reports
- Research Team
WOOD Daily: SPL PW; RBI AV; TUPRS TI; AKBNK TI; OTKAR TI; THEON NA; TI...
HEADLINES: • Santander Bank Polska: 2Q25 results – solid dividend flow expected • Raiffeisen Bank International: 2Q25 results • Tupras: 2Q25 results – EBITDA beats expectations POSITIVE • Akbank: 2Q25 highlights – guidance downgrade, but probably not a surprise for the market NEUTRAL • Otokar: 1H25 inflation-adjusted financials • Theon International: 1H25 trading update POSITIVE • Titan: weak 2Q25 results for Titan America, but guidance remains unchanged NEGATIVE • ADNOC Drilling: 2Q25 results –...
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DIGI DIGI COMMUNICATIONS NV
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
7203 ELM CO
THEON THEON INTERNATIONAL PLC
- Charlotte Vaisse
- Marc Lavaud
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
HO THALES SA
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BIG BIGBEN INTERACTIVE SA
BA. BAE SYSTEMS PLC
MIL BANK MILLENNIUM SA
HEIJM HEIJMANS N.V. CERT
TPS
VASTB ORANGE POLSKA S.A.
CON VASTNED RETAIL BELGIUM NV
WAF CONZZETA AG
INSD SILTRONIC AG
FACC VERIMATRIX SA
LDO FACC AG
FTG111 LEONARDO SPA
SAE FLATEXDEGIRO AG
CASH SHOP APOTHEKE EUROPE NV
GEST PROSEGUR CASH SA
CAF GESTAMP AUTOMOCION S.A.
WAVE CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
TMV WAVESTONE SA
NACON TEAMVIEWER AG
HAG NACON SASU
AERO HENSOLDT AG
AM MONTANA AEROSPACE AG
ALLFG DASSAULT AVIATION
LAT ALLFUNDS (UK) LTD
R3NK LATECOERE
EXENS RENK GROUP AG
CAN EXOSENS
CANAL+
- Charlotte Vaisse
- Marc Lavaud
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
MTX MTU AERO ENGINES AG
EO FAURECIA SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
HO THALES SA
TFI TELEVISION FRANCAISE 1 SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
ALDEL DELFINGEN INDUSTRY SA
EKI EKINOPS SA
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BIG BIGBEN INTERACTIVE SA
BA. BAE SYSTEMS PLC
HEIJM HEIJMANS N.V. CERT
TPS
VASTB ORANGE POLSKA S.A.
CON VASTNED RETAIL BELGIUM NV
WAF CONZZETA AG
SMHN SILTRONIC AG
INSD SUESS MICROTEC AG
FACC VERIMATRIX SA
LDO FACC AG
FTG111 LEONARDO SPA
SAE FLATEXDEGIRO AG
CASH SHOP APOTHEKE EUROPE NV
GEST PROSEGUR CASH SA
CAF GESTAMP AUTOMOCION S.A.
WAVE CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
TMV WAVESTONE SA
NACON TEAMVIEWER AG
HAG NACON SASU
AERO HENSOLDT AG
AM MONTANA AEROSPACE AG
ALLFG DASSAULT AVIATION
LAT ALLFUNDS (UK) LTD
R3NK LATECOERE
EXENS RENK GROUP AG
CAN EXOSENS
CANAL+
- Bojan Djurickovic
- 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.
- Stephane Foucaud
AUCTUS ON FRIDAY - 18/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
EQNR EQUINOR ASA
GPRK GEOPARK
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
SNM SHAMARAN PETROLEUM CORP.
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZEN ZENITH ENERGY
BP. BP P.L.C.
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
BWE BW ENERGY
CRCL CORCEL
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
- Research Team
WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPR...
HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...
- Research Team
WOOD Daily: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/07/2025
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...
- Roy Külter
- Thomas Zlowodzki
DGE DIAGEO PLC
G1A GEA GROUP AG
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
ASRNL ASR NEDERLAND NV
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Thomas Zlowodzki
DGE DIAGEO PLC
G1A GEA GROUP AG
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
ASRNL ASR NEDERLAND NV
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Juan Ros-Padilla
- Research Team
WOOD Daily: RO Macro; HU Macro; KRU PW; HUG PW; CAR PW; 11B PW; MUR PW...
HEADLINES: • Romania macro: MPC turns cautiously dovish on the fiscal package • Hungary macro: June inflation picks up further • Kruk: 2Q25 trading update shows a pick up in recoveries vs. 1Q25 NEUTRAL • Huuuge Games: preliminary 2Q25 revenue at USD 59m, down 7% yoy and 6% qoq NEUTRAL • Inter Cars: June sales growth at 10% yoy, implying 2Q25E revenue growth of also 10% yoy NEUTRAL • 11 bit studios: 280k copies of The Alters sold NEUTRAL • Murapol: sells 708 apartments and hands over 289 units in...
- Oleg Galbur
- Arnaud Autier
- Pierre Tegner
- Oleg Galbur
- Oleg Galbur
- Research Team
WOOD Daily: OMV AV; SNP RO; MIL PW; APR PW; TL Macro; TITC GA
HEADLINES: • OMV: 2Q25 trading statement NEUTRAL • OMV Petrom: 2Q25 trading statement NEUTRAL • Bank Millennium: 2Q25E FX mortgage saga provisions information NEUTRAL • Auto Partner: monthly sales disappoint again – limited 8% yoy growth in June NEGATIVE • Türkiye macro: June budget data shows stable, but wide, deficit • Titan: invests in fly-ash processing facility in the UK NEUTRAL
- Research Team
WOOD Daily: CIMSA TI; EME Macro/Strategy – Inflation Update; EME Macro...
HEADLINES: • Cimsa: on a path of growth and diversification (stays BUY) • EME Macro/Strategy: inflation – short- and medium-term forecasts • EME Macro/Strategy: macro all-in-one (30 June-6 July) • Ten Square Games: 2Q25 bookings down 10% qoq, but slightly better than Sensor Tower's estimates NEUTRAL • CD Projekt: Cyberpunk: Edgerunners 2 anime series in production NEUTRAL • Polish telecoms: mobile number portability in 2Q25 NEUTRAL • Optima Bank SA: listing of new shares due to share split NEUTR...
- Clément Genelot
Jeronimo Martins: Q2 to reinforce recovery momentum and rerating case
Ahead of H1 2025 earnings on 1st August, we have lifted our Q2 2025E sales forecasts to 8.1% o/w 4.5% LfL excluding calendar and more globally our FY25-27 EPS estimates by 2% to reflect a stronger LfL recovery in Poland (fuelled by food inflation and an easing in the price war) and better margin de
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.