HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...
A director at Public Power Corp S.A. sold 1,000 shares at 17.810EUR and the significance rating of the trade was 51/100. 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 c...
HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
HEADLINES: • EME Macro/Strategy: the years ahead – 2026-27E • Rainbow Tours: consolidated October sales 20.7% higher yoy, driven by Paralela 45 acquisition; stand-alone sales 14% higher yoy POSITIVE • Alior Bank: c.PLN 105m positive DTA revaluation in 4Q25E NEUTRAL • Bank Handlowy: c.PLN 120m positive DTA revaluation in 4Q25E NEUTRAL • mBank: PLN 125m positive DTA revaluation and estimated 2026E CIT increase impact NEUTRAL • LPP: PLN 788m write-down of Russian assets NEGATIVE • Bank Millennium: ...
The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...
Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...
Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
Moody's Ratings (Moody's) has today assigned a B1 (hyb) foreign-currency rating to Banca Transilvania S.A.'s (BT, long-term deposits Baa1 negative/long-term issuer rating Baa2 stable, Baseline Credit Assessment (BCA) ba1) proposed euro-denominated perpetual non-cumulative AT1 capital securities with...
HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...
HEADLINES: • MOL: much to admire, despite the fire (stays BUY) • PGE: decent 3Q25 results - recurring EBITDA at PLN 2.95bn (+6% vs. our expectations), but weak net income NEUTRAL • Benefit Systems: 3Q25 adjusted EBIT up 42% yoy, 15% above our forecast; FY25E cards addition target exceeded by November, FY26 plan of 260k+ new cards POSITIVE • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy and 5% below our estimate NEGATIVE • Sphera Group: 3Q25 soft, but better than we expected NEUTRA...
HEADLINES: • OPAP: tempting, but tricky (downgraded to HOLD) • Bank Handlowy: posts neutral set of 3Q25 results NEUTRAL • Krka: 3Q25 results – positive surprise in the gross margin POSITIVE • Aquila Part Prod Com S.A.: 3Q25 miss on gross margin compression NEGATIVE • Magyar Telekom: 3Q25 results review – EBITDA up 13% yoy, in line with the consensus; 2025E guidance reiterated NEUTRAL • Wizz Air: 2Q FY26 – 10% EBIT beat on lower CASKX POSITIVE • DataWalk: actual 3Q25 numbers fully in line with th...
HEADLINES: • Banca Transilvania: bottom-line beat in 3Q25, on higher trading income and lower costs POSITIVE • Jahez: 3Q25 financial results review NEGATIVE • Pegasus Airlines: 3Q25 – RASK pressure exceeds our estimate NEGATIVE • CCC: preliminary 3Q25 EBITDA miss of 5%; FY25E EBITDA guidance cut to PLN 1.7-1.8bn, from PLN 2.4bn NEGATIVE • Alpha Bank: 3Q25 highlights – a mixed bag NEUTRAL • Dino: key takeaways from the 3Q25 call NEGATIVE • InPost: key takeaways from the 3Q25 call NEGATIVE • MOL: ...
Moody's Ratings (Moody's) has today upgraded Banca Transilvania S.A.'s (BT) long-term deposit ratings to Baa1 from Baa2 and changed the outlook on these ratings to negative from positive. Concurrently we upgraded the bank's long- and short-term issuer ratings to Baa2/P-2 from Baa3/P-3 and changed ...
HEADLINES: • Theon International: 3Q25 trading update – strong execution, guidance upgraded POSITIVE • Otokar: 3Q25 results – weak EBITDA, low quality bottom-line beat NEGATIVE • Tofas: 3Q25 results miss expectations NEGATIVE • Halyk Bank: controlling shareholder ALMEX announces intention to dispose of stake NEGATIVE • CIS+ macro: on the ground in Central Asia – reform stories enter the next phase • Brisa: guiding lower for FY25E revenues growth, but higher for EBITDA margin NEUTRAL • CEZ: natio...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
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.