reports
- Carole Braudeau
- Carole Braudeau
- 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...
- 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...
- Haidje Rustau
- Chris Hoare
Malaysian Telcos Q2 25 review: Still pressured by Prepaid but reitera...
Service revenue improved to almost flat (-0.3% YoY from -1.1%), supported by Fibre growth and Postpaid growth offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Both reiterated their LSD service revenue guidance, implying a stronger second half.
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; GR Macro; DIGI RO; CGEO LN; JAH...
HEADLINES: • EME Macro/Strategy: macro all-in-one (8-14 September) • Greece macro: debt remains on a steep downward path • DIGI Communications: planning IPO of its Spanish subsidiary, reportedly POSITIVE • Georgia Capital: healthcare business prices GEL 350m bond offering NEUTRAL • Jahez: buyback approved during EGM (3.6% of total shares) NEUTRAL • Mavi: 2Q25E earnings preview (due on 17 September) • Short News (CDR, CAR)
- James Ratzer
- Russell Waller
Why you should be reading the Tariff Tracker – a leading SR indicator
We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- Carole Braudeau
- Carole Braudeau
- 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
- Krisztian Karikas
RGU growth is indisputable, profitability needs to improve
DIGI has reported its Q2 results today morning. While the revenue growth remained solid, supported by the continued strong customer base expansion on key markets, net profit to owners disappointed in this quarter as well which came in at EUR -0.9mn, 104% down YoY.
- Andreas Riemann
- Andreas Riemann
- Bojan Djurickovic
- Carole Braudeau
- Carole Braudeau
- Research Team
WOOD Daily: CGEO LN; BIMAS TI; SOKM TI; KLKIM TI; AQ RO; SNG RO; RO Ma...
HEADLINES: • Georgia Capital: multi-sector story (BUY - transfer of coverage) • BIM: solid operating results overshadowed by bottom-line miss in 2Q25 NEUTRAL • Sok Marketler Ticaret: bottom line misses expectations in 2Q25 NEGATIVE • Kalekim: 2Q25 – strong set of results POSITIVE • Aquila Part Prod Com S.A.: 2Q25 – eyeing +6% EBITDA margin for 2H25E POSITIVE • Romgaz: 2Q25 results – better than our forecasts POSITIVE • Romania macro: GDP heading into a tough 2H • DIGI Communications: key takeawa...
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Trung Nguyen
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