reports
- Jakub Krawczyk
- Jakub Krawczyk
- Jakub Krawczyk
- Research Team
WOOD Daily: LPP PW; MIL PW; PEO PW; PCO PW; WPL PW; EWG LN; MOH GA; MG...
HEADLINES: • LPP: 4Q25 ahead of expectations; FY26E guidance raised despite a slow start to the year POSITIVE • Bank Millennium: to pay PLN 118m of resolution fund charges in 1Q26 NEUTRAL • Bank Pekao: to pay PLN 413m of resolution fund charges in 1Q26 xx NEUTRAL • Pepco: 1H26 trading update - sales up 3.7% yoy; FY26E guidance maintained NEUTRAL • Wirtualna Polska: key takeaways from the 4Q25 earnings call NEGATIVE • Eurowag: 2H25 results and 2026E guidance POSITIVE • Motor Oil: shifts crude sla...
- Jean-François Granjon
- Margaux van Oerle
- Jean-François Granjon
- Margaux van Oerle
- Research Team
WOOD Daily: WPL PW; BHW PW; PKO PW; TEN PW; VGO PW; CZG CP; Hungary ma...
HEADLINES: • Wirtualna Polska: 4Q25 results - adj. EBITDA -5% yoy, 2% below consensus; gloomy outlook for 1Q26E and subsequent quarters NEGATIVE • Bank Handlowy: to book PLN 132.5m of resolution fund charges this year NEUTRAL • PKO BP: to book PLN 487m of annual resolution fund charges in 2026E NEUTRAL • Ten Square Games – 4Q25 earnings call takeaways NEUTRAL • VIGO Photonics: acquires InfraRed Associates for USD 8.4m POSITIVE • Colt CZ: 4Q25 results and FY26 guidance xx POSITIVE • Hungary macro...
- Bojan Djurickovic
- Research Team
WOOD Daily: MOH GA; GPW PW; TEN PW; BFT PW; HUG PW; ALR PW; ACP PW; RI...
HEADLINES: • Motor Oil Hellas: 4Q25 net earnings and dividend beat; strong refining drives FCF POSITIVE • Warsaw Stock Exchange: solid operational delivery in 4Q25, bottom line miss on impairment charges, communicated ahead of results NEUTRAL • Ten Square Games: 4Q25 adjusted EBITDA 11% below the market consensus; management recommends PLN 10.0 DPS NEUTRAL • Benefit Systems: 4Q25 earnings call takeaways NEUTRAL • Huuuge Games: 4Q25 earnings call takeaways NEUTRAL • Alior Bank: wants to pay a DPS...
- Research Team
WOOD Daily: IGN1L LH; ZAB PW; CDR PW; CAR PW; LPP PW; DSPW CP; CZG CP;...
HEADLINES: • Ignitis Group: steady as she goes (stays BUY) • Zabka: beat in 4Q25; FY26E guidance of continued rapid expansion and stable profitability POSITIVE • CD Projekt: 4Q25 results review – beat related to other operating income and income tax POSITIVE • Inter Cars: 4Q25E preview – 16% yoy EBITDA growth expected (due on 28 April) • LPP: 4Q25E results preview – 32% yoy EBITDA growth expected (due on 26 March) NEUTRAL • Doosan Skoda Power: 4Q25 above our expectations, backlog in line, materi...
- Research Team
WOOD Daily: EME Macro/Strategy – EEMEA; BDX PW; WPL PW; EWG LN; KZ Mac...
HEADLINES: • EME Macro/Strategy: the state of consumption in EEMEA • Budimex: PKP PLK cancels selection of the company’s offer in PLN 1.1bn rail tender NEGATIVE • Budimex: offer selected in PLN 300m PSE tender for expansion of Gdańsk Błonia substation NEUTRAL • Wirtualna Polska: write-down of Szallas Group assets reduces WPL's operating result by PLN 150m NEGATIVE • Wirtualna Polska: accounting policy change increases dividend capacity by c.PLN 518m NEUTRAL • Wirtualna Polska: 4Q25E preview upda...
- Research Team
WOOD Daily: AEGN GA; PEO PW; PGE PW; OPAP GA; TL Macro
HEADLINES: • Aegean Airlines: 4Q25 – below both our and the consensus estimates • Bank Pekao: management proposes PLN 19.77 DPS • PGE: URE orders PLN 605m payment to the Price Difference Payment Fund NEUTRAL • OPAP: online competition in Greece set to intensify as Superbet preps market entry NEGATIVE • Türkiye macro: CBT on hold, as expected
- Research Team
WOOD Daily: PKO PW; ALE PW; PKN PW; CEZ CP; CZG CP; SNP RO; SAR GA; MO...
HEADLINES: • PKO BP: solid 4Q25 numbers – small bottom-line beat, but underlying trends in line with expectations NEUTRAL • Allegro: 4Q25 above the consensus; FY26E guidance in line with our expectations POSITIVE • Orlen: submits new non-binding offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: small 4Q25 beat on EBITDA, 2026E guidance below the consensus NEGATIVE • Colt CZ Group: planning dual AEX listing and a capital increase POSITIVE • OMV Petrom: two exploration projects in Bulgaria now NEUT...
- Research Team
WOOD Daily: MDV PW; BDX PW; CBF PW; SHO PW; VRC PW; PGE PW; RBW PW; OT...
HEADLINES: • Modivo Group: the role of a serial disruptor is never easy (stays BUY) • Budimex: built on solid ground, priced for perfection (HOLD - transfer of coverage) • Budimex: 4Q25 conference highlights NEUTRAL • cyber_Folks / Shoper: key takeaways from the 4Q25 earnings call POSITIVE • Vercom: key takeaways from the 4Q25 earnings call POSITIVE • PGE: PLN 12.1bn loan impairment recognised in stand-alone accounts NEGATIVE • Rainbow Tours: summer 2026E season pre-sales accelerate to +10.9% yo...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
GBF BILFINGER SE
POM PLASTIC OMNIUM SE
SCR SCOR SE
TYRES NOKIAN RENKAAT OYJ
GLO GL EVENTS SA
FR VALEO SE
CICN CICOREL HOLDING S.A.
VOW3 VOLKSWAGEN AG PREF
IMPN IMPLENIA AG
POS PORR AG
SIX2 SIXT SE
SEM SEMPERIT HOLDING AG
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
SAX STROEER SE & CO. KGAA
ZAG ZUMTOBEL GROUP AG
TWEKA TKH GROUP N.V. CERT
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
WPL WIRTUALNA POLSKA HOLDING SA
RACE FERRARI NV
DUE DURR AG
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
CENER CENERGY
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
CABKA CABKA N.V.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
VT5 VT5 ACQUISITION COMPANY AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
R3NK RENK GROUP AG
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
GBF BILFINGER SE
POM PLASTIC OMNIUM SE
SCR SCOR SE
TYRES NOKIAN RENKAAT OYJ
GLO GL EVENTS SA
FR VALEO SE
CICN CICOREL HOLDING S.A.
VOW3 VOLKSWAGEN AG PREF
IMPN IMPLENIA AG
POS PORR AG
SIX2 SIXT SE
SEM SEMPERIT HOLDING AG
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
SAX STROEER SE & CO. KGAA
ZAG ZUMTOBEL GROUP AG
TWEKA TKH GROUP N.V. CERT
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
WPL WIRTUALNA POLSKA HOLDING SA
RACE FERRARI NV
DUE DURR AG
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
CENER CENERGY
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
CABKA CABKA N.V.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
VT5 VT5 ACQUISITION COMPANY AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
R3NK RENK GROUP AG
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Research Team
WOOD Daily: EU Oil and Gas Monthly; EME Macro/Strategy – HU; CBF PW; S...
HEADLINES: • European Oil and Gas Monthly: February 2026 – trouble brewing in Hormuz • EME Macro/Strategy: Hungary – the Tisza policy programme • cyber_Folks: preliminary 4Q25 results review – 72% yoy adjusted EBITDA growth, 2% above our expectations POSITIVE • Shoper: preliminary 4Q25 results review – 14% yoy adjusted EBITDA growth, 3% above our expectations POSITIVE • Vercom: preliminary 4Q25 results review – 25% yoy EBITDA growth, 2% above our expectations POSITIVE • Poland macro: outlook imp...
- Bojan Djurickovic
Wirtualna Polska : Diving into new oceans, anchored by the sh(c)ore
We initiate coverage on Wirtualna Polska with an Outperform rating and a target price of PLN 82. We believe investors will increasingly recognize the company’s evolution from a challenged advertising-driven model into a dominant CEE online travel player. By integrating Invia Group, the company is unlocking the dynamic package travel market, blending post-integration synergies with a localised OTA approach to drive growth. While the Advertising & Subscription segment has been under macroeconomic ...
- Research Team
WOOD Daily: SNT PW; EEMEA Macro; CPS PW; WPL PW; PRIUA CP; RICHT HB; T...
HEADLINES: • Synektik: healthcare play, with multiple tailwinds (BUY - initiation of coverage) • EEMEA macro: early takes on the Iran conflict • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 21.21%, while WP TV at 0.51% in February 2026 NEUTRAL • Primoco UAV: EUR 4m order for Spanish Guardia Civil POSITIVE • Richter: acquires WHC discovery portfolio of Celmatix NEUTRAL • Banca Transilvania: 2026E guidance NEUTRAL • Premier Energy: acquisition of six minority stakes and sale of stake in ...
SNT SYNEKTIK
BIMAS BIM BIRLESIK MAGAZALAR A.S.
MGROS MIGROS TICARET A.S
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
KSPI KASPI KZ
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
PRIUA PRIMOCO UAV SE
PE RO PREMIER ENERGY
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
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.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
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