reports
- Research Team
WOOD Daily: BOCHGR GA; KZ Macro; PGE PW; APR PW; ASELS TI; DSPW CP; MO...
HEADLINES: • Bank of Cyprus: value is (sometimes) relative (stays BUY) • Kazakhstan macro: State of the Nation Address sets grounds for new constitutional reform and ambitious digitalisation agenda • PGE: 2Q25 conference call highlights NEUTRAL • Auto Partner: August sales growth decelerates to a mere 2% yoy NEGATIVE • Aselsan: massive domestic contract win POSITIVE • Doosan Skoda Power: wins multi-billion CZK tender for new generators at Temelin POSITIVE • MOL: announces discovery of an oil fie...
- 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
- Mihaly Gajda
Model Update
We have updated our financial model to reflect recent macroeconomic developments, setting a 2026 year-end ex-dividend target price of 0.790 RON, representing a 9.0% upside including the anticipated 0.020 RON special dividend following the 2024 fiscal year (regular dividend has been already paid out) and total dividend of 0.068 RON following the 2025 fiscal year. Consequently, we change our recommendation to Neutral from Accumulate for OMV Petrom.
- 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...
- Chaima Ferrandon
- Sven Edelfelt
- Chaima Ferrandon
- Sven Edelfelt
- Oleg Galbur
- 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)
- Research Team
WOOD Daily: CGEO LN; BIMAS TI; SOKM TI; KLKIM TI; AQ RO; SNG RO; RO Ma...
HEADLINES: • Georgia Capital: multi-sector story (BUY - transfer of coverage) • BIM: solid operating results overshadowed by bottom-line miss in 2Q25 NEUTRAL • Sok Marketler Ticaret: bottom line misses expectations in 2Q25 NEGATIVE • Kalekim: 2Q25 – strong set of results POSITIVE • Aquila Part Prod Com S.A.: 2Q25 – eyeing +6% EBITDA margin for 2H25E POSITIVE • Romgaz: 2Q25 results – better than our forecasts POSITIVE • Romania macro: GDP heading into a tough 2H • DIGI Communications: key takeawa...
- Olfa Taamallah
- Yan Derocles
LXS LANXESS AG
GLB GLANBIA PLC
FTON FEINTOOL INTERNATIONAL HOLDING AG
ADN1 ADESSO AG
SQN SWISSQUOTE GROUP HOLDING AG
SAX STROEER SE & CO. KGAA
PYT POLYTEC HOLDING
POST OSTERREICHISCHE POST AG
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
HFG HELLOFRESH SE
FAST FASTNED
AERO MONTANA AEROSPACE AG
SHUR SHURGARD SELF STORAGE LIMITED
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Olfa Taamallah
- Yan Derocles
LXS LANXESS AG
GLB GLANBIA PLC
FTON FEINTOOL INTERNATIONAL HOLDING AG
ADN1 ADESSO AG
SAX STROEER SE & CO. KGAA
PYT POLYTEC HOLDING
POST OSTERREICHISCHE POST AG
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
HFG HELLOFRESH SE
FAST FASTNED
AERO MONTANA AEROSPACE AG
SHUR SHURGARD SELF STORAGE LIMITED
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Oleg Galbur
- Research Team
WOOD Daily: ACP PW; PKO PW; ESLT IT; MGROS TI; PGSUS TI; LOGO TI; IGN1...
HEADLINES: • Asseco Poland: unjustifiably expensive (downgraded to SELL) • PKO BP: very solid 2Q25; our ambitious forecasts seem achievable; market valuation appears to be pricing it in NEUTRAL • Elbit Systems: 2Q25 results – strong operating performance and a big contract win in Europe • Migros: 2Q25 results – bottom line misses expectations NEGATIVE • Pegasus Airlines: 2Q25 – weaker margins yoy, as expected • Logo Yazilim: 2Q25 results – in line; FY25E guidance reiterated NEUTRAL • Ignitis Gro...
PKO PKO BANK POLSKI S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
GSPARK GRAPHISOFT PARK SE
DAT DATAWALK SA
VGO VIGO SYSTEM SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
ESLT ELBIT SYSTEMS LTD
IGN1L IGNITIS GRUPE
9526 JAHEZ INTERNATIONAL CO
AQ AQUILA PART PROD COM
- Mihaly Gajda
Petrom beats expectations, lifted by one-off litigation gain
• The company reported clean CCS operating profit of RON 1,188 mn, representing a 6% decline QoQ and a 14% decline YoY. However, it outperformed the consensus estimate of RON 1,111 mn, exceeding it by 7%, mainly due to stronger-than-expected performance in the E&P segment. The results were significantly boosted by a one-off litigation settlement, which increased EBITDA and EBIT by RON 200 mn. The outperformance was even more pronounced at the net profit level, further supported by RON 170 mn in ...
- Research Team
WOOD Daily: CCOLA TI; OTP HB; KSPI US; ELM AB; THEON NA; TITC GA; ALE ...
HEADLINES: • Coca-Cola Icecek: recovery on the horizon (stays BUY) • OTP Bank: books solid 2Q25 NEUTRAL • Kaspi.kz: 2Q25 highlights – on track, with revised down guidance, could start buying back stock in 2026E • Elm: 2Q25 conference call takeaways – organic growth guidance upgraded POSITIVE • Theon International: to acquire KAPPA Optronics of Germany POSITIVE • Titan: to acquire 80% of leading concrete solutions provider in Southeastern Europe with Molins POSITIVE • Allegro: buyback price of PL...
- Miguel Dias
WOOD Flash – Banca Transilvania: share capital increase due to capital...
Following the AGM‘s approval on 25 April, Banca Transilvania (TLV) increased its share capital by RON 1,734,423,790 by issuing 173,442,379 new shares at a nominal value of RON 10/share on 18 July. The increase was carried out through the capitalisation of reserves from the 2024 net profit. Therefore, we have adjusted our 12M price target (PT) of RON 40.16/share for TLV to RON 33.77/share. There are no changes in our earnings estimates or valuation for the company.
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