reports
- Research Team
WOOD Daily: EBS AV; BRISA TI; AKCNS TI; TKNSA TI; YKBNK TI; ADNOCDIS U...
HEADLINES: • Erste Bank: 3Q25 beat, mostly on one-off, but core result also stronger; current valuation levels justified, while waiting for finalisation of acquisition in Poland POSITIVE • Brisa: delivers 3Q25 earnings turnaround POSITIVE • Akcansa: 3Q25 financial results review – mixed NEGATIVE • Teknosa: 3Q25 results – operating recovery overshadowed by bottom-line losses NEUTRAL • Yapi Kredi: 3Q25 – first look • ADNOC Distribution: 3Q25 results POSITIVE • Eurobank Ergasias Services: 3Q25 high...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
YKBNK YAPI VE KREDI BANKASI A.S.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TPE TAURON POLSKA ENERGIA S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
2381 ARABIAN DRILLING CO.
- Charlotte Vaisse
- Roy Külter
- Steven Boumans
MT ARCELORMITTAL SA
CLN CLARIANT AG
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
INF INFOTEL SA
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
AUB AUBAY SA
MTU MANITOU BF SA
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
EBRO EBRO FOODS SA
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
ERA ERAMET SA
COFB COFINIMMO SA
AIXA AIXTRON SE
NDA AURUBIS AG
ANA ACCIONA SA
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
SSO SCATEC ASA
LIGHT SIGNIFY NV
MELE MELEXIS NV
VGP VGP NV
CPS CYFROWY POLSAT SA
BOSN BOSSARD HOLDING AG
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
RIO RIO TINTO PLC
DUFN DUFRY AG
BHP BHP GROUP LTD
ALD ALD SA
GALE GALENICA AG
BFSA BEFESA SA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
NSI NSI N.V.
HFG HELLOFRESH SE
CLA CLARANOVA SE
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
BANB BACHEM HOLDING AG
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
AAL ANGLO AMERICAN PLC
- Charlotte Vaisse
- Roy Külter
- Steven Boumans
MT ARCELORMITTAL SA
CLN CLARIANT AG
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
INF INFOTEL SA
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
AUB AUBAY SA
MTU MANITOU BF SA
LSS LECTRA SA
VOE VOESTALPINE AG
ACX ACERINOX SA
EBRO EBRO FOODS SA
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
ERA ERAMET SA
COFB COFINIMMO SA
AIXA AIXTRON SE
NDA AURUBIS AG
ANA ACCIONA SA
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
BRNL BRUNEL INTERNATIONAL N.V.
ONTEX ONTEX GROUP N.V.
SSO SCATEC ASA
LIGHT SIGNIFY NV
MELE MELEXIS NV
VGP VGP NV
CPS CYFROWY POLSAT SA
BOSN BOSSARD HOLDING AG
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
RIO RIO TINTO PLC
DUFN DUFRY AG
BHP BHP GROUP LTD
ALD ALD SA
GALE GALENICA AG
BFSA BEFESA SA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
NSI NSI N.V.
HFG HELLOFRESH SE
CLA CLARANOVA SE
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
BANB BACHEM HOLDING AG
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
AAL ANGLO AMERICAN PLC
- Bojan Djurickovic
Cyfrowy Polsat : Waiting for the clear(er) sky - diversification costs...
Cyfrowy Polsat has become a diversified corporation, adding real estate and clean energy to its core TMT business (90% of revenues) in 2022 and 2023 respectively. While these additions open new avenues for growth, they have resulted in one of the highest leverage levels in the TMT sector and led to a dividend cut in 2023. The new clean energy venture required significant upfront capital expenditure and now appears to fall short of initial management expectations. In addition, family dispute at t...
- Research Team
WOOD Morning (28 October 2025)
HEADLINES: • KazMunayGas: crude headwinds (downgraded to HOLD) • Budimex: 3Q25 EBITDA flat yoy, as expected NEUTRAL • ADNOC Drilling: 3Q25 results – in line with expectations NEUTRAL • WOOD Flash – Georgia Capital: solid 3Q25 financial results – positive view maintained, discount to NAV remains attractive POSITIVE • Georgia Capital: 3Q25 conference call takeaways • OTE: increases prices by 2.6% from December 2025 POSITIVE • Borouge: 3Q25E results preview (due out tomorrow) NEUTRAL • OMV: 3Q25E r...
OMV OMV AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
OTP OTP BANK NYRT
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
R22 R22
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ADNOCDRILL KAZMUNAYGAS NC JSC
ELPE ADNOC DRILLING CO
BOROUGE HELLENIQ ENERGY
BOROUGE
- Pelham Smithers
NEH NETEASE INC. SPONSORED ADR
DIS WALT DISNEY COMPANY
CDR CD PROJEKT S.A.
9697 CAPCOM CO. LTD.
9468 KADOKAWA CORPORATION
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
00700 TENCENT HOLDINGS LTD.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
GRVY GRAVITY CO. LTD. ADS
78320 BANDAI NAMCO
7844 JT MARVELOUS INC
- Research Team
WOOD Daily: ARCLK TI; EME Macro/Strategy Weekly; DIGI RO; TITC GA; ELP...
HEADLINES: • Arcelik: 3Q25 – operating recovery overshadowed by loss on bottom line, full-year guidance lowered NEGATIVE • EME Macro/Strategy: macro all-in-one (20-26 October) • DIGI Communications: chooses banks to list its Spanish unit POSITIVE • Titan: Fitch improves outlook to Positive, citing strong financial profile POSITIVE • HELLENiQ Energy: consortium with Chevron wins tender for four new Greek offshore E&P blocks, as expected NEUTRAL • Diagnostyka: CFO steps down NEUTRAL • Mo-BRUK: ann...
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
ARCLK ARCELIK A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
VGO VIGO SYSTEM SA
DIGI DIGI COMMUNICATIONS NV
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: H2O RO; MONET CP; OPL PW; KTY PW; SAR GA; MOL HB; GPW PW; ...
HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
MOL MOL NYRT
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
APR AUTO PARTNER SA
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
GPP GRUPA PRACUJ DA
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Morning (21 October 2025)
HEADLINES: • Duna House: good momentum in all three key markets (stays BUY) • Tofas: amendments to two agreements with Stellantis NEUTRAL • Cyfrowy Polsat: UKE launches consultations on 900MHz band extension NEUTRAL • Erste Bank: 3Q25E preview (due on 31 October) • CCC: 3Q25E prelims preview – 11% yoy EBITDA drop expected (due on 6 November, TBC) NEUTRAL • PKO BP: 3Q25E preview (due on 6 November) • LPP: 3Q25E results preview – 31% yoy EBITDA growth expected (due on 11 December) NEUTRAL
- Research Team
WOOD Daily: PKN PW; VGO PW; Poland macro; BDX PW; PZU PW; SFG RO; CEZ ...
HEADLINES: • Orlen: makes an offer to buy Grupa Azoty Polyolefins NEGATIVE • VIGO Photonics: 3Q25 sales up 48.5% yoy to PLN 23.3m POSITIVE • Poland macro: August balance of payments data underscores weak exports • Budimex: PLN 2.6bn bid from Budimex's consortium scored highest in the PKP PLK tender POSITIVE • PZU: the new CEO gives one of his first interviews, discussing the potential PZU–Pekao merger NEUTRAL • Sphera Group: Hard Rock Cafe joining the company’s brand portfolio POSITIVE • CEZ: AN...
CEZ: 3 directors
Three Directors at CEZ sold 15,437 shares at between 1,286.330CZK and 1,309.450CZK. The significance rating of the trade was 80/100. 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...
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: GTC PW; ZAB PW; PCF PW; CCC PW; BFT PW; WIZZ LN; OTE/DIGI ...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
- Wedbush Research
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
KURA KURA ONCOLOGY INC.
IMAX IMAX CORPORATION
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
EA ELECTRONIC ARTS INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
ISR ISORAY
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
APLS APELLIS PHARMACEUTICALS
ZG ZILLOW GROUP INC. CLASS A
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
STRO SUTRO BIOPHARMA
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
KROS KEROS THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
BEAM BEAM THERAPEUTICS
LRMR LARIMAR THERAPEUTICS INC
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
VRDN VIRIDIAN THERAPEUTICS INC
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
APP APPLOVIN CORP
ATXS ASTRIA THERAPEUTICS INC
GMTX GEMINI THERAPEUTICS INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
APGE APOGEE THERAPEUTICS INC
EMBRAC B EMBRACER GROUP AB
DNTH DIANTHUS THERAPEUTICS INC
LAC. LITHIUM AMERICAS CORP NEW
ORKA ORUKA THERAPEUTICS INC
ZBIO ZENAS BIOPHARMA INC.
TLX TELIX PHARMACEUTICALS LIMITED
MAZE MAZE THERAPEUTICS INC
- Alicia Reese
- Kade Barr
- Matthew McCartney
- 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...
OTP Bank Plc: 1 director
A director at OTP Bank Plc bought 27,000 shares at 28,627.000HUF and the significance rating of the trade was 68/100. 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 clea...
- Research Team
WOOD Daily: RO Energy; EME Macro/Strategy – Türkiye; HUG PW; NOVAL GA;...
HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...
- 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)
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.