reports
- Pelham Smithers
- Research Team
WOOD Morning (5 December)
HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan
- Rok Stibric
- Rok Stibric
- Rok Stibric
- Wedbush Research
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
CDR CD PROJEKT S.A.
7974 NINTENDO CO. LTD.
EA ELECTRONIC ARTS INC.
AMZN AMAZON.COM INC.
UBER UBER TECHNOLOGIES INC.
U UNITY SOFTWARE
DASH DOORDASH
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
APP APPLOVIN CORP
JANX JANUX THERAPEUTICS INC
DDI DOUBLEDOWN INTERACTIVE CO LTD
EMBRAC B EMBRACER GROUP AB
CART MAPLEBEAR INC.
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
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
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.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
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
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Wedbush Research
VRNT VERINT SYSTEMS INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
CDR CD PROJEKT S.A.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
TSEM TOWER SEMICONDUCTOR LTD
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
SMCI SUPER MICRO COMPUTER
ORIC INC.
STX ORIC PHARMACEUTICALS
GFS SEAGATE TECHNOLOGY HLDGS PLC
DBD GLOBALFOUNDRIES INC
BCAX DIEBOLD NIXDORF INCORPORATED
BICARA THERAPEUTICS INC.
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Rok Stibric
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
- Research Team
WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...
HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...
- Research Team
WOOD Daily: DSPW CP; PL Macro; CDR PW; CZ Macro; 4IG HB; EXAE GA; KMGZ...
HEADLINES: • Doosan Skoda Power: 3Q25 weak; 2025E guidance lowered for both revenues and profitability NEGATIVE • Poland macro: latest data add evidence of industry-led growth • CD Projekt: changes policy for diversification of surplus cash NEUTRAL • Czech Republic macro: November sentiment somewhat weak • 4iG: 3Q25E preview – 12% yoy reported EBITDA increase expected (due on 28 November) • Athens Exchange Group: strong 3Q25 results, due mostly to post trading segment POSITIVE • KazMunayGas: 3Q2...
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Research Team
WOOD Daily: GSPARK HB; ESLT US; WPL PW; PPC GA; ENA PW; PBK RO; NRP NA...
HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...
- Ahmed Ben Salem
- Baptiste Salaville
- Charlotte Vaisse
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GLJ GRENKE AG
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
MLP MLP SE
NOD NORDIC SEMICONDUCTOR ASA
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
JST JOST WERKE AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
CLA CLARANOVA SE
VK VALLOUREC SA
SFQ SAF-HOLLAND SE
WINE PURCARI WINERIES PCL
NA9 NAGARRO
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
TUI TUI AG
ACAG AUSTRIACARD HOLDINGS AG
- Ahmed Ben Salem
- Baptiste Salaville
- Charlotte Vaisse
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
PBB DEUTSCHE PFANDBRIEFBANK AG
GBF BILFINGER SE
GLJ GRENKE AG
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
REP REPSOL SA
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
MLP MLP SE
NOD NORDIC SEMICONDUCTOR ASA
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
JST JOST WERKE AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
EAT AMREST HOLDINGS SE
CLA CLARANOVA SE
VK VALLOUREC SA
SFQ SAF-HOLLAND SE
WINE PURCARI WINERIES PCL
NA9 NAGARRO
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
AROBS AROBS TRANSILVANIA SOFTWARE SA
TUI TUI AG
ACAG AUSTRIACARD HOLDINGS AG
- Daniela Popov
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHLN DHL GROUP
CON CONTINENTAL AKTIENGESELLSCHAFT
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
RNO RENAULT SA
G1A GEA GROUP AG
KPN ROYAL KPN NV
GFC GECINA SA
DAI DAIMLER AG
EBS ERSTE GROUP BANK AG
ADEN ADECCO GROUP AG
SCMN SWISSCOM AG
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
ZAL ZALANDO SE
GEBN GEBERIT AG
ORSTED ORSTED
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INX IMCD N.V.
LDO LEONARDO SPA
AZN ASTRAZENECA PLC
NEXI NEXI S.P.A.
STLA STELLANTIS N.V.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
ARM ARM HOLDINGS PLC
SYENS SYENSQO
UN0 UNIPER SE
AENA AENA S.M.E. SA
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.