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.
- Research Team
WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...
HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
DOC DO & CO AKTIENGESELLSCHAFT
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
CTPNV CTP NV
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; OPAP GA; SOLUTION AB; BOROUGE U...
HEADLINES: • EME Macro/Strategy: macro all-in-one (14-20 July) • OPAP: acquires remaining 15.5% stake in Stoiximan POSITIVE • Solutions by STC: 2Q25E financial results preview (due out tomorrow) • Borouge: 2Q25E results preview (due on 31 July) NEUTRAL • Grupa Pracuj: 2Q25E results preview – 3% yoy adjusted EBITDA growth expected (due on 28 August) • Erste Bank: 2Q25E preview (due on 1 August) • OTP Bank: 2Q25E preview (due on 5 August) • Bank Pekao: 2Q25E preview (due on 7 August) • PKO BP: 2Q2...
- 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: EME Macro/Strategy Weekly; EU macro; PKO PW; MYTIL GA; WPL...
HEADLINES: • EME Macro/Strategy: macro all-in-one (7-13 July) • EU macro: US tariff announcement worse than expected • PKO BP: to book PLN 1.25bn of FX mortgage saga costs in 2Q25E NEUTRAL • Metlen Energy & Metals: MSCI to keep the stock in the Greece Standard index, as largely expected • Wirtualna Polska: 2Q25E preview – soft quarter, with 1% yoy pro-forma adjusted EBITDA growth expected (due on 26 August)
- 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...
- Research Team
WOOD Daily: ASELS TI; EU Oil and Gas Monthly; BCG LN; TXT PW; SNP RO; ...
HEADLINES: • Aselsan: growth prism – new angles, brighter future (stays BUY) • European oil and gas monthly: June 2025 – bullish cues from Hormuz • Baltic Classifieds Group: solid FY 2H25 results, affected by one-offs NEUTRAL • Text: key takeaways from the preliminary 1Q25-26 earnings call NEUTRAL • OMV Petrom: makes new natural gas discovery POSITIVE • Arabian Drilling: secures contract extensions for four rigs POSITIVE
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: EXAE GA; WIZZ LN; MBR PW; CPS PW; WPL PW; OPL PW
HEADLINES: • Athens Exchange Group: Euronext bids for 100% all-share takeover POSITIVE • Wizz Air: June pax up by 10% yoy • Mo-BRUK: NSA verdicts on 2015 and 2017 increased fees NEUTRAL • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.73%, while WP TV at 0.70% in June 2025 NEUTRAL • Orange Polska: 2Q25E preview – flat EBITDAaL yoy expected (due on 28 July)
- Research Team
WOOD Daily: LPP PW; ADNOCDRI UH; RICHT HB; HUG PW; TEN PW; GPW PW; Mac...
HEADLINES: • LPP: fire at Romanian warehouse causes temporary disruption in SEE operations; c.PLN 400m in assets destroyed (all insured) NEGATIVE • ADNOC Drilling: oilfield services awarded a five-year contract for hydraulic fracturing POSITIVE • Richter: European Commission approval for denosumab biosimilars NEUTRAL • Huuuge Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Warsaw Stock Exchange: PLN 3.15/share...
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Research Team
WOOD Daily: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...
HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)
- Research Team
WOOD Daily: DOC AV; TL Macro; RO Macro; SNP RO; EME Strategy – MSCI
HEADLINES: • DO & CO: flying with flavour (stays BUY) • Türkiye macro: CBT keeps rates unchanged • Romania macro: negotiations for the next government remain tough • OMV Petrom: signs supply agreement for its biofuels plant NEUTRAL • EME Strategy: MSCI – 2025 Global Market Accessibility Review
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