A director at Moneta Money Bank bought 3,990 shares at 189.200CZK and the significance rating of the trade was 53/100. 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 cle...
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).
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 ...
A director at ING Bank Śląski S.A. sold 1,162 shares at 340.000PLN and the significance rating of the trade was 57/100. 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 cl...
HEADLINES: • ING BSK: eyes 19% ROE and is more open to higher dividend payouts in its strategy update POSITIVE • Warsaw Stock Exchange: strong 3Q25 delivery with a 7% beat to consensus POSITIVE • Murapol: 3Q25E close to our forecasts with weaker revenue, but stronger gross margin NEUTRAL • Orlen: swaps some Norwegian assets with DNO NEUTRAL • Athens Exchange Group: Euronext reportedly reaches the acquisition threshold NEUTRAL • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy; conse...
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: ...
Resource confirmation & scope: The UMREK-compliant disclosure confirms that Ermaden’s Alacahan project hosts a 14.9 Mt inferred resource grading 0.89 g/t Au, translating to 424 Koz contained gold. This is closely aligned with our May 2025 base-case assumption of a 15 Mt deposit grading 1.0 g/t Au (~480 Koz), a 12% delta in contained ounces. The grade is marginally lower but within the range expected for heap-leach–amenable oxide systems. Drilling coverage of 45 hectares—about 0.8% of the 5,804 h...
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...
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...
HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
HEADLINES: • Kazatomprom: soft metal still rocks (stays BUY) • Elbit Systems: strong execution at a rich valuation (stays HOLD) • MONETA Money Bank: management recommends CZK 4/share extra dividend due before the year-end POSITIVE • Mo-BRUK: conditions have been met for the acquisition of Eco Point PSA shares POSITIVE • Inter Cars: September sales growth accelerates to 13% yoy POSITIVE • Rainbow Tours: winter season pre-sales 5.7% higher yoy NEUTRAL • GTC: repurchases EUR 195m of 2026 bonds • Er...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
We see this news as outright negative, which could halt the robust share price performance of the Polish banks, for some time at least. One aspect is the direct financial impact of the proposed tax regime change for the sector, and another is that such a change could reduce trust in the stability of the operating backdrop of banking (and other sectors, potentially) in Poland. This could result in international investors applying a higher market risk premium to the Polish market, going forward, i...
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...
Moody's Ratings (Moody's) has today downgraded to A3.tr from A1.tr the national scale long-term corporate family rating (NSR) of Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir). The company's B2 global scale long-term corporate family rating, B2-PD probability of default rating, B2 senior unsecur...
Moody's Ratings (Moody's) has today downgraded to A3.tr from A1.tr the national scale long-term corporate family rating (NSR) of Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir). The company's B2 global scale long-term corporate family rating, B2-PD probability of default rating, B2 senior unsecur...
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