HEADLINES: • Synektik: healthcare play, with multiple tailwinds (BUY - initiation of coverage) • EEMEA macro: early takes on the Iran conflict • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 21.21%, while WP TV at 0.51% in February 2026 NEUTRAL • Primoco UAV: EUR 4m order for Spanish Guardia Civil POSITIVE • Richter: acquires WHC discovery portfolio of Celmatix NEUTRAL • Banca Transilvania: 2026E guidance NEUTRAL • Premier Energy: acquisition of six minority stakes and sale of stake in ...
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies ...
HEADLINES: • Erste Bank: 4Q25 results – net profit beats expectations • PZU: 4Q25 results – in line with expectations • PGE: to book a PLN 0.7bn provision NEGATIVE • CD Projekt: releases Reigns: The Witcher, card-swiping game NEUTRAL • CTP: 4Q25 – both FFO and guidance trail our and the consensus estimates slightly NEUTRAL • Magyar Telekom: 4Q25 results review – EBITDA up 11% yoy, in line with the consensus; conservative 2026E guidance NEUTRAL • Aquila Part Prod Com S.A.: 4Q25E preview (due out ...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
Georgia Capital (GCAP) reported its 4Q25 financial results this morning (24 February). We view the results as strong, with the NAV for both the large and emerging companies above our expectations. GCAP has reduced its share count by 2% qoq, buying back 0.7m shares, and remains net cash positive. The NAV per share was up 14% qoq in GEL terms and 14% qoq in GBP terms, 4% and 3% above our estimates, respectively. The beat was the result of better-than-expected large companies’ NAV growth (4% above ...
HEADLINES: • Graphisoft Park: 4Q25 – low LTV, high ROE POSITIVE • Kruk: issues preliminary 2025 net profit, almost in line with expectations NEUTRAL • Cyfrowy Polsat: main shareholders (Mr. Solorz's heir) want to participate in next nuclear power project NEGATIVE • Dino Polska: 4Q25E preview – 3% yoy EBITDA growth expected (due on 26 March) NEGATIVE • DIGI Communications: 4Q25 preliminary results – adjusted EBITDA up 7% yoy, 6% below our estimate NEGATIVE • BIM: BoD decides to increase the paid-...
A director at Coca-Cola Hellenic Bottling Company AG sold 197,435 shares at 4,738p and the significance rating of the trade was 100/100. 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 ...
HEADLINES: • OPAP: only 6.7% of shares elect for cash exit; free float to remain above all-important 20% level POSITIVE • Wirtualna Polska: TUI renews cooperation with Wakacje.pl POSITIVE • Budimex: signs PLN 481m contract with GAZ-SYSTEM NEUTRAL • Orlen: 4Q25E results preview (due on 19 February) NEUTRAL • InPost: 4Q25E preview – flattish adjusted EBITDA expected (due on 18 March) NEUTRAL • Enea: 4Q25E preview – 11% EBITDA drop on weaker Generation and Mining (prelims due on 23 March; full due ...
HEADLINES: • Santander BP: posts solid 4Q25 numbers; rebranding costs guidance in line; DPS of PLN 46 seems very feasible NEUTRAL • Polish media: CPS's audience share at 22.30%, while WP TV is at 0.57% in January 2026 NEUTRAL • Develia: management targets for 2026E close to our forecasts NEUTRAL • OMV Petrom: 4Q25 results and dividend proposal NEUTRAL • Jumbo: January sales +8% on easy comps; guiding for 5% sales growth and EUR 310-320m net earnings in 2026E NEUTRAL • Turkish automotive: strong ...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)
HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...
We have downgraded our rating on Cyfrowy Polsat (CPS) to SELL (from Hold) and cut our price target (PT) to PLN 11.86/share (from PLN 15.42), implying 12% downside potential. We believe that the positive short-term triggers in CPS’ story have materialised already (succession completion, interest rates cuts supporting the FCF), while the weak 4Q25 results and 2026E outlook (we expect further declines in the telecoms segment) could fuel drops. Most importantly, in the long term, we see structural h...
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