reports
- Research Team
WOOD Daily: LAMDA GA; KTY PW; PKN PW; PGE PW; PGE PW; Czech Republic m...
HEADLINES: • Lamda Development: 3Q25 - malls and marinas steady, bond and land sale to boost liquidity • Kety: 4Q25 results and 2026E guidance conference call NEUTRAL • Orlen: to acquire butadiene plant at Plock, Poland, from Synthos NEGATIVE • PGE: to acquire a 350MW offshore project from RWE POSITIVE • Polish utilities: offshore auction results - minimum price at PLN 477/MWh POSITIVE • Czech Republic macro: CNB extends the pause
- Research Team
WOOD Daily: Polish utilities; KTY PW; KTY PW; RBW PW; SPL PW; Polish u...
HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...
- Research Team
WOOD Daily: BOCHGR GA; PL Utilities; PKN PW; CEZ CP; SNP RO
HEADLINES: • Bank of Cyprus: paid to wait (stays BUY) • Polish utilities: 2030 capacity market price set at PLN 465/kW/year NEUTRAL • Orlen: receives response from Grupa Azoty about offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: new government aiming to reduce power bills by c.10% or more NEUTRAL • OMV Petrom: preparing to drill offshore Bulgaria by the year-end NEUTRAL
- Research Team
WOOD Daily: TBCG LN; LPP PW; CBF PW; PL Utilities; TPE PW; MBR PW; TIT...
HEADLINES: • TBC Bank: rough patch in Uzbekistan, but stock is cheap (upgraded to BUY) • LPP: 3Q25 ahead of expectations; FY25E profitability guidance upped; FY26-27E EBITDA guidance 10-11% above the consensus POSITIVE • cyber_Folks: acquires PrestaShop for EUR 55m POSITIVE • Polish utilities: capacity market auction results for 2030 POSITIVE • Tauron: to build a 600 MW OCGT unit in Jaworzno POSITIVE • Mo-BRUK: administrative court ruling on increased landfill fees for 2019 NEUTRAL • Titan: sign...
- Research Team
WOOD Daily: RO Macro; CAR PW; PGE PW; PL Utilities; BELA GA; OPTIMA GA...
HEADLINES: • Romania macro: Bucharest vote supports government • Inter Cars: November sales growth decelerates to 2.6% yoy NEGATIVE • PGE: CEO and COO dismissed; former Tauron CEO appointed as acting CEO NEUTRAL • Polish utilities: ready for lower distribution WACC NEGATIVE • Jumbo: sales up 6% in November and 8% in 11M25, as expected NEUTRAL • Optima Bank SA: 4m shares block trades at 1.9% discount NEUTRAL • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m POSITIVE • ...
- Research Team
WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...
HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
GPW WARSAW STOCK EXCHANGE
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
NLBR NLB GROUP
IGN1L IGNITIS GRUPE
Kruk S.A.: 1 director
A director at Kruk S.A. sold 17,000 shares at 464.962PLN and the significance rating of the trade was 67/100. 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 years clearly show...
- Research Team
WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...
HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover
KRKG KRKA D.D.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
M MED LIFE
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
- 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
- Alessio Chiesa
- Raffaella Tenconi
EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...
The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
IGN1L IGNITIS GRUPE
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
BOCHGR BANK OF CYPRUS
- 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: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: TLV RO; JAHEZ AB; PGSUS TI; CCC PW; ALPHA GA; DNP PW; INPS...
HEADLINES: • Banca Transilvania: bottom-line beat in 3Q25, on higher trading income and lower costs POSITIVE • Jahez: 3Q25 financial results review NEGATIVE • Pegasus Airlines: 3Q25 – RASK pressure exceeds our estimate NEGATIVE • CCC: preliminary 3Q25 EBITDA miss of 5%; FY25E EBITDA guidance cut to PLN 1.7-1.8bn, from PLN 2.4bn NEGATIVE • Alpha Bank: 3Q25 highlights – a mixed bag NEUTRAL • Dino: key takeaways from the 3Q25 call NEGATIVE • InPost: key takeaways from the 3Q25 call NEGATIVE • MOL: ...
MOL MOL NYRT
TITK TITAN CEMENT CO. SA
CCC CCC SA
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
CAR INTER CARS S.A.
TPE TAURON POLSKA ENERGIA S.A.
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
ALPHA ALPHA BANK
INPST INPOST S.A.
9526 JAHEZ INTERNATIONAL CO
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: THEON NA; OTP HB; DNP PW; INPST NA; MOL HB; MGROS TI; THYA...
Please excuse the lateness of our Daily today, due to technical issues. HEADLINES: • Theon International: impressions from the CMD POSITIVE • OTP Bank: books solid 3Q25, in line with expectations; market waiting for management to reveal plans on surplus capital allocation decisions NEUTRAL • Dino: 2-3% EBITDA miss in 3Q25; lfl and EBITDA dynamics behind Zabka; FY25E guidance maintained NEGATIVE • InPost: 3Q25 slightly above expectations; FY25E EBITDA guidance trimmed, on slower Yodel NEUTRAL • ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
MYTIL MYTILINEOS S.A.
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TBCB TBC BANK JOINT STOCK CO
THYAO TURK HAVA YOLLARI A.O.
TPE TAURON POLSKA ENERGIA S.A.
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
R22 R22
NLBR NLB GROUP
INPST INPOST S.A.
VRC VERCOM SA
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
- Miguel Dias
WOOD Flash – NLB Group: solid print and consensus beat in 3Q25, but ou...
NLB reported its 3Q25 results yesterday (6 November), delivering net profit of EUR 131.6m, down 3% yoy, but slightly ahead of our expectations and materially ahead of the consensus (a 9.2% beat). Good loan book development and top-line performance beat the consensus by 3% (even if most of it was sponsored by other income), the opex was materially better than both our and the consensus expectations, and the provisions booked during the quarter were slightly higher than we were expecting (but in l...
- Research Team
WOOD Daily: PKO PW; CBF PW; VRC PW; SHO PW; RICHT HB; CTPNV NA; FROTO ...
HEADLINES: • PKO BP: posts solid 3Q25 results NEUTRAL • cyber_Folks: 3Q25 results review – 55% yoy EBITDA growth, 3% above the consensus POSITIVE • Vercom: 3Q25 results review – 10% yoy EBITDA growth, 2% above the consensus POSITIVE • Shoper: 3Q25 results review – EBITDA up 28% yoy, to PLN 18.4m, in line with the consensus NEUTRAL • Richter: weak 3Q25 across all segments NEGATIVE • CTP: 3Q25 – in line, FY targets reiterated NEUTRAL • Ford Otosan: 3Q25 results in line operationally NEUTRAL • Sok ...
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
MYTIL MYTILINEOS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
CTPNV CTP NV
VRC VERCOM SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
OPTIMAr OPTIMA BANK S.A.
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS 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
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
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.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS 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
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
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
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
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
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Daily: EBS AV; BRISA TI; AKCNS TI; TKNSA TI; YKBNK TI; ADNOCDIS U...
HEADLINES: • Erste Bank: 3Q25 beat, mostly on one-off, but core result also stronger; current valuation levels justified, while waiting for finalisation of acquisition in Poland POSITIVE • Brisa: delivers 3Q25 earnings turnaround POSITIVE • Akcansa: 3Q25 financial results review – mixed NEGATIVE • Teknosa: 3Q25 results – operating recovery overshadowed by bottom-line losses NEUTRAL • Yapi Kredi: 3Q25 – first look • ADNOC Distribution: 3Q25 results POSITIVE • Eurobank Ergasias Services: 3Q25 high...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
YKBNK YAPI VE KREDI BANKASI A.S.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TPE TAURON POLSKA ENERGIA S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
2381 ARABIAN DRILLING CO.
- Research Team
WOOD Daily: PEO PW; KOMB CP; ING PW; MBK PW; KRU PW; JMT PL; RBI AV; B...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
DOC DO & CO AKTIENGESELLSCHAFT
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
9526 JAHEZ INTERNATIONAL CO
H2O HIDROELECTRICA S.A.
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