reports
- Research Team
WOOD Daily: OPL PW; CDR PW; RICHT HB; RO Macro; SNP RO; SNG RO; ELPE G...
HEADLINES: • Orange Polska: 4Q25 results – EBITDAaL up 7% yoy, 2% above the consensus; strong 2026E guidance POSITIVE • CD Projekt: The Witcher 3: Wild Hunt – Complete Edition available on Xbox Game Pass on 19 February NEUTRAL • Richter: announces R&D collaboration for endometriosis drug candidate NEUTRAL • Romania macro: NBR extends the pause • OMV Petrom / Romgaz: Romania to postpone gas price liberalisation until 2027E NEGATIVE • Romgaz: 4Q25 preview (due on 27 February) NEUTRAL • HELLENiQ En...
- Research Team
WOOD Daily: NLBR SV; PL Banks; DAT PW; ALE PW; INPST NA; CDR PW; ACP P...
HEADLINES: • NLB Group: 4Q25 net profit materially ahead of expectations • Polish banks: CJEU rules on WIBOR case, in line with the General Attorney's opinion, issued on 11 September 2025 NEUTRAL • DataWalk: issues shares worth PLN 116.3m POSITIVE • Allegro: changes in MOV are negative for lockers NEGATIVE • CD Projekt: 2026-29 incentive programme net profit condition set at PLN 5.0bn NEUTRAL • Asseco Poland: 4Q25E preview – 11% yoy organic net profit growth expected (due on 31 March) • OPAP: Al...
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Jovan Sikimic
- Research Team
WOOD Daily: EAT PW; SFG RO; INPST NA; MIL PW; PGE PW; APR PW; DVL PW; ...
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%...
MYTIL MYTILINEOS S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
BRD BRD-GROUPE SOCIETE GENERALE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
EAT AMREST HOLDINGS SE
INPST INPOST S.A.
4IG 4IG NYRT
ADNOCDRILL ADNOC DRILLING CO
- Research Team
WOOD Daily: PL Banks; CBF PW; VRC PW; SHO PW; TEN PW; MUR PW; MONET CP...
HEADLINES: • Polish banks: still opportunities, if the growth continues (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • cyber_Folks: 4Q25E results preview – 18% yoy organic adjusted EBITDA growth (due on 18 March) • Shoper: 4Q25E results preview – 11% yoy adjusted EBITDA growth (due on 18 March) • Vercom: 4Q25E results preview – 23% yoy adjusted EBITDA growth (due on 18 March) • Ten Square Games: 4Q25E preview – adjusted EBITDA -7% qoq on higher U...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
PPC PUBLIC POWER CORPORATION S.A.
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
R22 R22
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
VRC VERCOM SA
SHO SHOPER SA
MUR2 MURAPOL SA
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: still opportunities, if the growth continues (PKO BP, Ba...
We keep our positive bias on the Polish banks, although the upside is melting away, with the continuous positive share price performance. The upside left for our median 12M PTs lands at 17%+, just enough to keep our marginally positive stance on the sector. The WIG Banks index has returned c.45%+ in the LTM, mostly a function of a multiples expansion, as the 2025E median EPS change was almost zero in the LTM and the 2026E EPS saw a median cut of 10% in the LTM, driven mostly by the change in the...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in Januar...
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).
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
BCG GRUPA PRACUJ DA
2381 BALTIC CLASSIFIEDS GROUP PLC
H2O ARABIAN DRILLING CO.
SPLUS HIDROELECTRICA S.A.
THEON SHOPPER PARK PLUS ZRT
ZAB THEON INTERNATIONAL PLC
PE RO ZABKA GROUP
PREMIER ENERGY
- Research Team
WOOD Morning (28 January 2026)
HEADLINES: • Titan: three deals cemented, more to come (stays BUY) • Eurocash: wins court battle with antimonopoly watchdog POSITIVE • PKO BP: 4Q25E preview (due on 12 March) • Mo-BRUK: 4Q25E – 21% yoy EBITDA growth expected (due on 23 April) • Hungary macro: MNB on hold • Hidroelectrica: shareholders’ approval for key strategic projects • DIGI Communications: hires Linklaters and Uría Menéndez for legal work in its Spanish IPO NEUTRAL • EME Strategy: MSCI – consultations under way to reclassify...
- Research Team
WOOD Daily: SPLUS HB; ACP PW; PL telecoms; PE RO; MTLN GA; Türkiye mac...
HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)
- Research Team
WOOD Daily: CPS PW; EME Strategy – OFEs; GPP PW; MIL PW; ING PW; MBK P...
HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...
Moody's Ratings assigns a Ba3 (hyb) rating to Bank Millennium's propos...
Moody's Ratings (Moody's) has today assigned a Ba3 (hyb) local-currency rating to Bank Millennium S.A.'s (BM, long-term deposits: Baa1 stable, Baseline Credit Assessment (BCA): ba1) perpetual non-cumulative Additional Tier 1 (AT1) capital securities with non-viability loss absorption features. The...
- Wedbush Research
UBI UBISOFT ENTERTAINMENT SA
WDC WESTERN DIGITAL CORPORATION
VRNS VARONIS SYSTEMS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QLYS QUALYS INC.
PSTG PURE STORAGE INC. CLASS A
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
HURN HURON CONSULTING GROUP INC.
GOOGL ALPHABET INC. CLASS A
FTNT FORTINET INC.
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BIIB BIOGEN INC.
AXTI AXT INC.
NFLX NETFLIX INC.
CDR CD PROJEKT S.A.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
RCKT ROCKET PHARMACEUTICALS
MSFT MICROSOFT CORPORATION
ZG ZILLOW GROUP INC. CLASS A
BKNG BOOKING HOLDINGS INC.
TENB TENABLE HOLDINGS
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PRAX IDEAYA BIOSCIENCES
U PRAXIS PRECISION MEDICINES
TVTX UNITY SOFTWARE
DASH TRAVERE THERAPEUTICS INC
ABNB DOORDASH
PLTK AIRBNB INC. CLASS A
RBLX PLAYTIKA HOLDING
DAWN ROBLOX
FHTX DAY ONE BIOPHARMACEUTICALS INC
STX FOGHORN THERAPEUTICS
APP SEAGATE TECHNOLOGY HLDGS PLC
GFS APPLOVIN CORP
S GLOBALFOUNDRIES INC
RGTI SENTINELONE INC
DDI RIGETTI COMPUTING INC
EMBRAC B DOUBLEDOWN INTERACTIVE CO LTD
CART EMBRACER GROUP AB
RBRK MAPLEBEAR INC.
ORKA RUBRIK INC
ORUKA THERAPEUTICS INC
- Research Team
WOOD Daily: DOM PW; MIL PW; PL Banks; TITC GA; OPAP GA; BELA GA; THYAO...
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...
- Research Team
The Rear-View Mirror – EME markets: Czech PX in the lead in December
EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all 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.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SNP PETROM S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
BCG BALTIC CLASSIFIEDS GROUP PLC
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
THEON THEON INTERNATIONAL PLC
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: TXT PW; PZU PW; PEO PW; MBK PW; SPL PW; CPS PW; MBR PW; CD...
HEADLINES: • Text: preliminary 3Q25-26 (calendar 4Q25) results – MRR of USD 6.98m (-1.1% qoq and -1.7% yoy) NEGATIVE • PZU/Bank Pekao: delay merger deadline NEGATIVE • mBank: to face PLN 362.1m of FX mortgage saga costs in 4Q25E NEUTRAL • Santander Bank Polska: updates market on the impact of sale of 60% stake in Santander Consumer Bank NEUTRAL • Santander Bank Polska: calls EGM for 22 January NEUTRAL • Cyfrowy Polsat: Liechtenstein court upholds May ruling on Solorz family succession POSITIVE •...
PEO BANK POLSKA KASA OPIEKI SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
DAT DATAWALK SA
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Morning (11 December 2025)
HEADLINES: • Eurocash: key takeaways from the strategy presentation NEGATIVE • Allegro/InPost: Allegro launches C2X locker service NEGATIVE • Budimex: PLN 2.6bn bid from BDX's consortium selected in PKP PLK tender NEUTRAL • Theon International: signs its largest ever contract, worth EUR 1bn, with OCCAR POSITIVE • Mavi: strong beat in 3Q25 results POSITIVE • Al Arabia Outdoor Advertising: wins 10-year contract to operate advertising at Prince Mohammad bin Abdulaziz Airport (PMIA) in Madinah POSIT...
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