reports
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Morning (21 October 2025)
HEADLINES: • Duna House: good momentum in all three key markets (stays BUY) • Tofas: amendments to two agreements with Stellantis NEUTRAL • Cyfrowy Polsat: UKE launches consultations on 900MHz band extension NEUTRAL • Erste Bank: 3Q25E preview (due on 31 October) • CCC: 3Q25E prelims preview – 11% yoy EBITDA drop expected (due on 6 November, TBC) NEUTRAL • PKO BP: 3Q25E preview (due on 6 November) • LPP: 3Q25E results preview – 31% yoy EBITDA growth expected (due on 11 December) NEUTRAL
- Research Team
WOOD Morning (20 October 2025)
HEADLINES: • Raiffeisen Bank International: material upside locked up in Russia (stays BUY) • Theon International: secures EUR 300m long-term supply agreement with a NATO country POSITIVE • Motor Oil Hellas: to receive an extra EUR 39m from its investment in Ellaktor POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 October) • Magyar Telekom: 3Q25E preview – 13% yoy EBITDA growth expected (due on 12 November) • Wirtualna Polska: 3Q25E preview – soft quarter, with 1% yoy pro-forma adjusted E...
- Marta Jezewska-Wasilewska
- Miguel Dias
Raiffeisen Bank International: material upside locked up in Russia (st...
We maintain our BUY on RBI, and set a new 12M price target (PT) of EUR 35.8/share, offering 21% upside. We see RBI as one of the cheapest among the regional and European banks, on an adjusted earnings basis (2025-26E adjusted P/E excluding Polish losses of 6.8-6.6x). On the headline earnings, excluding the Russian operations, it is trading at our 2025-26E P/Es of 10.6-8.5x, which do not offer as wide discounts to its peers, but neither do they indicate a significant valuation premium. RBI trades...
- Research Team
WOOD Daily: PKN PW; VGO PW; Poland macro; BDX PW; PZU PW; SFG RO; CEZ ...
HEADLINES: • Orlen: makes an offer to buy Grupa Azoty Polyolefins NEGATIVE • VIGO Photonics: 3Q25 sales up 48.5% yoy to PLN 23.3m POSITIVE • Poland macro: August balance of payments data underscores weak exports • Budimex: PLN 2.6bn bid from Budimex's consortium scored highest in the PKP PLK tender POSITIVE • PZU: the new CEO gives one of his first interviews, discussing the potential PZU–Pekao merger NEUTRAL • Sphera Group: Hard Rock Cafe joining the company’s brand portfolio POSITIVE • CEZ: AN...
- Research Team
- Research Team
WOOD Daily: DIA PW; PZU PW; PEO PW; TEN PW; PL Telecoms; GTC PW; TPEIR...
HEADLINES: • Diagnostyka: risk of the gradual loss of key customer, Luxmed NEGATIVE • PZU / Bank Pekao: potential merger continuing • Ten Square Games: 3Q25 bookings up 4.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 3Q25 NEUTRAL • GTC: prices EUR 455m bond with an 8% yield POSITIVE • Piraeus Financial Holdings: prices EUR 600m AT1 bond POSITIVE • Czech Republic macro: elections – forced cooperation should keep the economy strong • EME Macr...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Jovan Sikimic
- Maxime Kogge
PEO BANK POLSKA KASA OPIEKI SA
SDG SYNERGIE SA
INF INFOTEL SA
BEN BENETEAU SA
PKO PKO BANK POLSKI S.A.
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
GBT GUERBET SA
TRI TRIGANO SA
A1XA4J CARBIOS SA
ERA ERAMET SA
QDT QUADIENT SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TWEKA TKH GROUP N.V. CERT
ALR ALIOR BANK SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
VK VALLOUREC SA
ALVGO VOGO SA
ARVEN ARVERNE GROUP SA
MFEA MEDIASET NV
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Daily: KTY PW; AIRA LI; MUR PW; ADNOCDIS UH
• Kety: preliminary 3Q25 results, and a summary of the meeting with the CFO NEUTRAL • Air Astana: may buy aircraft from Boeing • Murapol: settles PLN 51.8m in dividend tax, following an audit, with reimbursement expected from AEREF NEUTRAL • ADNOC Distribution announces interim dividend NEUTRAL
- Research Team
WOOD Daily: RO Energy; EME Macro/Strategy – Türkiye; HUG PW; NOVAL GA;...
HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...
- Bram Buring
- CFA
- Jonathan Lamb
Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to...
In place of delays and cost overruns, the news on Neptun so far has been reassuring: first well spudded, platform under construction, and the start date unchanged. Nonetheless, we still have a two-year wait for completion. In the meantime, gas prices have been trending lower and oil prices are under pressure. Further deregulation in 2026E should free up the prices paid for gas, following power prices this year. We see the return of Russian gas as an outlier, which would crash gas prices. Romgaz ...
- Emira Sagaama
- Hela Zarrouk
- Oliver Metzger
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
SLB.N SCHLUMBERGER NV
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
OMV OMV AG
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
FII LISI SA
LNA LNA SANTE SA
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
NANO NANOBIOTIX SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
FFP FFP
FIE FIELMANN AG
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
KRN KRONES AG
ROYAL VOPAK NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
ALBFR SIDETRADE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BHP BHP GROUP LTD
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
NFN NFON AG
ALCUR ARCURE SA
S30 SOLUTIONS 30 SE
VK VALLOUREC SA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- Konrad Zomer
DETNOR AKER BP ASA
FP TOTAL SE
AI AIR LIQUIDE SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
NXT NEXT PLC
ERA ERAMET SA
BOL BOLLORE SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BHP BHP GROUP LTD
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
VK VALLOUREC SA
ALG ALLEGRO.EU SA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- Emira Sagaama
- Hela Zarrouk
- Oliver Metzger
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
SLB.N SCHLUMBERGER NV
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
GTT GAZTRANSPORT & TECHNIGAZ SA
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
OMV OMV AG
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
FII LISI SA
LNA LNA SANTE SA
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
NANO NANOBIOTIX SA
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
FFP FFP
FIE FIELMANN AG
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
KRN KRONES AG
ROYAL VOPAK NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
ALBFR SIDETRADE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
BHP BHP GROUP LTD
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
NFN NFON AG
ALCUR ARCURE SA
S30 SOLUTIONS 30 SE
VK VALLOUREC SA
VUL VULCAN ENERGY RESOURCES
TE TECHNIP ENERGIES NV
FUR FUGRO NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
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