reports
- Research Team
WOOD Daily: DVL PW; TXT PW; GPP PW; 11B PW; JMT PL; ALPHA GA; TL Autom...
HEADLINES: • Develia : 4Q25 EBIT and net income 26% above our expectations, following stronger gross margin and lower SG&As POSITIVE • Develia: preliminary agreement to acquire major residential project in Gdańsk POSITIVE • Text: 4Q25-26 (calendar 1Q26) preliminary results – MRR of USD 6.93m (down 0.7% qoq and 2.7% yoy) NEGATIVE • Grupa Pracuj: key takeaways from the 4Q25 earnings call • 11 bit studios: announces DLC for Frostpunk 2 and Nintendo Switch port of Frostpunk POSITIVE • Jeronimo Marti...
- Stephane Foucaud
AUCTUS ON FRIDAY - 02.04.2026
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Good flow rate at M-11. Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut. The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage. Net production from the M‑7 and M‑9 ...
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RB...
HEADLINES: • Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL • DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL • Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE • PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE • Tauron: 4Q25 conference call takeaways NEUTRAL • Wirtualna Polska: announces tender to acquire own...
MOL Hungarian Oil and Gas: 1 director
A director at MOL Hungarian Oil and Gas sold 26,910 shares at 3,982.000HUF and the significance rating of the trade was 61/100. 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 ...
- Research Team
WOOD Daily: OMV AV; BFT PW; HUG PW; DIGI RO; GEKTERNA GA; EME Macro/St...
HEADLINES: OMV: Strait-up winner (stays BUY) Benefit Systems: 4Q25 miss on adjusted EBIT; supportive update of 2025-27E strategy POSITIVE Huuuge Games: 4Q25 adjusted EBITDA above expectations, DTC channel continues to grow POSITIVE DIGI Communications: takes steps to enter UK telco market NEUTRAL GEK Terna: increases EYDAP stake to 12.8% POSITIVE EME Macro/Strategy: macro all-in-one (13-19 March) Austriacard: expands US footprint with new card personalisation facility POSITIVE
- Bram Buring
- CFA
- Jonathan Lamb
OMV: Strait-up winner (stays BUY)
We maintain our BUY on OMV, with an updated price target (PT) of EUR 70.2 (from EUR 61.7), offering upside of 19.0%. The conflict in the Persian Gulf has pushed margins up across OMV’s business and we expect these effects to continue, even after the Strait of Hormuz reopens. Temporary closures at petchems producers are driving margins. The Borealis/Borouge merger is almost upon us and OMV should benefit from high margins across the portfolio. OMV has growth projects which should be completed soo...
LOGN LOGITECH INTERNATIONAL S.A.
AC ACCOR SA
JMT JERONIMO MARTINS SGPS S.A.
ACN ACCENTURE PLC CLASS A
RMS HERMES INTERNATIONAL SCA
CDR CD PROJEKT S.A.
OMV OMV AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
BAYN BAYER AG
ENEL ENEL SPA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
RAA RATIONAL AG
MONC MONCLER SPA
WAF SILTRONIC AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
GALD GALDERMA GROUP AG
ZAB ZABKA GROUP
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
LOGN LOGITECH INTERNATIONAL S.A.
AC ACCOR SA
JMT JERONIMO MARTINS SGPS S.A.
ACN ACCENTURE PLC CLASS A
RMS HERMES INTERNATIONAL SCA
CDR CD PROJEKT S.A.
OMV OMV AG
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
BAYN BAYER AG
ENEL ENEL SPA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
NEM NEMETSCHEK SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
RAA RATIONAL AG
MONC MONCLER SPA
WAF SILTRONIC AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ARM ARM HOLDINGS PLC
GALD GALDERMA GROUP AG
ZAB ZABKA GROUP
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Research Team
WOOD Daily: IGN1L LH; ZAB PW; CDR PW; CAR PW; LPP PW; DSPW CP; CZG CP;...
HEADLINES: • Ignitis Group: steady as she goes (stays BUY) • Zabka: beat in 4Q25; FY26E guidance of continued rapid expansion and stable profitability POSITIVE • CD Projekt: 4Q25 results review – beat related to other operating income and income tax POSITIVE • Inter Cars: 4Q25E preview – 16% yoy EBITDA growth expected (due on 28 April) • LPP: 4Q25E results preview – 32% yoy EBITDA growth expected (due on 26 March) NEUTRAL • Doosan Skoda Power: 4Q25 above our expectations, backlog in line, materi...
- Oleg Galbur
- Mihaly Gajda
MOL - Model Update – Controlled Phase Out Of Russian Oil Can Be Manage...
We set our ex-dividend 2026 year-end target price at HUF 3,660, implying an 8.2% total return including our estimated HUF 300 dividend to be paid after the 2025 financial year. Accordingly, we revise our recommendation from Accumulate to Neutral, reflecting current market conditions, as well as company-specific event risks. Russian crude availability remains the most influential factor in our view. Our previous base case assumed gradual normalization, with Russian oil remaining available. O...
- Mihaly Gajda
MOL - MOL Beats On Clean CCS EBITDA, Supported By Waste Management Rec...
Clean CCS EBITDA of the company was strong at USD 877 mn in Q4, beating both market consensus (USD 820 mn) and our expectations (USD 851 mn) despite the challenging environment. Major drivers were a strongly improved circular economy segment, strong performance in consumer services, and favorable intersegment results. On an annual basis, the company achieved USD 3,369 mn, well above the guidance of USD 3,000 mn in a challenging year.
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE back in the lead
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
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.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP 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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Julian Dobrovolschi
- Julian Dobrovolschi
- Oleg Galbur
- Marc Lavaud
- Pierre Tegner
- Robert Jan Vos
AI AIR LIQUIDE SA
BN DANONE SA
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
RI PERNOD RICARD SA
HOT HOCHTIEF AG
AIR AIRBUS SE
CAP CAPGEMINI SE
REP REPSOL SA
TEC TECHNIPFMC PLC
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
KBX KNORR-BREMSE AG
FDJ LA FRANCAISE DES JEUX SA
TEN TENARIS S.A.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Marc Lavaud
- Pierre Tegner
- Robert Jan Vos
AI AIR LIQUIDE SA
BN DANONE SA
RNO RENAULT SA
ADS ADIDAS AG
LI KLEPIERRE SA
RI PERNOD RICARD SA
HOT HOCHTIEF AG
AIR AIRBUS SE
CAP CAPGEMINI SE
REP REPSOL SA
TEC TECHNIPFMC PLC
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
SIK SIKA AG
KBX KNORR-BREMSE AG
FDJ LA FRANCAISE DES JEUX SA
TEN TENARIS S.A.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
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