28 August)
- Oleg Galbur
OTP Bank Plc: 2 directors
Two Directors at OTP Bank Plc sold 16,500 shares at between 29,780.000HUF and 29,890.000HUF. The significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over...
- Mihaly Gajda
OMV resilient despite macro strain, Petrochemicals remain weak
OMV reported clean CCS EBIT of EUR 1,031 mn in Q2 2025, down 11% QoQ and 16% YoY, broadly in line with the market consensus of EUR 1,022 mn. CCS net income came in at EUR 385 mn, also close to consensus. The differences between actual results and consensus were minimal, both at the aggregate and segment levels.
- Oliver Metzger
- Stephan Wulf
- Oliver Metzger
- Stephan Wulf
- Jovan Sikimic
- Gabor Bukta
5% beat on higher incomes but higher risk costs
Summary: Adj. net income came to HUF 330bn in Q2/25, a 5% beat compared to consensus estimate of HUF 314bn, a touch below our street-high HUF333bn estimate, which was attributable to higher-than-expected total incomes. OPEX was fully in-line, while the provisioning was exceptionally high, up 44% YoY to HUF 67bn in Q2. The management provided an updated guidance for 2025. They now expect to reach a CIR of “closer to 41.3% reported in 2024” compared to “somewhat higher than that”, while the r...
- Research Team
WOOD Daily: ALR PW; RICHT HB; ASELS TI; THYAO TI; ISCTR TI; CIMSA TI; ...
HEADLINES: • Alior Bank: solid 2Q25, with a beat vs. the market's expectations on stronger other income and lower LLPs POSITIVE • Richter: 2Q25 results broadly in line NEUTRAL • Aselsan: 2Q25 results – strong beat, driven by operating performance POSITIVE • Turkish Airlines: 2Q25 – EBIT above the consensus on better costs POSITIVE • Isbank: 2Q25 highlights – a mixed bag, but management sounds confident in sharp margin recovery in 2H25E • Cimsa: 2Q25 financial results review – strong revenue grow...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ELPE HELLENIQ ENERGY
AIRA AIR ASTANA JSC
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
OMV AG: 1 director
A director at OMV AG bought 600 shares at 44.280EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
- Martin Marandon-Carlhian
- Stephane Houri
DHL DHL GROUP
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
DGE DIAGEO PLC
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
ADEN ADECCO GROUP AG
CEZ CEZ AS
RAA RATIONAL AG
OTP OTP BANK NYRT
ABI ANHEUSER-BUSCH INBEV SA/NV
BP. BP P.L.C.
BNTX BIONTECH SE
CPR DAVIDE CAMPARI-MILANO N.V.
- Martin Marandon-Carlhian
- Stephane Houri
DHL DHL GROUP
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
DGE DIAGEO PLC
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
ADEN ADECCO GROUP AG
CEZ CEZ AS
RAA RATIONAL AG
OTP OTP BANK NYRT
ABI ANHEUSER-BUSCH INBEV SA/NV
BP. BP P.L.C.
BNTX BIONTECH SE
CPR DAVIDE CAMPARI-MILANO N.V.
- Jovan Sikimic
- Research Team
WOOD Daily: CCOLA TI; OTP HB; KSPI US; ELM AB; THEON NA; TITC GA; ALE ...
HEADLINES: • Coca-Cola Icecek: recovery on the horizon (stays BUY) • OTP Bank: books solid 2Q25 NEUTRAL • Kaspi.kz: 2Q25 highlights – on track, with revised down guidance, could start buying back stock in 2026E • Elm: 2Q25 conference call takeaways – organic growth guidance upgraded POSITIVE • Theon International: to acquire KAPPA Optronics of Germany POSITIVE • Titan: to acquire 80% of leading concrete solutions provider in Southeastern Europe with Molins POSITIVE • Allegro: buyback price of PL...
BRE MBANK SA
AXA AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
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