reports
Sphera Franchise Group: 1 director
A director at Sphera Franchise Group sold 8,970 shares at 39.500RON 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 c...
- Research Team
WOOD Daily: VGO PW; PGE PW; 11B PW; DNP PW; KRKG SV; GEV CP; ELPE GA; ...
HEADLINES: • VIGO Photonics: top Polish defence industry exposure (downgraded to HOLD) • PGE: strong 1Q25 recurring EBITDA, 26% above our expectations POSITIVE • 11 bit studios: weak 1Q25, misses our forecast, on higher opex NEGATIVE • Dino: 2-7% EBITDA beats in 1Q25 NEUTRAL • Krka: 1Q25 – record net profit, on high FX revaluation gains POSITIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations, but 2025E guidance implies an EBITDA margin contraction POSITIVE • HELLENiQ Energy: 1Q25 r...
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Jakub Krawczyk
- Daniela Popov
- Research Team
WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...
HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GIG KAZMUNAYGAS NC JSC
4071 GAMING INNOVATION GROUP
ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...
HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...
MIL BANK MILLENNIUM SA
CCC CCC SA
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
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.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: PEO PW; KOMB CP; EBS AV; MBK PW; SPL PW; CCC PW; PCF PW; C...
HEADLINES: • Bank Pekao: very solid 1Q25, supporting our 2025E 20%+ ROE, trading at 1.3x BV and a 9%+ yield very attractive • Komercni Banka: beat on 1Q25 bottom line driven by LLPs releases, pre-provision profit falls short of expectations NEUTRAL • Erste Bank: 1Q25 results in line; 2025E ROTE guidance sustained, but market focus on potential big M&A effort • mBank: 1Q25 solid, but valuation reflects recovery already; 2025E revenue guidance a little disappointing • Santander Bank Polska: solid ...
PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
OTP OTP BANK NYRT
CAR INTER CARS S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TPE TAURON POLSKA ENERGIA S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
RICHT RICHTER
MCOV B MEDICOVER AB
PCF PCF GROUP SA
BOROUGE BOROUGE
FTSHP FOOTSHOP A.S.
GEV GEVORKYAN A.S.
- Szabolcs Pal
Strong fundamentals with limited downside risks
We cut our Dec-25 TP to 32.1 RON per share, but remain Buy rated on the stock, implying 20% upside potential including our estimated DPS of 2.1 RON. This reflects the bank’s strong capital returns. Last year TLV was active in M&A in the Romanian and Moldovan markets as they acquired OTP Bank Romania and BCR Chișinău. More importantly, around 95% of OTP customers are already with BT as of the announcement of the 2024 results. As a result, the management expects significant loan and deposit growth...
- Bruno Cavalier
- Konrad Zomer
REL RELX PLC
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
ADYEN ADYEN NV
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Bruno Cavalier
- Konrad Zomer
REL RELX PLC
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
ADYEN ADYEN NV
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Bruno Cavalier
- Luis de Toledo Heras
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WHA WERELDHAVE N.V.
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
VID VIDRALA SA
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
VRLA VERALLIA SAS
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Bruno Cavalier
- Luis de Toledo Heras
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WHA WERELDHAVE N.V.
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
VID VIDRALA SA
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
VRLA VERALLIA SAS
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: DNP PW; EME Macro/Strategy Weekly; BOCHGR GA; TLV RO
HEADLINES: • Dino Polska: 4Q24 results spot on prelims NEUTRAL • EME Macro/Strategy: macro all-in-one (7-13 April) • Bank of Cyprus: to acquire Ethniki Insurance Cyprus POSITIVE • Banca Transilvania: to acquire Microinvest in Moldova NEUTRAL
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
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
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
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
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
HCO HIGHCO SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
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