reports
- Jakub Caithaml
WOOD Flash – Turkish Airlines: to buy 50+25 wide-body B787s; as well a...
The order was expected, as it has been discussed widely in the press in recent days, and comes after many years of negotiations. Without any information on price, we do not see the announcement as market moving, but we consider it broadly positive that the company managed to finalise its talks with Boeing constructively, as without the additional aircraft, it would not be able to continue to grow at the intended pace. Currently, Turkish Airlines is roughly the tenth largest airline group globall...
- Jakub Caithaml
WOOD Flash – Turkish Airlines: to buy 50+25 wide-body B787s; as well a...
The order was expected, as it has been discussed widely in the press in recent days, and comes after many years of negotiations. Without any information on price, we do not see the announcement as market moving, but we consider it broadly positive that the company managed to finalise its talks with Boeing constructively, as without the additional aircraft, it would not be able to continue to grow at the intended pace. Currently, Turkish Airlines is roughly the tenth largest airline group globall...
- Jakub Caithaml
WOOD Flash – Turkish Airlines: to buy 50+25 wide-body B787s; as well a...
The order was expected, as it has been discussed widely in the press in recent days, and comes after many years of negotiations. Without any information on price, we do not see the announcement as market moving, but we consider it broadly positive that the company managed to finalise its talks with Boeing constructively, as without the additional aircraft, it would not be able to continue to grow at the intended pace. Currently, Turkish Airlines is roughly the tenth largest airline group globall...
- Research Team
WOOD Daily: LPP PW; RBW PW; VGO PW; DSPW CP; CTPNV NA; CEZ CP; THYAO T...
HEADLINES: • LPP: 2Q25 small beat vs. our ambitious expectations; 22% yoy sales growth in 3Q-to-date; FY25E guidance maintained POSITIVE • Rainbow Tours: disappointing 2Q25 results; strong cash flow, driven by prepayments, should support the 3Q25E results NEGATIVE • VIGO Photonics: 2Q25 results review - adj. EBITDA -84% yoy, below our estimates; order intake growth rose to 69% yoy NEUTRAL • Doosan Skoda Power: 2Q25 higher than expected, but a lower backlog, with only CZK 0.5bn in new contracts d...
- Research Team
WOOD Daily: MBR PW; GTC PW; OTE/DIGI Communications; EMEA Airlines; WI...
HEADLINES: • Mo-BRUK: growth acceleration priced in already (downgraded to HOLD) • GTC: moves to amend terms of the two outstanding Forint bonds • OTE/DIGI Communications: Telekom Romania sold to DIGI and Vodafone for EUR 70m POSITIVE • EMEA Airlines: flights cancelled in Europe over weekend due to cyberattack on airport software • Wizz Air: strike on 26 September may disrupt operations in Italy NEGATIVE • Huuuge Games: earnings call takeaways NEUTRAL • Titan: Fidelity Investments cuts ownership...
- Konrad Zomer
AKRBF AKER BP ASA
FP TOTAL SE
AI AIR LIQUIDE SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
NXT NEXT PLC
ERA ERAMET SA
BOL BOLLORE SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BHP BHP GROUP LTD
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
VK VALLOUREC SA
ALG ALLEGRO.EU SA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- Konrad Zomer
AKRBF AKER BP ASA
FP TOTAL SE
AI AIR LIQUIDE SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
NXT NEXT PLC
ERA ERAMET SA
BOL BOLLORE SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BHP BHP GROUP LTD
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
VK VALLOUREC SA
ALG ALLEGRO.EU SA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Daily: ALE PW; CZG CP; MAVI TI; ECH PW; APR PW; LAMDA GA; GEV CP;...
HEADLINES: • Allegro: 1Q25 results spot on our expectations; lower bound of FY25E guidance increased POSITIVE • Colt CZ Group: 2Q25 results – slightly below the consensus; no changes in FY25E guidance • Mavi: 2Q25 results miss expectations; 2025E guidance lowered NEGATIVE • Echo Investment: 2Q25 – sales could unlock net cash equivalent to one-third of market cap • Auto Partner: 2Q25 EBITDA broadly in line with our and the market's expectations NEUTRAL • Lamda Development: 2Q25 – yield compressio...
- Research Team
- Research Team
WOOD Daily: CAR PW; EU Macro; CZG CP; CEZ CP; PL Utilities; RO Macro; ...
HEADLINES: • Inter Cars: 2Q25 EBITDA misses our and the market's expectations by 4-5% NEGATIVE • Eurozone macro: so far, so good • Colt CZ Group SE: multiple military contracts POSITIVE • CEZ: Babis will not buy CEZ "at any price" NEUTRAL • Polish utilities: PGE, Enea and Tauron contract 5.9 GW of new capacity obligations for 2026 NEUTRAL • Romania macro: inflation soars in August • Türkiye macro: interest rates drop, but monetary stance remains tight • LPP: 2Q25E results preview – 13% yoy EBITD...
- Research Team
WOOD Daily: PGE PW; CEZ CP; EME Macro/Strategy Weekly; GR Macro; VGO P...
HEADLINES: • PGE: decent 2Q25 recurring EBITDA, 8% above our expectations; strong cash generation POSITIVE • CEZ: ANO deputy chair puts cost of CEZ nationalisation at CZK 250bn POSITIVE • EME Macro/Strategy: macro all-in-one (1-7 September) • Greece macro: 2Q GDP – first impressions • VIGO Photonics: signs letters of intent with PCO and CRW Telesystem-Mesko POSITIVE • Inter Cars: 2Q25E preview – 12% yoy EBITDA growth forecast (due on 11 September) • Short News (CDR)
- Research Team
WOOD Daily: EAT PW; DIA PW; WPS LN; CEZ CP; GTC PW; BELA GA; ACP PW; E...
HEADLINES: • AmRest: 2Q25 below expectations, due to weak France NEGATIVE • Diagnostyka: 2Q25 results slightly above expectations, but down qoq NEUTRAL • Eurowag: 2Q25 results – beat on the top line, EBITDA a small miss NEUTRAL • CEZ: ANO’s campaign platform calling for 100% nationalisation NEUTRAL • GTC: 2Q25 – bond refinancing critical • Jumbo: sales growth momentum intact in August, +8% in 8M25; tightens grip on opex POSITIVE • Asseco Poland: key takeaways from the 2Q25 earnings call NEUTRAL ...
- 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
- Research Team
WOOD Daily: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG...
HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings ...
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Allegro: August is harvest time (downgraded to HOLD)
We have downgraded Allegro to HOLD (from Buy), with our price target (PT) up slightly, to PLN 42.4/share (from PLN 42.2). The overall e-commerce penetration in Poland has stalled at below the 10% threshold, due to intensive competition from offline (proximity grocery, the roll out of strip malls in Tier-2 locations), and economics erosion, due to the rising costs of online marketing. At the same time, we see Allegro’s quest for breakeven in the international markets being delayed constantly. Wit...
- Research Team
WOOD Daily: PE RO; PL Banks; DNP PW; BDX PW; KAP LI; MBR PW; CPS PW; T...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TBCB TBC BANK JOINT STOCK CO
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
DNP DINO POLSKA S.A.
SFG SPHERA FRANCHISE GROUP SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: NRP NA; HSBK LI; THYAO TI; 11B PW; APR PW
HEADLINES: • NEPI Rockcastle: 1H25 good (first look), FFO guidance revised upwards POSITIVE • Halyk Bank: 2Q25 highlights – 2025E guidance revised down, but still targeting >30% ROE NEGATIVE • Turkish Airlines: buys a stake in Air Europa for EUR 300m • 11 bit studios: early access release date for Moonlighter 2: The Endless Vault set as 23 October NEUTRAL • Auto Partner: 2Q25E preview – just flat earnings yoy (due on 18 September)
- Research Team
WOOD Daily: NLBR SV; DIGI RO; DOC AV; PL Macro; PL Banks; MBR PW; CEZ ...
HEADLINES: • NLB Group: still cheap, despite the rally (stays BUY) • DIGI Communications: 2Q25 results – adjusted EBITDA down 1% yoy, 2% below our estimate NEGATIVE • DO & CO: 1Q FY26 results above our expectations POSITIVE • Poland macro: GDP growth steady in 2Q • Polish banks: tax on obligatory reserve remuneration may be announced in the coming weeks NEGATIVE • Mo-BRUK: consortium with MBR signs PLN 30m “eco bomb” contract POSITIVE • CEZ: E.ON negotiating, reportedly, with CEZ on the sale of ...
- Research Team
WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG ...
HEADLINES: • Solutions by STC: balance of risks to the upside (upgraded to BUY) • TBC Bank: 2Q25 results and conference call highlights • Al Arabia Outdoor Advertising: weak 2Q25 financial results NEGATIVE • Jahez: weak 2Q25 financial results, with significant pressure on the EBITDA margin NEGATIVE • Inter Cars: July sales growth accelerates marginally, to 11% yoy NEUTRAL • Austriacard: 1H25E earnings preview (due on 28 August)
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