reports
- Research Team
WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...
HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
DOC DO & CO AKTIENGESELLSCHAFT
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
CTPNV CTP NV
- Research Team
WOOD Daily: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
- Research Team
WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...
HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...
- Marta Jezewska-Wasilewska
- Miguel Dias
MONETA Money Bank: priced for perfection, but needs to deliver (stays ...
We have increased our 12M price target (PT) for MONETA Money Bank to CZK 149.4/share (from CZK 116.2/share), while we keep our HOLD rating on the stock, due to its dividend angle. However, with a 2025E P/E and P/BV of 11.4x and 2.2x, respectively, we see its valuation as full, with no room for a multiples rerating, and we consider MONETA as one of our least preferred names in the CE3 banking space. On the one side, if there is any issue with the bank’s equity story, e.g., political risks after t...
- Jonathan Lamb
European Oil and Gas Monthly: June 2025 – bullish cues from Hormuz
Brent crude oil prices rose USD 5.8/bbl vs. the previous month, on the fear of a disruption in the Strait of Hormuz. Despite rising crude prices, a strong diesel crack means that the WOOD benchmark also improved, to USD 13.0/bbl, the highest level since March 2024. Petrochemicals margins were lower, but not affected by the high oil prices, as may have been expected.
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
SOP SOPRA STERIA GROUP SA
PUM PUMA SE
ORA ORANGE SA
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
EOAN E.ON SE
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
ELIS ELIS SA
SY1 SYMRISE AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RUI RUBIS SCA
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Adrien Frachette
- Christophe-Raphaël Ganet
- Emmanuel Matot
SCHP SECHE ENVIRONNEMENT
CVVTF COVESTRO AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SBMO SBM OFFSHORE NV
SZG SALZGITTER AG
LXS LANXESS AG
TEP TELEPERFORMANCE SE
VIRP VIRBAC SA
FII LISI SA
VOE VOESTALPINE AG
EOAN E.ON SE
SDF K+S AG
ACX ACERINOX SA
BAS BASF SE
SOLB SOLVAY SA
ERA ERAMET SA
ELIS ELIS SA
SY1 SYMRISE AG
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EVK EVONIK INDUSTRIES AG
ENG ENAGAS SA
ANDR ANDRITZ AG
BNR BRENNTAG SE
INX IMCD N.V.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
RUI RUBIS SCA
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
MRNA MODERNA INC.
VUL VULCAN ENERGY RESOURCES
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
AAL ANGLO AMERICAN PLC
- Oleg Galbur
- 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.
Orlen S.A: 2 directors
Two Directors at Orlen S.A bought 4,010 shares at between 76.890PLN and 77.000PLN. The significance rating of the trade was 54/100. 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 ...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
MSCI ACWI and EM Breakouts; Upgrading Korea to Overweight We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115). ACWI-US is now breaking out above 6-month resistance to all-time highs and EEM-US is breaking above $47, further confirming our bullish outl...
- 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
- Can Demir
- Miguel Dias
Greek Banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD...
The Greek banking index has risen by 53% (62% with dividends), driven by higher P/E multiples and EPS upgrades since our April 2024 reinitiation. In this report, we raise our average normalised EPS forecasts for the big four Greek banks under our coverage by 10% for 2025E and 11% for 2026E, due mainly to stronger fees and lower COR. Our NII estimates for 2025-26E remain broadly unchanged, despite the lower-than-expected interest rates. The banks have also maintained their 2025-27E targets in the...
- Jonathan Lamb
European Oil and Gas Monthly: May 2025 – bottomed out
Brent crude prices continued to decline in May, but trends within the month suggest that we may have hit the bottom. The WOOD benchmark refining margin strengthened again, to USD 11.5/bbl, with all product groups and differentials playing their part. Petrochemicals remained in the doldrums, despite lower input costs. The gas market appears to be stable, but prices are sticky. Storage rose to 48% full at the end of the month, similar to the seasonal average. LNG imports declined a little, but cum...
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Emira Sagaama
- Emna Ben Bdira
- Marc Lavaud
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ERA ERAMET SA
NDA AURUBIS AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
BNR BRENNTAG SE
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
DSFIR KONINKLIJKE DSM N.V.
ALIV SDB AUTOLIV INC.
- Oleg Galbur
- 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
Moneta Money Bank: 1 director
A director at Moneta Money Bank bought 11,500 shares at 146.400CZK 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...
- 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
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