reports
- Jonathan Lamb
European Oil and Gas Monthly: March 2025 – refining margins shaky agai...
Average Brent crude oil prices were down by USD 3.5/bbl in March vs. the previous month, and OPEC+ promised to mitigate increased supply with compensatory cuts from countries above quota. The WOOD benchmark was down USD 4.0/bbl, to USD 8.0/bbl, the lowest margin since September 2024. Only fuel oil cracks improved, while crude differentials worsened. Petrochemicals continue to disappoint.
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
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
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
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.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
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
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
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.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
EQS-News: Board member Walter Bickel will leave Lenzing at the end of ...
EQS-News: Lenzing AG / Key word(s): Personnel Board member Walter Bickel will leave Lenzing at the end of March 01.04.2025 / 10:48 CET/CEST The issuer is solely responsible for the content of this announcement. Board member Walter Bickel will leave Lenzing at the end of March Walter Bickel will retire from operational activities at the end of March Performance program will continue unabated and make a sustained positive contribution Lenzing – The Lenzing Group, a leading provider of regenerated cellulose fibers for the textile and nonwoven industries, announces ...
EQS-News: Vorstandsmitglied Walter Bickel verlässt Lenzing per Ende Mä...
EQS-News: Lenzing AG / Schlagwort(e): Personalie Vorstandsmitglied Walter Bickel verlässt Lenzing per Ende März 01.04.2025 / 10:48 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Vorstandsmitglied Walter Bickel verlässt Lenzing per Ende März Walter Bickel zieht sich mit Ende März aus operativer Tätigkeit zurück Performance-Programm wird unvermindert fortgeführt und nachhaltig positiven Beitrag leisten Lenzing – Die Lenzing Gruppe, ein führender Anbieter von regenerierten Cellulosefasern für die Textil- und Vliesstoffindustri...
- Research Team
WOOD Morning (1 April 2025)
HEADLINES: • Athens Exchange Group: bottom-line miss in 4Q24, on higher costs, but proposed DPS in line with expectations NEUTRAL • AROBS Transilvania Software: publishes its 2025 budget POSITIVE • MedLife: publishes its 2025 budget NEGATIVE • CCC: new financing agreement, extending factoring line POSITIVE • DataWalk: sale to Coöperatieve Rabobank; total contract value reaches PLN 66.1m POSITIVE • Orlen: 2024 consolidated results to be affected by one-offs NEUTRAL • Poland macro: preliminary Mar...
EQS-News: Lenzing AG als europäische Vorreiterin für eine saubere Indu...
EQS-News: Lenzing AG / Schlagwort(e): Nachhaltigkeit Lenzing AG als europäische Vorreiterin für eine saubere Industrie auf der Hannover Messe 2025 31.03.2025 / 09:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Lenzing AG als europäische Vorreiterin für eine saubere Industrie auf der Hannover Messe 2025 Hannover Messe als wichtige internationale Plattform für technologische Lösungen rund um die industrielle Transformation Lenzing präsentiert auf Einladung der EU-Kommission wegweisende Projekte für nachhaltigere Textil- und V...
EQS-News: Lenzing AG as a European pioneer for a clean industry at Han...
EQS-News: Lenzing AG / Key word(s): Sustainability Lenzing AG as a European pioneer for a clean industry at Hannover Messe 2025 31.03.2025 / 09:05 CET/CEST The issuer is solely responsible for the content of this announcement. Lenzing AG as a European pioneer for a clean industry at Hannover Messe 2025 Hannover Messe as an important international platform for technological solutions for industrial transformation Lenzing presents pioneering projects for more sustainable textile and nonwovens industries at the invitation of the EU Commission Lenzing – The Lenzing ...
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
HCO HIGHCO SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- Research Team
WOOD Daily: PL Banks; ACP PW; INPST NA; KTY PW; HSBK LI; TITC GA; GPP ...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
PEO BANK POLSKA KASA OPIEKI SA
ACP ASSECO POLAND SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALR ALIOR BANK SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
KSPI KASPI KZ
INPST INPOST S.A.
GPP GRUPA PRACUJ DA
- Jovan Sikimic
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: pricing and believing (PKO BP, Bank Pekao, Santander BP,...
The Polish banks have rallied 35% ytd, but the median total return for the LTM has arrived at 18%+ for the Polish banks under our coverage. We feel that the market is currently in a similar place to exactly a year ago. The banks have performed well since the end of last year, but valuations remain attractive, with our 2025-26E median P/Es of 9.0-8.2x, at discounts to the long-term valuation levels and with solid single-digit dividend yields in 1H25E. Our upgraded forecasts imply a 10% median EPS...
- Research Team
WOOD Daily: WPL PW; ALR PW; TEN PW; WPS LN; PL Retail; CEZ CP; PL Macr...
HEADLINES: • Wirtualna Polska: 4Q24 results review – adjusted EBITDA up 17% yoy, 8% above the consensus POSITIVE • Alior Bank: 2027E targets – PLN 2.6bn of net profit; ROE above 18%; payout ratio above 50% POSITIVE • Ten Square Games: mixed newsflow – solid 4Q24 adjusted EBITDA, strong dividend recommendation, but disappointing trading update POSITIVE • Eurowag: 2H24 operating results in line, special dividend announced NEUTRAL • Polish retail: Zabka's 4Q24 below the consensus NEGATIVE • CEZ: up...
- Research Team
WOOD Daily: PL Banks; DAT PW; TL Macro; EME Macro/Strategy Weekly; GTC...
HEADLINES: • Polish banks: Financial Stability Committee mentions sanction of free credit risk for consumer loans portfolio NEGATIVE • DataWalk: preliminary 4Q24 results – sales up 19% yoy, to PLN 9.09m POSITIVE • Türkiye macro: putting the CBRT’s emergency rate hike into context • EME Macro/Strategy: macro all-in-one (17-23 March) • GTC: solvency of controlling investor in question, after State Audit Office of Hungary's report • Banca Transilvania: dividend proposal from the 2024 profits NEUTRA...
- Research Team
WOOD Daily: PL Banks; SIPCHEM AB; TL Macro; KAP LI; JMT PL; ALR PW; PC...
HEADLINES: • Polish banks: first politician to suggest additional military tax for the banks NEGATIVE • Sipchem: preliminary 4Q24 results, net profit down, on maintenance NEGATIVE • Türkiye macro: CBRT tightens policy with surprise corridor hike • Kazatomprom: 4Q24 results – well above the market’s estimates POSITIVE • Jeronimo Martins: key takeaways from the 4Q24 call NEGATIVE • Alior Bank: CEO Żabski’s interview with Puls Biznesu, ahead of strategic update (due on 25 March) • Sipchem: to mothb...
MBank S.A.: 1 director
A director at MBank S.A. sold 1,609 shares at 795.600PLN and the significance rating of the trade was 73/100. 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...
- Ahmed Ben Salem
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
UNIQA INSURANCE GROUP AG
SZG SALZGITTER AG
ITP INTERPARFUMS
SRP SRP GROUPE SA
VIRP VIRBAC SA
MRN MERSEN SA
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
LNZ LENZING AG
NDA AURUBIS AG
RIEN ROYAL VOPAK NV
AMG RIETER HOLDING AG
WBD AMG ADVANCED METALLURGICAL GROUP N.V.
VIG WEBUILD S.P.A.
LTA VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
INSD ALTAMIR ACT PORTEUR
VLTSA VERIMATRIX SA
RIO VOLTALIA
BHP RIO TINTO PLC
RUI BHP GROUP LTD
BP. RUBIS SCA
DMP BP P.L.C.
AMAG DERMAPHARM HOLDING SE
SHEL AMAG AUSTRIA METALL AG
SHELL PLC
- Ahmed Ben Salem
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
STF STEF
UNIQA INSURANCE GROUP AG
SZG SALZGITTER AG
ITP INTERPARFUMS
SRP SRP GROUPE SA
VIRP VIRBAC SA
MRN MERSEN SA
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
LNZ LENZING AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
NDA AURUBIS AG
RIEN ROYAL VOPAK NV
AMG RIETER HOLDING AG
WBD AMG ADVANCED METALLURGICAL GROUP N.V.
VIG WEBUILD S.P.A.
LTA VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
INSD ALTAMIR ACT PORTEUR
VLTSA VERIMATRIX SA
RIO VOLTALIA
BHP RIO TINTO PLC
RUI BHP GROUP LTD
BP. RUBIS SCA
DMP BP P.L.C.
AMAG DERMAPHARM HOLDING SE
SHEL AMAG AUSTRIA METALL AG
SHELL PLC
- Patrick Steiner
EQS-News: „Activate Transformation Here“: Lenzing präsentiert Geschäft...
EQS-News: Lenzing AG / Schlagwort(e): Nachhaltigkeit/Jahresergebnis „Activate Transformation Here“: Lenzing präsentiert Geschäfts- und Nachhaltigkeitsbericht 2024 14.03.2025 / 09:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. „Activate Transformation Here“: Lenzing präsentiert Geschäfts- und Nachhaltigkeitsbericht 2024 Nichtfinanzielle Erklärung erstmals in Übereinstimmung mit European Sustainability Reporting Standards (ESRS) und aktualisierter doppelter Wesentlichkeit veröffentlicht Messbare Fortschritte bei der Erreichun...
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