reports
- Research Team
WOOD Morning (20 October 2025)
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...
- Marta Jezewska-Wasilewska
- Miguel Dias
Raiffeisen Bank International: material upside locked up in Russia (st...
We maintain our BUY on RBI, and set a new 12M price target (PT) of EUR 35.8/share, offering 21% upside. We see RBI as one of the cheapest among the regional and European banks, on an adjusted earnings basis (2025-26E adjusted P/E excluding Polish losses of 6.8-6.6x). On the headline earnings, excluding the Russian operations, it is trading at our 2025-26E P/Es of 10.6-8.5x, which do not offer as wide discounts to its peers, but neither do they indicate a significant valuation premium. RBI trades...
THEON strengthens transatlantic defense cooperation at AUSA 2025, acce...
THEON strengthens transatlantic defense cooperation at AUSA 2025, accelerates U.S. expansion PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) Washington, D.C. - October 16, 2025. , a global market leader in night vision and electro-optical systems, underscored its growing presence in the U.S. defense market through major commercial agreements, new product introductions, and stakeholder engagements at the Annual Exposition of the Association of the United States Army (AUSA), held in Washington, D.C. on October 13-15. THEON showcased its cutting-edge Night Vision, Thermal Imaging,...
THEON plans to acquire 9.8% stake in Exosens
THEON plans to acquire 9.8% stake in Exosens PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 11 October 2025 – has entered into a definitive agreement with HLD Europe SCA, Invest Prince Henri SCA and Invest Gamma Sarl, investment companies belonging to Groupe HLD (HLD), to purchase a 9.8% stake in Exosens SA (EXOSENS) for a cash consideration of €268.7 million corresponding to €54.0 per share. EXOSENS is a leading French company specializing in advanced electro-optical technologies, including light amplification, detection and imaging systems. Following the completion of the tra...
- Research Team
WOOD Daily: KRU PW; SNP RO; OMV AV; MIL PW; MUR PW; PL Macro; RO Macro...
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...
THEON signs a new €300 million Senior Facility Agreement
THEON signs a new €300 million Senior Facility Agreement PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 9 October 2025 – (THEON) has signed a new €300 million senior facility agreement with a syndicate of 9 leading international and Greek banks. The revolving credit facility has a tenor of 5 years and can be upsized, if required, to €400 million. The proceeds will be used for the refinancing of existing short-term debt, supporting general corporate purposes and possibly financing larger acquisitions. BNP Paribas acted as bookrunner and coordinator, with Commerzbank acting as...
- Research Team
WOOD Daily: DIA PW; PZU PW; PEO PW; TEN PW; PL Telecoms; GTC PW; TPEIR...
HEADLINES: • Diagnostyka: risk of the gradual loss of key customer, Luxmed NEGATIVE • PZU / Bank Pekao: potential merger continuing • Ten Square Games: 3Q25 bookings up 4.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 3Q25 NEUTRAL • GTC: prices EUR 455m bond with an 8% yield POSITIVE • Piraeus Financial Holdings: prices EUR 600m AT1 bond POSITIVE • Czech Republic macro: elections – forced cooperation should keep the economy strong • EME Macr...
- Research Team
WOOD Daily: DSPW CP; DIA PW; DOM PW; GTC PW; TXT PW; EU Oil and Gas Mo...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
- Bram Buring
- CFA
- Lukasz Wachelko
- CFA
Diagnostyka: testing positive (downgraded to HOLD)
We have downgraded Diagnostyka to HOLD (from Buy), with our 12M price target (PT) upped to PLN 203/share (from PLN 159/share), on valuation grounds. In 1H25, the company surprised us positively, with strong volume dynamics (up 8% yoy), despite Profilaktyka 40+ finally coming to an end, and proving the low elasticity of demand, on 9% yoy price hikes. Effectively, while increasing our 2025-27E sales forecasts for Diagnostyka by 6-7%, we have upped our EBITDA estimates by 9-11%. Currently, we expec...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
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(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: GTC PW; ZAB PW; PCF PW; CCC PW; BFT PW; WIZZ LN; OTE/DIGI ...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
- Research Team
WOOD Daily: PCO PW; BELA GA; THEON NA; Czech Republic macro; EWG LN; P...
HEADLINES: • Pepco: lfl recovery continued in 4Q25, with Poland falling behind W. Europe; another EUR 50m buyback announced POSITIVE • Jumbo: 1H25 earnings slightly lower than expected - adj. EBITDA +7% yoy to EUR 165m NEGATIVE • Theon International: wins another sizeable OCCAR contract POSITIVE • Czech Republic macro: CNB on hold • Eurowag: TA Associates completes GBP 56m ABB • PZU: new acting CEO appointed, pending PFSA approval NEUTRAL • Banca Transilvania: proposes an extraordinary DPS of RO...
THEON signs a sizeable new contract with OCCAR for its new generation ...
THEON signs a sizeable new contract with OCCAR for its new generation thermal clip-on IRIS-C PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) Initial order through OCCAR of c.€50 million, with embedded option of €150 million IRIS-C gaining strong traction among existing and new customers globally, expected to become the new reference product for upgrading NVGsTHEON successfully expanding its overall addressable market with its new cutting-edge Thermal/ Digital products, which are expected to represent c.20% of total revenues in 2026 and increase further from 2027 onwards 24 Sept...
THEON INTERNATIONAL launched in DSEI London 2025 the Production-Ready ...
THEON INTERNATIONAL launched in DSEI London 2025 the Production-Ready NYX-BiNOD, a U.S. Army Specification-Compliant Night Vision Binocular PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) London, 12 September 2025 - (AMS: THEON) a global leader in the design and manufacturing of cutting-edge night vision and thermal imaging systems for defense and security applications, announced at the DSEI London 2025 Exhibition (booth #N2-320), the launch of its new NYX-BiNOD, a state-of-the-art night vision binocular. The system is engineered to fully comply with the demanding specifica...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: EAT PW; DIA PW; WPS LN; CEZ CP; GTC PW; BELA GA; ACP PW; E...
HEADLINES: • AmRest: 2Q25 below expectations, due to weak France NEGATIVE • Diagnostyka: 2Q25 results slightly above expectations, but down qoq NEUTRAL • Eurowag: 2Q25 results – beat on the top line, EBITDA a small miss NEUTRAL • CEZ: ANO’s campaign platform calling for 100% nationalisation NEUTRAL • GTC: 2Q25 – bond refinancing critical • Jumbo: sales growth momentum intact in August, +8% in 8M25; tightens grip on opex POSITIVE • Asseco Poland: key takeaways from the 2Q25 earnings call NEUTRAL ...
- Research Team
WOOD Daily: GR Refiners; ACP PW; OPAP GA; TRESTATE GA; VRC PW; CBF PW;...
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...
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