reports
- Research Team
WOOD Daily: KAP LI; ESLT US; MONET CP; MBR PW; CAR PW; RBW PW; GTC PW;...
HEADLINES: • Kazatomprom: soft metal still rocks (stays BUY) • Elbit Systems: strong execution at a rich valuation (stays HOLD) • MONETA Money Bank: management recommends CZK 4/share extra dividend due before the year-end POSITIVE • Mo-BRUK: conditions have been met for the acquisition of Eco Point PSA shares POSITIVE • Inter Cars: September sales growth accelerates to 13% yoy POSITIVE • Rainbow Tours: winter season pre-sales 5.7% higher yoy NEUTRAL • GTC: repurchases EUR 195m of 2026 bonds • Er...
KOMB KOMERCNI BANKA A.S.
MIL BANK MILLENNIUM SA
GTC GLOBE TRADE CENTRE S.A.
RBW RAINBOW TOURS S.A.
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AQ AQUILA PART PROD COM
- Bram Buring
- CFA
- Dmitry Vlasov
- Jonathan Lamb
Kazatomprom: soft metal still rocks (stays BUY)
We maintain our BUY on Kazatomprom (KAP), with an updated price target (PT) of USD 63.8 (from USD 61.6), offering upside of 18.1%. Uranium prices have fallen from triple figures, but remain close to USD 70/lb, a level that we consider sustainable. Supply has increased, but is still below demand. We expect production in 2026E to remain below capacity, but 2027E and 2028E should bring big increases in volumes. KAP is experiencing inflationary pressures on costs, but should moderate, with higher vo...
Digital subscription results of AS Ekspress Grupp in the third quarter...
Digital subscription results of AS Ekspress Grupp in the third quarter of 2025 The number of digital subscriptions of AS Ekspress Grupp increased by 10% in the Baltic States year-over-year (3rd quarter: 0%, 9 months: 3%) and totalled 244 500 at the end of September. The number of digital subscriptions of AS Delfi Meedia that publishes the news portal Delfi, newspapers Eesti Päevaleht, Maaleht, Eesti Ekspress and several popular magazines increased by 8% year-over-year (3rd quarter: 1%, 9 months: 6%) and totalled 121 118.The number of digital subscriptions of AS Õhtuleht Kirjastus, 50% of w...
ASi Ekspress Grupp 2025. aasta 3. kvartali digitellimuste tulemused
ASi Ekspress Grupp 2025. aasta 3. kvartali digitellimuste tulemused ASi Ekspress Grupp digitaalsete tellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga Balti riikides kokku 10% (III kvartalis 0%, 9 kuuga 3%) ja ulatus septembri lõpus 244 500-ni. Eestis uudisteportaali Delfi, Eesti Päevalehte, Maalehte, Eesti Ekspressi ja mitmeid populaarseid ajakirju kirjastava ASi Delfi Meedia digitellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga 8% (III kvartalis 1%, 9 kuuga 6%), ulatudes 121 118-ni.50%-liselt Ekspress Grupile kuuluva ASi Õhtuleht Kirjastus digitellimuste hulk k...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Juan Ros-Padilla
Changes in the Supervisory Boards of AS Ekspress Grupp’s subsidiaries
Changes in the Supervisory Boards of AS Ekspress Grupp’s subsidiaries Due to the in the Management Board of AS Ekspress Grupp, alterations to the Supervisory Boards of significant subsidiaries will take place at the beginning of October 2025. Rain Sarapuu, a member of the Management Board of Ekspress Grupp, will become a new member of AS Delfi Meedia Supervisory Board. The Supervisory Board of Delfi Meedia will continue in a composition of four members: Hans Luik (the Chairman), Mari-Liis Rüütsalu, Karl Anton and Rain Sarapuu. Rain Sarapuu will also become a new member of the Supervisory...
Muudatused AS Ekspress Grupp tütarettevõtete nõukogudes
Muudatused AS Ekspress Grupp tütarettevõtete nõukogudes ASi Ekspress Grupp juhatuse tõttu toimuvad 2025. aasta oktoobri alguses muudatused grupi oluliste tütarettevõtete nõukogudes. ASi Delfi Meedia nõukogu uueks liikmeks saab Ekspress Grupi juhatuse liige Rain Sarapuu. Nõukogu jätkab tegevust neljaliikmelises koosseisus: Hans Luik (esimees), Mari-Liis Rüütsalu, Karl Anton ja Rain Sarapuu. Läti tütarettevõtte A/S Delfi ja Leedu tütarettevõtte UAB Delfi uueks nõukogu liikmeks saab samuti Rain Sarapuu. A/S Delfi nõukogu hakkab tegutsema järgmises koosseisus: Mari-Liis Rüütsalu (esimees), ...
- Research Team
WOOD Daily: DSPW CP; DIA PW; DOM PW; GTC PW; TXT PW; EU Oil and Gas Mo...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
- 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...
Comment on information published on the Latvian media portal
Comment on information published on the Latvian media portal AS Ekspress Grupp clarifies in connection with the article published today in the Latvian portal nra.lv that the Group's Latvian subsidiary AS Delfi indeed had a plan to reduce share capital, but this decision was cancelled on September 19, 2025. This was part of regular group financial structure planning related to the sale of the stake in SIA Altero. The share capital reduction was cancelled and will not take place, as the group decided to use an alternative financial solution. These decisions have no impact on the company's da...
Kommentaar Läti meediaportaalis ilmunud infole
Kommentaar Läti meediaportaalis ilmunud infole AS Ekspress Grupp selgitab seoses täna Läti portaalis nra.lv ilmunud artikliga, et grupi Läti tütarettevõttel AS Delfi oli tõepoolest plaanis aktsiakapitali vähendada, kuid see otsus tühistati 19. septembril 2025. Tegemist oli tavapärase kontserni finantsstruktuuri planeerimisega, mis on seotud SIA Altero osaluse müügiga. Kapitali vähendamine tühistati ja kapitali vähendamist ei toimu, sest kontsern otsustas kasutada alternatiivset finantslahendust. Otsused ei oma mõju ettevõtte igapäevategevusele või finantsseisule. Kapitali vähendamise plaa...
Changes in the Management Board of AS Ekspress Grupp
Changes in the Management Board of AS Ekspress Grupp Mari-Liis Rüütsalu, Chairman of the Management Board of AS Ekspress Grupp, will step down from her position on 31 December 2025, when her current four-year term ends. Mari-Liis Rüütsalu has worked at Ekspress Grupp for 13 years, the last 9 years as Chairman of the Management Board of the group. The reason for her departure is the desire to pursue new professional challenges. "13 years at Ekspress Grupp has been an extraordinary journey. The company is today in a strong position and well prepared for the next growth phase. Therefore, I...
Muudatus ASi Ekspress Grupp juhatuses
Muudatus ASi Ekspress Grupp juhatuses ASi Ekspress Grupp juhatuse esimees Mari-Liis Rüütsalu lahkub ametist 31. detsembril 2025, kui lõpeb tema viimane nelja-aastane ametiaeg. Mari-Liis Rüütsalu on Ekspress Grupis töötanud 13 aastat, neist viimased 9 aastat kontserni juhatuse esimehena. Tema lahkumise põhjuseks on soov võtta ette uued professionaalsed väljakutsed. "13 aastat Ekspress Grupis on olnud erakordne teekond. Ettevõte on täna tugevas positsioonis ja hästi valmis järgmiseks kasvufaasiks. Seetõttu leian, et praegu on õige aeg juhtimise üleandmiseks. Plaanin võtta ette uued profe...
- Research Team
WOOD Daily: INPST NA; GTC PW; AROBS RO; RO Macro; TL Macro; Greek Bank...
HEADLINES: • InPost: 2Q25 in line with expectations; FY25E EBITDA guidance broadly maintained; domestic market recovery in 3Q POSITIVE • GTC: 2Q25 – bond refinancing critical • AROBS Transilvania Software: 2Q25 – trending up, despite continuing headwind from automotive vertical • Romania macro: fiscal consolidation effort moves forward, but politics remain jittery • Türkiye macro: 2Q GDP momentum points to a stronger 2025E outlook • Greek banks: commit an additional donation of EUR 75m each to s...
- 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
Changes in the Management Board of AS Ekspress Grupp
Changes in the Management Board of AS Ekspress Grupp The supervisory board of AS Ekspress Grupp has decided to appoint Rain Sarapuu as a new management board member and chief financial officer (CFO) starting from October 1, 2025, for a term until September 30, 2028. Rain Sarapuu's diverse and long-term experience in the financial sector will enable him to contribute to the development of Ekspress Grupp. The current CFO and management board member of AS Ekspress Grupp, Lili Kirikal, will leave her position at her own request on September 30, 2025, taking up a position as Group Finance Direc...
Muudatused ASi Ekspress Grupp juhatuses
Muudatused ASi Ekspress Grupp juhatuses ASi Ekspress Grupp nõukogu otsustas valida alates 1. oktoobrist 2025 uueks juhatuse liikmeks ja finantsjuhiks Rain Sarapuu tähtajaga 30. september 2028. Rain Sarapuu mitmekülgne ja pikaajaline kogemus finantsvaldkonnas võimaldab panustada Ekspress Grupi arengusse. ASi Ekspress Grupp senine finantsjuht ja juhatuse liige Lili Kirikal lahkub omal soovil ametist 30. septembril 2025. aastal, asudes tööle Bolt Operations OÜs grupi finantsdirektorina. Lili Kirikal on täitnud grupi finantsjuhi ja juhatuse liikme ülesandeid alates 2025. aasta 30. jaanuarist. ...
- 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
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