reports
- 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...
- Bram Buring
- CFA
- Dmitry Vlasov
Georgia Capital: multi-sector story (BUY - transfer of coverage)
We transfer coverage of Georgia Capital, with a BUY and a price target (PT) of GBP 30.1/share, 29% upside from the current levels. Georgia Capital is a Tbilisi-based investment holding company, which holds an 18% stake in Lion Finance Group (48% of the group’s NAV), as well as a number of private assets (52% of the group’s NAV), with a focus on the healthcare, pharmacy, insurance and education industries. Georgia Capital targets capital-light, scalable businesses, with high cash-generation poten...
- Research Team
WOOD Daily: BGEO LN; CCOLA TI; PEO PW; TXT PW; EME Macro/Strategy Week...
HEADLINES: • Lion Finance Group: lion takes a breather (downgraded to HOLD) • Coca-Cola Icecek: 2Q25 results – as expected NEUTRAL • Bank Pekao: changing remuneration conditions for c.2,700 employees NEUTRAL • Text: launches Text App service NEUTRAL • EME Macro/Strategy: macro all-in-one (4-10 August) • Murapol: 2Q25E preview – EBIT halved yoy, due to a low number of handovers (due on 24 September) • Rainbow Tours: 2Q25E preview – 19% net income drop expected, following margin normalisation (due...
- Can Demir
- Miguel Dias
Lion Finance Group: lion takes a breather (downgraded to HOLD)
We have downgraded Lion Finance Group (BGEO) to HOLD, with a new price target (PT) of GBP 79.4. BGEO trades at 5.8x 2025E P/E and 1.5x P/TBV, which we see as fair, following a 114% USD return over the last 12M, and 566% over the past three years. After such a good earnings cycle, which leveraged on a superb macro backdrop, we see limited upside risk on our EPS forecasts and assumptions for the group’s long-term earnings power (ROTEs of 27% for Georgia and 22% for Armenia). We calculate that most...
- Research Team
WOOD Morning (7 August 2025)
HEADLINES: • Bank Pekao: strong 2Q25 delivery reaffirms our FY25E net profit forecast of c. PLN 7bn, still ahead of the market consensus NEUTRAL • Magyar Telekom: 2Q25 results review – EBITDA up 13% yoy, 3% above the consensus; 2025E guidance upgraded POSITIVE • Akcansa: weak 2Q25 financial results, with signs of recovery NEGATIVE • Teknosa: 2Q25 results – recovery in the operating performance overshadowed by losses on the bottom line NEUTRAL • Brisa: 2Q25 results in line, very much like 1Q25 NE...
MOL MOL NYRT
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
TKNSA TEKNOSA IC VE DIS TICARET AS
PPC PUBLIC POWER CORPORATION S.A.
GPW WARSAW STOCK EXCHANGE
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
4IG 4IG NYRT
CTPNV CTP NV
- 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.
- Suvi Platerink Kosonen
Bank on it/Stress tests point to weakness in some banks
European bank stress tests show that most banks remain resilient in a more stressed environment. We find that only three banks could need additional capital in the adverse scenario as compared to the leverage-based requirements. While all banks could likely continue to meet their minimum SREP CET1 capital requirements, we find that nine banks could hit their MDA restrictions unless some of the capital buffer requirements were to be released in stress. LBBW, Deutsche Bank and Société Générale are...
BRE MBANK SA
CS AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Steven Gould
BRE MBANK SA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
NRG NRJ GROUP SA
KER KERING SA
ISP INTESA SANPAOLO S.P.A.
PNL POSTNL NV
BON BONDUELLE SCA
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
GMM GRAMMER AG
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CVC CVC CAPITAL PARTNERS PLC
ATO ATOS SE
TRIO TRIODOS BANK N.V.
BRE MBANK SA
CS AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Steven Gould
BRE MBANK SA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
NRG NRJ GROUP SA
KER KERING SA
ISP INTESA SANPAOLO S.P.A.
PNL POSTNL NV
BON BONDUELLE SCA
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
GMM GRAMMER AG
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
STM STABILUS SE
CVC CVC CAPITAL PARTNERS PLC
ATO ATOS SE
TRIO TRIODOS BANK N.V.
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- Steven Gould
BRE MBANK SA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
OTP OTP BANK NYRT
CABK CAIXABANK SA
ALR ALIOR BANK SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Benoit Valleaux
- Roland Pfaender
- MBA
- CFA
- CCRA
- Steven Gould
BRE MBANK SA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
OTP OTP BANK NYRT
CABK CAIXABANK SA
ALR ALIOR BANK SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; ALPHA GA; KAP LI; GEKTERNA GA; ...
HEADLINES: • EME Macro/Strategy: macro all-in-one (28 July-3 August) • Alpha Bank: 2Q25 highlights – an 11% beat vs. our estimate, but CET1 down 50bpts qoq • Kazatomprom: 2Q operational update NEUTRAL • GEK Terna: boosts construction backlog by almost EUR 0.5bn POSITIVE • Wizz Air: July capacity up 8% yoy, load factor down 1ppt NEUTRAL • Budimex: expects a market rebound in 2026E; decision on FBSerwis in the autumn NEUTRAL • Orange Polska: key takeaways from an interview with the CFO NEUTRAL • C...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
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
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...
HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
KTY GRUPA KETY SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
FROTO FORD OTOMOTIV SANAYI A.S.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
DNP DINO POLSKA S.A.
GEB BANK OF GEORGIA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Research Team
WOOD Daily: MIL PW; OPL PW; TOASO TI; EXAE GA; BDX PW; EZ Macro; EME M...
HEADLINES: • Bank Millennium: 2Q25 results beat, on lower FX mortgage saga costs; core operating in line, but very solid levels NEUTRAL • Orange Polska: 2Q25 results – EBITDAaL up 4% yoy, 3% above the consensus; 2025E guidance reiterated POSITIVE • Tofas: 2Q25 results – in line operationally; 2025E guidance indicates higher profitability outlook POSITIVE • Athens Exchange Group: strong bottom-line delivery in 2Q25, ahead of expectations POSITIVE • Budimex: preliminary 2Q25 broadly in line with o...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BIMAS BIM BIRLESIK MAGAZALAR A.S.
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
MGROS MIGROS TICARET A.S
TPEIR PIRAEUS BANK SA
CPS CYFROWY POLSAT SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
ALPHA ALPHA BANK S.A.
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
RNO RENAULT SA
KPN ROYAL KPN NV
TKA TELEKOM AUSTRIA AG
HO THALES SA
LONN LONZA GROUP AG
GLE SOCIETE GENERALE S.A. CLASS A
RAND RANDSTAD NV
ALO ALSTOM SA
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
UCG UNICREDIT S.P.A.
IBE IBERDROLA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
VACN VAT GROUP AG
SAP SAP SE
BG BAWAG GROUP AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
STMN STRAUMANN HOLDING AG
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
RNO RENAULT SA
KPN ROYAL KPN NV
TKA TELEKOM AUSTRIA AG
HO THALES SA
LONN LONZA GROUP AG
GLE SOCIETE GENERALE S.A. CLASS A
RAND RANDSTAD NV
ALO ALSTOM SA
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
UCG UNICREDIT S.P.A.
IBE IBERDROLA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
VACN VAT GROUP AG
SAP SAP SE
BG BAWAG GROUP AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
STMN STRAUMANN HOLDING AG
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