reports
- Research Team
WOOD Daily: EU Oil and Gas Monthly; MBR PW; CDR PW
HEADLINES: • European oil and gas monthly: May 2025 – bottomed out • Mo-BRUK: SKO decision reducing the increased fees for 2019, in line with previous guidance NEUTRAL • CD Projekt: Cyberpunk 2077: Ultimate Edition released on Nintendo Switch 2 NEUTRAL • Short News (CDR)
Metlen Energy & Metals S.A: 1 director
A director at Metlen Energy & Metals S.A sold 4,391 shares at 45.026EUR and the significance rating of the trade was 65/100. 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 yea...
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
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.
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.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
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
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: EBS AV; SPL PW; EME Macro/Strategy – CIS; PCF PW; ECH PW; ...
HEADLINES: • Erste Bank Group: smart leverage, strong thesis (stays BUY) • Santander Bank Polska: no such thing as plug and play in M&A (downgraded to HOLD) • EME Macro/Strategy: CIS plus – a good growth juncture, amid global policy shifts • PCF Group: 1Q25 results miss expectations, on lower portion of costs being capitalised NEGATIVE • Echo Investment (HOLD, PT PLN 3.1): 1Q25 – only a handful of deliveries means a weak P&L • Duna House: 1Q25 results– first look positive POSITIVE • DataWalk: ke...
- Research Team
WOOD Daily: OPAP GA; CDR PW; VGO PW; DAT PW; KAP LI; LAMDA GA; AEGN GA...
HEADLINES: • OPAP: 1Q25 – strong, as expected NEUTRAL • CD Projekt: 1Q25 EBIT broadly as expected, guidance on three unannounced projects POSITIVE • VIGO Photonics: adjusted EBITDA up 2x yoy (on a low base), in line with our estimate NEUTRAL • DataWalk: actual 1Q25 numbers fully in line with the preliminaries NEUTRAL • Kazatomprom: 1Q25 results – much weaker than expected NEGATIVE • Lamda Development: 1Q25 results – opex outside the Ellinikon better than expected, but quarterly capex still slow ...
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
VGO VIGO SYSTEM SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
- Emmanuel Matot
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
AUB AUBAY SA
ELIS ELIS SA
POS PORR AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
PAL PALFINGER AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
AEDAS AEDAS HOMES SA
- Emmanuel Matot
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
AUB AUBAY SA
ELIS ELIS SA
POS PORR AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
PAL PALFINGER AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
AEDAS AEDAS HOMES SA
- Research Team
WOOD Daily: G2M SS; CZG CP; MBR PW; CPS PW; TPE PW; ESLT IT; EXAE GA; ...
HEADLINES: • Gentoo Media: one step back, two steps forward (stays BUY) • Colt CZ Group SE: 1Q25 results – strong beat, no change in guidance POSITIVE • Mo-BRUK: 1Q25 earnings call – management optimistic on 2H25E, but we see challenges NEGATIVE • Cyfrowy Polsat: key takeaways from the 1Q25 earnings call NEUTRAL • Tauron: 1Q25 conference call highlights NEUTRAL • Elbit Systems: raises USD 512m on the Nasdaq POSITIVE • Athens Exchange Group: 1Q25E preview (due on 26 May) • Motor Oil Hellas: 1Q25E...
- Research Team
WOOD Daily: MBR PW; DSPW CP; CPS PW; CPS PW; PCO PW; ALE PW; APR PW; C...
HEADLINES: • Mo-BRUK: 1Q25 EBITDA 7% below our forecast, but a substantial 24% miss vs. the consensus NEGATIVE • Doosan Skoda Power: weak 1Q25 – EBITDA down 70% yoy NEGATIVE • Cyfrowy Polsat: 1Q25 results review – adjusted EBITDA up 5% yoy, in line with the consensus NEUTRAL • Cyfrowy Polsat: Liechtenstein court dismisses Zygmunt Solorz's lawsuit against his children POSITIVE • Pepco Group: 1H25 slightly below expectations on worsening Poundland; lfl improvement at Pepco; another EUR 234m impair...
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ENA ENEA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
R22 R22
ALG ALLEGRO.EU SA
WINE PURCARI WINERIES PCL
PCO PEPCO GROUP NV
VRC VERCOM SA
DSPW DOOSAN SKODA POWER A.S.
- Research Team
WOOD Daily: ESLT IT; PPC GA; TRESTATE GA; ENA PW; CBF PW; VRC PW; SHO ...
HEADLINES: • Elbit Systems: 1Q25 results – top-down driven beat POSITIVE • Public Power Corporation: uninspiring 1Q25 results, as expected POSITIVE • Trade Estates: 1Q25 – strong turnovers driving rents higher POSITIVE • Enea: full 1Q25 results in line with the preliminaries NEUTRAL • cyber_Folks: 1Q25 results review – EBITDA +46% yoy, 4% above the consensus POSITIVE • Vercom: 1Q25 results review – 24% yoy EBITDA growth, in line with the consensus NEUTRAL • Shoper: 1Q25 above expectations, but F...
- Research Team
WOOD Daily: BDX PW (upgraded to BUY); HSBK LI; TEN PW; GEV CP; TITC GA...
HEADLINES • Budimex: growth acceleration on the horizon (upgraded to BUY) • Halyk Bank: 1Q25 results highlights before the call POSITIVE • Ten Square Games: 1Q25 adjusted EBITDA 15% above our forecast, but April sales disappoint NEGATIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations; 2025E conservative guidance POSITIVE • Titan Cement: completes divestment of its 75% stake in Adocim in Eastern Türkiye NEUTRAL • Al Arabia Outdoor Advertising: key takeaways from our call with the CF...
- Jakub Caithaml
- Maria Mickiewicz
Budimex: growth acceleration on the horizon (upgraded to BUY)
We are upgrading Budimex (BDX) to BUY, from Hold. Our new 12M price target (PT) of PLN 750 (vs. PLN 730 previously) offers 20% potential upside. Having reduced our 2025E forecasts by several percents, we highlight the problem of the delays seen in the market in 2024, rather than the long-term investment pipeline, which remains strong. This is also supported by the announced acceleration in military investments. After taking a pause this year (limited single-digit growth), we expect 2026-27E to m...
- Research Team
WOOD Daily: INPST NA (stays BUY); Romania macro; Poland macro; 11B PW;...
HEADLINES: InPost: international level (stays BUY) Romania macro: presidential election - final results Poland macro: election results 11 bit studios: 1Q25 earnings call – happy with wishlist for The Alters, no plans for pre-orders NEUTRAL Budimex: PLN 1.7bn offer rated the highest in the railway tender POSITIVE Mo-BRUK: management recommends PLN 13.17 DPS from the 2024 earnings NEUTRAL Greek banks: the Greek media reports that the banks could look into reacquiring working mortgages from NPL ser...
BDX BUDIMEX S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
INPST INPOST S.A.
PCO PEPCO GROUP NV
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
- Research Team
WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...
HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...
- Bruno Cavalier
- Jerôme Bodin
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
SZG SALZGITTER AG
DEC JCDECAUX SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
NDA AURUBIS AG
ADN1 ADESSO AG
TECN TECAN GROUP AG
CCC CCC SA
MONC MONCLER SPA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
POST OSTERREICHISCHE POST AG
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HGEA HGEARS AG
ONE ONE UNITED PROPERTIES SA
ORP ORPEA
- Bruno Cavalier
- Jerôme Bodin
OUT1V OUTOKUMPU OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
SZG SALZGITTER AG
DEC JCDECAUX SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
NDA AURUBIS AG
ADN1 ADESSO AG
TECN TECAN GROUP AG
CCC CCC SA
MONC MONCLER SPA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
POST OSTERREICHISCHE POST AG
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HGEA HGEARS AG
ONE ONE UNITED PROPERTIES SA
ORP ORPEA
- Jakub Krawczyk
- Research Team
WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...
HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...
MIL BANK MILLENNIUM SA
CCC CCC SA
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
- Research Team
WOOD Daily: BIMAS TI; MOL HB; OTP HB; EAT PW; NLBR SV; ETE GA; EUROB G...
HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...
MOL MOL NYRT
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
7203 ELM CO
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