reports
- Research Team
WOOD Daily: Romania; EME Macro/Strategy; ALARABIA AB; HUG PW; TEN PW; ...
HEADLINES: • Romania: first round of presidential election signals tough times ahead • EME Macro/Strategy: macro all-in-one (28 April-4 May) • Al Arabia: signs Riyadh train and buses contract POSITIVE • Al Arabia: Faden Media signs a contract with the Jeddah Municipality POSITIVE • Huuuge Games: April bookings estimate down 10% mom, to USD 9m NEGATIVE • Ten Square Games: April bookings estimate down 3% mom, deeper declines in core titles NEGATIVE • Gentoo Media: delisting from the Oslo Børs to b...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ADNOCDIST ADNOC DISTRIBUTION PJSC
TEN TEN SQUARE GAMES
HUGE HUUUGE
GIG GAMING INNOVATION GROUP
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Can Yurtcan
WOOD Flash – Mavi: share split – new price target at TRY 63.50/share
Following the CMB’s approval on 18 April, Mavi’s earlier announced (board decision dated 14 January 2025) 100% bonus issue, increasing the number of outstanding shares from 397.3m to 794.5m, took place on 24 April. Therefore, we have adjusted our 12M price target (PT) of TRY 127/share, for Mavi’s shares, to TRY 63.5/share, effective as of today (29 April). There are no changes in our earnings estimates or valuation of the company.
- Research Team
WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI
HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...
- Research Team
WOOD Daily: MTELEKOM HB; DAT PW; LPP PW; TXT PW; CZG CP; EU Oil and Ga...
HEADLINES: • Magyar Telekom: regulatory risk outweighs the growth story (downgraded to HOLD) • DataWalk: actual 4Q24 figures in line with the prelims; strong hikes in sales funnel and value of acquired contracts in 1Q25 POSITIVE • LPP: key takeaways from 4Q24 and the strategy update presentation POSITIVE • Text: key takeaways from the 4Q24-25 preliminary earnings call NEUTRAL • Colt CZ Group SE: management's initial comment on US tariffs NEGATIVE • European oil and gas monthly: March 2025 – refi...
- Atinc Ozkan
- Piotr Raciborski
- CFA
Magyar Telekom: regulatory risk outweighs the growth story (downgraded...
We have downgraded our rating on Magyar Telekom (MTELEKOM) to HOLD (from Buy) and raised our price target (PT) to HUF 1,635/share (from HUF 1,432), implying 4% upside potential. After keeping our Buy for four years (with a 289% share price rally in that time), we close our call. We continue to appreciate MTELEKOM’s growth outlook (a 7.0% 2024-27E EBITDA CAGR) and generous investor remuneration (a c.10% dividend yield in 2025-26E), but see the current discount on its valuation vs. its peers as ju...
- Research Team
WOOD Daily: LPP PW; EEMEA Macro; TRESTATE GA; MOH GA; EUR PW; TXT PW; ...
HEADLINES: • LPP: mediocre 4Q24 – EBIT 4-5% below expectations, but decent start to the year; FY25E guidance broadly maintained, and FY26-27E guidance of stable margins, despite major sales growth acceleration POSITIVE • EEMEA macro: US reciprocal tariff effects • Trade Estates: strong 2024 results POSITIVE • Motor Oil Hellas: 4Q24 results – CCS EBITDA in line with the consensus, but net income weak NEUTRAL • Eurocash: 4Q24 in line with the prelims NEUTRAL • Text: 4Q24-25 (calendar 1Q25) prelimi...
- Research Team
WOOD Daily: MAVI TI; TL Banks; GPW PW; BFT PW; MOL HB; EU Macro; DNP P...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
- 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
- Can Yurtcan
- Lukasz Wachelko
- CFA
Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of...
We reinitiate coverage of Mavi with a BUY rating and a 12M price target (PT) of TRY 127. As the leading denim and casual lifestyle brand in Türkiye, we view the company as a solid growth play with strong brand management, a retail-focused strategy with a seamless omnichannel presence, and a best-in-class sourcing model. Despite the challenging conditions in the domestic market, we expect Mavi to navigate these tough times without seeing a major dent in its profitability, and look for better resu...
EQS-News: CPI Europe with sound earnings development and robust balanc...
EQS-News: CPI Europe AG / Key word(s): Annual Results/Real Estate CPI Europe with sound earnings development and robust balance sheet in 2024 28.03.2025 / 18:29 CET/CEST The issuer is solely responsible for the content of this announcement. CPI Europe AG Wienerbergstrasse 9 1100 Vienna, Austria FN 114425y HG Wien UID: ATU 37681807 DVR 0607274 Presse Release – Corporate News Vienna, 28 March 2025 CPI Europe with sound earnings development and robust balance sheet in 2024 Significant growth in all relevant indicators Rental income up 10.4% to €589.2...
EQS-News: CPI Europe 2024 mit starker Ergebnisentwicklung und robuster...
EQS-News: CPI Europe AG / Schlagwort(e): Jahresergebnis/Immobilien CPI Europe 2024 mit starker Ergebnisentwicklung und robuster Bilanz 28.03.2025 / 18:29 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. CPI Europe AG Wienerbergstraße 9 1100 Wien, Österreich FN 114425y HG Wien UID: ATU 37681807 DVR 0607274 Pressemitteilung – Corporate News Wien, 28. März 2025 CPI Europe 2024 mit starker Ergebnisentwicklung und robuster Bilanz Deutliche Zuwächse bei allen relevanten Kennzahlen Mieterlöse um 10,4% auf €589,2 Millio...
- Research Team
WOOD Daily: OPL PW; IGN1L LH; PZU PW; GPP PW; CZG CP; PPC GA; LAMDA GA...
HEADLINES: • Orange Polska: strategy focused on growth (stays BUY) • Ignitis Group: making headway (BUY - transfer of coverage) • PZU: 4Q24 well ahead of expectations, holding structure to be created within PZU group POSITIVE • Grupa Pracuj: 4Q24 results – EBITDA up 9% yoy, 9% above our forecast and 1% above the consensus POSITIVE • Colt CZ Group SE: FY24 results review NEUTRAL • Public Power Corporation: 4Q24 earnings, and preview of a potential mega data centre NEUTRAL • Lamda Development: 4Q2...
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
ENA ENEA S.A.
PPC PUBLIC POWER CORPORATION S.A.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
CZG CESKA ZBROJOVKA GROUP
IGN1L IGNITIS GRUPE
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: BFT PW; JMT PL; OPAP GA; TPE PW; TL Macro; ALE PW; INPST N...
HEADLINES: • Benefit Systems: pumping iron (stays BUY) • Jeronimo Martins: small beat in 4Q24, Biedronka margin erosion slows down; tough market environment continues in 2025 POSITIVE • OPAP: the beat goes on, in 4Q24 POSITIVE • Tauron: preliminary 4Q24 EBITDA 45% above our estimate, on strong Generation and Distribution, and lower loss in Supply POSITIVE • Türkiye macro: assessment of recent political events • Allegro vs. InPost: our take on the companies' two calls • cyber_Folks / Shoper: key ...
- Research Team
- Stamatios Draziotis CFA
OPAP | Cashing in, moving to Hold
Strong play, but limited new aces up its sleeve, for now – OPAP shares have had a robust start to 2025 returning c11% ytd, fueled by a strong H2’24 operational performance driven by both recurring (strong online/sports betting trends) and non-recurring (e.g. jackpot rollovers) factors. Although the better execution is set to lead FY24 EBITDA c2% above our previous projection and >4% above the upper end of mgt expectations (€750-770m guided range), it also sets a high bar for 2025. The year does ...
- Stamatios Draziotis CFA
OPAP | Cashing in, moving to Hold
Strong play, but limited new aces up its sleeve, for now – OPAP shares have had a robust start to 2025 returning c11% ytd, fueled by a strong H2’24 operational performance driven by both recurring (strong online/sports betting trends) and non-recurring (e.g. jackpot rollovers) factors. Although the better execution is set to lead FY24 EBITDA c2% above our previous projection and >4% above the upper end of mgt expectations (€750-770m guided range), it also sets a high bar for 2025. The year does ...
- Research Team
WOOD Daily: PCO PW; AIRA LI; CEZ CP; ALE PW; SHO PW; PL Banks; MBR PW;...
HEADLINES: • Pepco Group: structurally challenged (downgraded to HOLD) • Air Astana Group: 4Q24 – good, at first glance; dividend surprises positively • CEZ: takeaways from the 4Q24 earnings call NEGATIVE • Allegro: key takeaways from the 4Q24 call POSITIVE • Shoper: takeaways from the post-4Q24 prelims management call NEUTRAL • Polish banks: receive maximum dividend payout ratio letters from the PFSA – no surprises NEUTRAL • Mo-BRUK: unfavourable ruling results in closure of Wałbrzych branch (2...
EQS-News: IMMOFINANZ AG wird zu CPI Europe AG
EQS-News: CPI Europe AG / Schlagwort(e): Sonstiges/Sonstiges IMMOFINANZ AG wird zu CPI Europe AG 11.03.2025 / 10:25 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. CPI Europe AG Wienerbergstraße 9 1100 Wien, Österreich FN 114425y HG Wien UID: ATU 37681807 DVR 0607274 Pressemitteilung – Corporate News Wien, 11. März 2025 IMMOFINANZ AG wird zu CPI Europe AG Die Umbenennung der IMMOFINANZ AG in CPI Europe AG, beschlossen in der außerordentlichen Hauptversammlung im Jänner 2025, wird mit Eintragung in das Firmenbuch ab heute...
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