reports
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: EXAE GA; WIZZ LN; MBR PW; CPS PW; WPL PW; OPL PW
HEADLINES: • Athens Exchange Group: Euronext bids for 100% all-share takeover POSITIVE • Wizz Air: June pax up by 10% yoy • Mo-BRUK: NSA verdicts on 2015 and 2017 increased fees NEUTRAL • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.73%, while WP TV at 0.70% in June 2025 NEUTRAL • Orange Polska: 2Q25E preview – flat EBITDAaL yoy expected (due on 28 July)
- Research Team
WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA
HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)
- Jovan Sikimic
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; PGE PW; PEO PW; PZU ...
HEADLINES: • Greek banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD, NBG stays BUY and Piraeus upgraded to BUY) • PGE: new strategy assumes PLN 30bn of EBITDA in 2035E and PLN 235bn in capex in 2025-35E NEUTRAL • Bank Pekao/PZU: call for analysts and investors to discuss potential merger • CCC: final 1Q25 results spot on the prelims NEUTRAL • Romania macro: inflation jumps in May • GEK Terna: clinches EUR 1bn of Romanian railway projects POSITIVE • Athens Exchange Group: AGM appr...
PEO BANK POLSKA KASA OPIEKI SA
EXAE HELLENIC EXCHANGES SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GEKTERNA GEK TERNA
CCC CCC SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BOROUGE BOROUGE
- Jovan Sikimic
- Jovan Sikimic
- Jovan Sikimic
- 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: PEO PW; PZU PW; PL Macro; 4IG HB; MCOVB SS; TL Automotive;...
HEADLINES: • Bank Pekao: to take over PZU, potentially • Poland macro: the Presidential election results and implications • 4iG: 1Q25 conference call takeaways NEUTRAL • Medicover: positive results for diagnostic screening test NEUTRAL • Turkish automotive: strong sales in light vehicles continued in May • PCF Group: coverage UNDER REVIEW
- Marta Jezewska-Wasilewska
WOOD Flash – Bank Pekao: to take over PZU, potentially
PZU and Bank Pekao have signed a memorandum of understanding (MoU), establishing a joint project for the preparation, conditional on the relevant legislative amendments, of a transaction comprising: i) the demerger of PZU, by way of a spin-off of the operating business to a fully-owned subsidiary of PZU, resulting in PZU becoming a holding company; and then ii) a merger of PZU (HoldCo), as the acquired company, with Bank Pekao as the acquiring company. Based on the MoU, it is the intention of PZ...
- Research Team
WOOD Daily: BHW PW; ACP PW; PGE PW; HUG PW; DIA PW; BFT PW; GPP PW; WP...
HEADLINES: • Bank Handlowy: sells retail operations, sets 2027E ROE target of 19% • Asseco Poland: 1Q25 review – net profit up 9% yoy, in line with the consensus; 2025 backlog up 10% yoy POSITIVE • PGE: full 1Q25 results in line with the preliminaries NEUTRAL • Huuuge Games: 1Q25 adjusted EBITDA in line with our expectations NEUTRAL • Diagnostyka: 1Q25 results in line with expectations NEUTRAL • Benefit Systems: 1Q25 earnings call takeaways – very optimistic on MAC Group POSITIVE • Grupa Pracuj:...
ACP ASSECO POLAND SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
HUGE HUUUGE
GPP GRUPA PRACUJ DA
DIAG DIAGNOSTYKA SA
- Jovan Sikimic
- Jovan Sikimic
- Research Team
WOOD Daily: Polish Food Retail – DNP PW; EUR PW; JMT PL; ZAB PW; BFT P...
HEADLINES: • Polish food retail: turning the corner (initiating on Zabka with a BUY, Eurocash and Jeronimo stay BUY, Dino stays SELL) • Benefit Systems: 1Q25 adjusted EBIT up 14% yoy, 10% above our forecast POSITIVE • Grupa Pracuj: 1Q25 results – adjusted EBITDA up 11% yoy, in line with our forecast, 4% above the consensus POSITIVE • Wirtualna Polska: 1Q25 results review – adjusted EBITDA up 2% yoy, 2% above the consensus NEUTRAL • Athens Exchange Group: 1Q25 results in line with expectations NE...
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
ZAB ZABKA GROUP
- Jovan Sikimic
- 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: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; ...
HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...
RBI RAIFFEISEN BANK INTERNATIONAL AG
TITK TITAN CEMENT CO. SA
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: PEO PW; KOMB CP; EBS AV; MBK PW; SPL PW; CCC PW; PCF PW; C...
HEADLINES: • Bank Pekao: very solid 1Q25, supporting our 2025E 20%+ ROE, trading at 1.3x BV and a 9%+ yield very attractive • Komercni Banka: beat on 1Q25 bottom line driven by LLPs releases, pre-provision profit falls short of expectations NEUTRAL • Erste Bank: 1Q25 results in line; 2025E ROTE guidance sustained, but market focus on potential big M&A effort • mBank: 1Q25 solid, but valuation reflects recovery already; 2025E revenue guidance a little disappointing • Santander Bank Polska: solid ...
PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
OTP OTP BANK NYRT
CAR INTER CARS S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TPE TAURON POLSKA ENERGIA S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
RICHT RICHTER
MCOV B MEDICOVER AB
PCF PCF GROUP SA
BOROUGE BOROUGE
FTSHP FOOTSHOP A.S.
GEV GEVORKYAN A.S.
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