reports
- Stephane Beyazian
- Stephane Beyazian
- Research Team
WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...
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...
- Jakub Krawczyk
CCC : Multifaceted business positioned for dynamic growth
We like the combination of CCC’s established and highly profitable business, with the dynamic growth potential of its newer banners, as well as a leaner and more profit-oriented approach to e-commerce. The increase in floor space should drive the top line (2025-2027e CAGR of 16%), while the EBITDA margin should continue to 18-19% in 2026-27e. We remain 6% below consensus for FY 2025e EBITDA but think that the recent underperformance of the share offers an attractive entry point to one of Europe’...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
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 ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
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.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT 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.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Jovan Sikimic
- Jovan Sikimic
- Research Team
WOOD Daily: TUPRS TI; KRU PW; WPL PW; ENA PW; G2M SS; TLV RO; TEN PW; ...
HEADLINES: • Tupras: enjoying life in the margins (stays BUY) • Kruk: 2Q25 beat, on a positive tax balance, lower financial costs and a drop in the cost to collect ratio POSITIVE • Wirtualna Polska: 2Q25 results review – adjusted EBITDA up 24% yoy, 6% above the consensus; weak 2H25E outlook NEGATIVE • Enea: preliminary 2Q25 EBITDA 15% above our expectations, supported by strong Supply and better Generation; PLN 2.8bn capex, including wind farm acquisitions POSITIVE • Gentoo Media: 2Q25 financial...
- Jovan Sikimic
- Miguel Dias
WOOD Flash – Banca Transilvania: small bottom-line miss in 2Q25, due m...
Banca Transilvania (TLV) reported its 2Q25 results this morning (26 August), posting shareholder net profit of RON 1,087m (+10% yoy), a small (4%) miss vs. our expectations. The NII and NFC were below expectations, but offset partially by a better other income delivery. Costs were in line, and the provisions booked were the major source of the delta, but were also offset partially by the lower net profit attributable to minorities. All-in-all, we view the results as slightly negative, due to the...
Lenzing AG: 1 director
A director at Lenzing AG bought 1,900 shares at 26.820EUR and the significance rating of the trade was 55/100. 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 clearly sho...
- Research Team
WOOD Daily: ECH PW; PKN PW; KAP LI; TLV RO
HEADLINES: • Echo Investment: sells 5.3k Resi4Rent units to TAG POSITIVE • Orlen: 2Q25E results preview (due on 21 August) NEUTRAL • Kazatomprom: 2Q25E results preview (due on 22 August) NEUTRAL • Banca Transilvania: 2Q25E results preview (due on 28 August) • Short News (PCF)
- Maissa Keskes
- Stephane Houri
EVT EVOTEC SE
GYC GRAND CITY PROPERTIES SA
TPE PVA TEPLA AG
GLB GLANBIA PLC
LNZ LENZING AG
SIX2 SIXT SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
PAT PATRIZIA AG
KTCG KAPSCH TRAFFICCOM
FYB FORMYCON AG
JEN JENOPTIK AG
HGEA HGEARS AG
TUI TUI AG
R3NK RENK GROUP AG
AQ AQUILA PART PROD COM
SPG SPRINGER NATURE AG & CO. KGAA
- Maissa Keskes
- Stephane Houri
EVT EVOTEC SE
GYC GRAND CITY PROPERTIES SA
TPE PVA TEPLA AG
GLB GLANBIA PLC
LNZ LENZING AG
SIX2 SIXT SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
PAT PATRIZIA AG
KTCG KAPSCH TRAFFICCOM
FYB FORMYCON AG
JEN JENOPTIK AG
HGEA HGEARS AG
TUI TUI AG
R3NK RENK GROUP AG
AQ AQUILA PART PROD COM
SPG SPRINGER NATURE AG & CO. KGAA
- Patrick Steiner
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- Martin Marandon-Carlhian
- Sinan Doganli
OERL OC OERLIKON CORPORATION AG
DEZ DEUTZ AG
ROS ROSENBAUER INTERNATIONAL AG
CCC CCC SA
SQN SWISSQUOTE GROUP HOLDING AG
BPOST BPOST SA
POST OSTERREICHISCHE POST AG
JUN3 JUNGHEINRICH AG PREF
GALE GALENICA AG
S92 SMA SOLAR TECHNOLOGY AG
KTA KNAUS TABBERT
AG1 AUTO1 GROUP
NVM NOVEM GROUP SA
CABKA CABKA N.V.
- Research Team
WOOD Daily: CDR PW; PZU PW; MOL HB; ELPE GA; NLBR SV; CCC PW; AKCNS TI...
HEADLINES: • CD Projekt: opening the next chapter (upgraded to BUY) • PZU: CEO Klesyk dismissed NEGATIVE • MOL: 2Q25 results hit by one-off charge NEUTRAL • HELLENiQ Energy: 2Q25 results NEUTRAL • NLB Group: material bottom-line beat in 2Q25, due mainly to provisions and impairments released POSITIVE • CCC: preliminary 2Q25 EBITDA beats expectations by 1-5%, on the top line POSITIVE • Akcansa: 2Q25 conference call takeaways NEUTRAL • Brisa: takeaways from the 2Q25 earnings call POSITIVE • Cimsa:...
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
APR AUTO PARTNER SA
NLBR NLB GROUP
ELPE HELLENIQ ENERGY
- Jakub Krawczyk
- Roy Külter
- Steven Boumans
SBMO SBM OFFSHORE NV
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
FNTN FREENET AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
SFQ SAF-HOLLAND SE
CTPNV CTP NV
SHA SCHAEFFLER AG
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