HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
HEADLINES: • Raiffeisen Bank International: material upside locked up in Russia (stays BUY) • Theon International: secures EUR 300m long-term supply agreement with a NATO country POSITIVE • Motor Oil Hellas: to receive an extra EUR 39m from its investment in Ellaktor POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 October) • Magyar Telekom: 3Q25E preview – 13% yoy EBITDA growth expected (due on 12 November) • Wirtualna Polska: 3Q25E preview – soft quarter, with 1% yoy pro-forma adjusted E...
HEADLINES: • Kruk: solid 3Q25 trading update, but still at a standstill in Spain NEUTRAL • OMV Petrom: 3Q25 trading statement POSITIVE • OMV: 3Q25 trading statement NEUTRAL • Bank Millennium: to book PLN 394m of FX mortgage saga provisions in 3Q25 NEUTRAL • Murapol: 734 apartments sold and 413 units handed over in 3Q25; 66% of our annual sales forecast met after 1-3Q25 NEGATIVE • Poland macro: NBP cuts again, on steady inflation • Romania macro: MPC on a prolonged pause • Theon International: si...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
Double digit H1’25 profitability growth… – Sarantis group grew H1’25 EBIT by 18% yoy to €38m, despite the soft +1% top line growth (€304m), as a result of the strong mix improvement and the cost initiatives. Net profit increased by 20% to €29m. Importantly, the group’s export activity grew significantly in H1’25, with sales from exports rising to c€18m (+52% yoy) and exports’ EBIT more than doubling to c€7m, mainly reflecting the strong rollout of the group’s suncare products in the U.S market. ...
Double digit H1’25 profitability growth… – Sarantis group grew H1’25 EBIT by 18% yoy to €38m, despite the soft +1% top line growth (€304m), as a result of the strong mix improvement and the cost initiatives. Net profit increased by 20% to €29m. Importantly, the group’s export activity grew significantly in H1’25, with sales from exports rising to c€18m (+52% yoy) and exports’ EBIT more than doubling to c€7m, mainly reflecting the strong rollout of the group’s suncare products in the U.S market. ...
HEADLINES: • Sarantis: 1H25 in line with expectations; profit guidance unchanged NEUTRAL • GEK Terna: 1H25 earnings beat on one-offs; broadly in line on an underlying basis POSITIVE • Footshop: 2Q25 broadly in line with our estimates; 2025E guidance unchanged NEUTRAL • PGE: 2Q25 results fully in line with preliminaries NEUTRAL • Enea: 2Q25 conference call highlights NEUTRAL • Inter Cars: August sales growth decelerates to 5% yoy NEGATIVE • Georgia Capital: announces early redemption of USD 100m ...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
HEADLINES: • Greek Refiners: elevated margins, extended run (HELLENiQ Energy (HOLD) and Motor Oil Hellas (BUY) - transfer of coverage) • Asseco Poland: 2Q25 review – net profit up 33% yoy, 11% above the consensus; 2025 backlog up 9% yoy POSITIVE • OPAP: 2Q25 results – in line NEUTRAL • Trade Estates: 1H25 – FFO at EUR 10m, up 37% yoy POSITIVE • Vercom: key takeaways from the 2Q25 earnings call POSITIVE • cyber_Folks/Shoper: key takeaways from the 2Q25 earnings call NEUTRAL • Shoper: 2Q25 earning...
Following a change in analyst responsibilities, we transfer coverage, and update our forecasts and outlook, of the Greek refiners, to reflect the recent upturn in the refining backdrop. We rate Motor Oil Hellas (MOH) a BUY, with an updated price target (PT) of EUR 31.5 (from EUR 25.8), and keep HELLENiQ Energy (ELPE) a HOLD, with an updated PT of EUR 8.8 (from EUR 7.6). The two Greek refiners offer a broadly similar compelling investment case and remain attractively valued on absolute terms, in ...
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
HEADLINES: • PZU: 2Q25 results – beat on the bottom line, but insurance operations show some weakness and delivered below expectations NEUTRAL • Dom Development: 2Q25 results – beat driven by stellar 37% gross profit margin POSITIVE • Bank Handlowy: neutral 2Q25 results – beat on underlying bottom line driven by bond sales gains; negative NII trend NEUTRAL • Eurocash: 2Q25 – slightly above low expectations; new strategy publication in November POSITIVE • DataWalk: 2Q25 actual numbers fully in li...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
HEADLINES: • Warsaw Stock Exchange: bottom-line beat in 2Q25, due mostly to non-operating net revenues POSITIVE • KazMunayGas: 2Q25 results – EBITDA in line with our forecast NEUTRAL • Cyfrowy Polsat: 2Q25 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEUTRAL • Mo-BRUK: 2Q25 EBITDA up 6% yoy, in line with our and the market's expectations NEUTRAL • Orlen: 2Q25 results – broadly in line NEUTRAL • Lion Finance Group: 2Q25 highlights – in line, but not strong enough to sh...
HEADLINES: • Bank Pekao: strong 2Q25 delivery reaffirms our FY25E net profit forecast of c. PLN 7bn, still ahead of the market consensus NEUTRAL • Magyar Telekom: 2Q25 results review – EBITDA up 13% yoy, 3% above the consensus; 2025E guidance upgraded POSITIVE • Akcansa: weak 2Q25 financial results, with signs of recovery NEGATIVE • Teknosa: 2Q25 results – recovery in the operating performance overshadowed by losses on the bottom line NEUTRAL • Brisa: 2Q25 results in line, very much like 1Q25 NE...
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...
HEADLINES: • TBC Bank: good run, approaching fair value (downgraded to HOLD) • Krka: preliminary 2Q25 numbers – a mixed bag NEUTRAL • GEK Terna: 50/50 JV with Motor Oil Hellas over their electricity supply and gas-fired power generation activities POSITIVE • DO & CO: EUR 2.00/share dividend approved, in line with our estimate NEUTRAL • OTE: 2Q25E results preview – 2% yoy adjusted EBITDA growth expected (due on 6 August)
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
A director at GR Sarantis S.A. sold 25,000 shares at 13.460EUR and the significance rating of the trade was 50/100. 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 clearl...
HEADLINES: • LPP: fire at Romanian warehouse causes temporary disruption in SEE operations; c.PLN 400m in assets destroyed (all insured) NEGATIVE • ADNOC Drilling: oilfield services awarded a five-year contract for hydraulic fracturing POSITIVE • Richter: European Commission approval for denosumab biosimilars NEUTRAL • Huuuge Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Warsaw Stock Exchange: PLN 3.15/share...
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