reports
- Research Team
WOOD Daily: LAMDA GA; KTY PW; PKN PW; PGE PW; PGE PW; Czech Republic m...
HEADLINES: • Lamda Development: 3Q25 - malls and marinas steady, bond and land sale to boost liquidity • Kety: 4Q25 results and 2026E guidance conference call NEUTRAL • Orlen: to acquire butadiene plant at Plock, Poland, from Synthos NEGATIVE • PGE: to acquire a 350MW offshore project from RWE POSITIVE • Polish utilities: offshore auction results - minimum price at PLN 477/MWh POSITIVE • Czech Republic macro: CNB extends the pause
- Research Team
WOOD Daily: Polish utilities; KTY PW; KTY PW; RBW PW; SPL PW; Polish u...
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...
- Research Team
WOOD Daily: BOCHGR GA; PL Utilities; PKN PW; CEZ CP; SNP RO
HEADLINES: • Bank of Cyprus: paid to wait (stays BUY) • Polish utilities: 2030 capacity market price set at PLN 465/kW/year NEUTRAL • Orlen: receives response from Grupa Azoty about offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: new government aiming to reduce power bills by c.10% or more NEUTRAL • OMV Petrom: preparing to drill offshore Bulgaria by the year-end NEUTRAL
- Research Team
WOOD Daily: CCC PW; JMT PL; ALE PW; INPST NA; MBR PW; KTY PW; PCO PW; ...
HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...
- Research Team
WOOD Daily: TBCG LN; LPP PW; CBF PW; PL Utilities; TPE PW; MBR PW; TIT...
HEADLINES: • TBC Bank: rough patch in Uzbekistan, but stock is cheap (upgraded to BUY) • LPP: 3Q25 ahead of expectations; FY25E profitability guidance upped; FY26-27E EBITDA guidance 10-11% above the consensus POSITIVE • cyber_Folks: acquires PrestaShop for EUR 55m POSITIVE • Polish utilities: capacity market auction results for 2030 POSITIVE • Tauron: to build a 600 MW OCGT unit in Jaworzno POSITIVE • Mo-BRUK: administrative court ruling on increased landfill fees for 2019 NEUTRAL • Titan: sign...
- Research Team
WOOD Daily: RO Macro; CAR PW; PGE PW; PL Utilities; BELA GA; OPTIMA GA...
HEADLINES: • Romania macro: Bucharest vote supports government • Inter Cars: November sales growth decelerates to 2.6% yoy NEGATIVE • PGE: CEO and COO dismissed; former Tauron CEO appointed as acting CEO NEUTRAL • Polish utilities: ready for lower distribution WACC NEGATIVE • Jumbo: sales up 6% in November and 8% in 11M25, as expected NEUTRAL • Optima Bank SA: 4m shares block trades at 1.9% discount NEUTRAL • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m POSITIVE • ...
- Research Team
WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...
HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover
KRKG KRKA D.D.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
M MED LIFE
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
- Research Team
WOOD Daily: OPTIMA GA; CTPNV NA; PCF PW; CPS PW; WPL PW; BDX PW; 11B P...
HEADLINES: • Optima Bank: buying the dip (stays BUY) • CTP: great story, fairly valued (downgraded to HOLD) • PCF Group: key takeaways from the 3Q25 earnings call • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.37%, while WP TV at 0.46% in November 2025 NEUTRAL • Budimex: plans to pay out 100% of net income in dividends in 2025-29E NEUTRAL • 11 bit studios: finalises agreement with Microsoft on licence for Game Pass POSITIVE • Huuuge Games: October Sensor Tower bookings estimate flat...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
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).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
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
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.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
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
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.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Morning (28 November)
HEADLINES: • Kaspi.kz: too cheap to ignore (stays BUY) • VIGO Photonics: 3Q25 results review – adjusted EBITDA over 2x above our estimate; order intake up 24% yoy POSITIVE • CCC: final 3Q25 EBITDA spot on prelims NEUTRAL • Rainbow Tours: 3Q25 conference call highlights NEUTRAL • Polish banks: President signs bill on higher CIT for the banks • Murapol: main shareholder sells 20.5% of shares in ABB NEUTRAL • Primoco UAV: promising tactical UAV producer (HOLD - initiation of coverage) • CTP: enters...
- Research Team
WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...
HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...
- Alessio Chiesa
- Raffaella Tenconi
EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...
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 ...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
IGN1L IGNITIS GRUPE
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
BOCHGR BANK OF CYPRUS
- Natalia Svyriadi
Autohellas | A demanding year, but the engine still turns
2025e: resilient but stagnant amid elevated competition – Autohellas has maintained solid top line momentum across its core activities despite an increasingly demanding backdrop, continuing to gain share in key segments. Against this environment we have modestly trimmed our 2025 forecasts to reflect the soft patch in international rentals and the intensified competition in both Greek rentals and Autotrade. At the same time, profitability remains constrained by elevated depreciation tied to a mor...
- Natalia Svyriadi
Autohellas | A demanding year, but the engine still turns
2025e: resilient but stagnant amid elevated competition – Autohellas has maintained solid top line momentum across its core activities despite an increasingly demanding backdrop, continuing to gain share in key segments. Against this environment we have modestly trimmed our 2025 forecasts to reflect the soft patch in international rentals and the intensified competition in both Greek rentals and Autotrade. At the same time, profitability remains constrained by elevated depreciation tied to a mor...
- Research Team
WOOD Daily: DVL PW; PGE PW; HUG PW; DSPW CP; PE RO; OPAP GA; CGEO LN
HEADLINES: • Develia: lighten the load, lift the pace (BUY - initiation of coverage) • PGE: 3Q25 results fully in line with the preliminaries NEUTRAL • Huuuge Games: 3Q25 results review – adjusted EBITDA up 3% yoy, 4% above the consensus POSITIVE • Doosan Skoda Power: 3Q25 weak; 2025E guidance lowered; downside risk for our 2025E estimates NEGATIVE • Premier Energy: 3Q25 in line with our estimates; 2025E guidance unchanged NEUTRAL • OPAP: 3Q25 results in line; EBITDA flat yoy, at EUR 214m, on to...
ING Bank Śląski S.A.: 1 director
A director at ING Bank Śląski S.A. sold 1,162 shares at 340.000PLN and the significance rating of the trade was 57/100. 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 cl...
- Research Team
WOOD Daily: CZG CP; EUR PW; MBR PW; EME Strategy - FTSE; DUNAHOUS HB; ...
HEADLINES: • Colt CZ Group: 3Q25 results and earnings call takeaways NEUTRAL • Eurocash: 3Q25 – slightly above our low expectations, but below the consensus; strategy publication postponed to 9 December NEGATIVE • Mo-BRUK: 3Q25 conference call highlights POSITIVE • EME Strategy: FTSE GEIS November 2025 review results • Duna House: 3Q25 – strong summer, FY guidance upgraded POSITIVE • GEK Terna: 9M25 results in line; EBITDA jumps 66%, thanks to Attiki Odos • Athens Exchange Group: FTSE to reduce ...
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
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 ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: ING PW; GPW PW; MUR PW; PKN PW; EXAE GA; H2O RO; AQ RO; SF...
HEADLINES: • ING BSK: eyes 19% ROE and is more open to higher dividend payouts in its strategy update POSITIVE • Warsaw Stock Exchange: strong 3Q25 delivery with a 7% beat to consensus POSITIVE • Murapol: 3Q25E close to our forecasts with weaker revenue, but stronger gross margin NEUTRAL • Orlen: swaps some Norwegian assets with DNO NEUTRAL • Athens Exchange Group: Euronext reportedly reaches the acquisition threshold NEUTRAL • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy; conse...
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