reports
- Nikos Athanasoulias CFA
TITAN CEMENT | Leader of the Pack
Outperformer on all ends… – Titan has emerged as an all-around outperformer in recent years, leading its global peer group in EBITDA growth (28% 3Y CAGR), and ranking among the top performers in terms of share price (>150% 2Y return). Its strategic presence in regions with strong underlying fundamentals has positioned Titan among the few players to achieve volume growth since 2022, while disciplined cost control and high-return capex have driven a sector-leading 7pps margin expansion. Despite i...
- Nikos Athanasoulias CFA
TITAN CEMENT | Leader of the Pack
Outperformer on all ends… – Titan has emerged as an all-around outperformer in recent years, leading its global peer group in EBITDA growth (28% 3Y CAGR), and ranking among the top performers in terms of share price (>150% 2Y return). Its strategic presence in regions with strong underlying fundamentals has positioned Titan among the few players to achieve volume growth since 2022, while disciplined cost control and high-return capex have driven a sector-leading 7pps margin expansion. Despite i...
- Research Team
WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI
HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...
- Dmitry Vlasov
- George Grigoriou
Titan Cement: cementing its leadership (BUY - transfer of coverage)
We transfer coverage of Titan Cement, with a BUY rating and a price target (PT) of EUR 50.0/share, which implies 31% upside from current levels. We like the company for its market-leading positions, and sustainable capital allocation policy, which have helped Titan to more than double its top line the last ten years. We expect the USA and Greece to be the main revenue drivers in the next three years, on the back of structural demand growth for cement products. Despite a 45% rally in the shares o...
GR Sarantis S.A.: 1 director
A director at GR Sarantis S.A. bought 3,606 shares at 11.800EUR and 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 two years clear...
Piraeus Financial Holdings S.A.: 3 directors
Four Directors at Piraeus Financial Holdings S.A. bought/sold 47,396 shares at between 5.292EUR and 5.460EUR. The significance rating of the trade was 63/100. 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...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
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
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
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.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
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.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Natalia Svyriadi
Sarantis | Firing on all cylinders, with margins shifting up a gear
Delivering on FY’24 targets… – Sarantis delivered a solid performance in FY’24, with sales up 24% to €600m and EBIT rising 30% to €61m. Organic EBIT growth reached 14.7%, driven by a better product mix and efficiency gains. International sales surged 31%, supported by the Stella Pack acquisition (+15% uplift), while Greece saw a 10% increase. Net profit grew 17% to €46m, slightly below expectations due to one-off financial costs. Importantly, Sarantis beat guidance on most metrics and demonstrat...
- Natalia Svyriadi
Sarantis | Firing on all cylinders, with margins shifting up a gear
Delivering on FY’24 targets… – Sarantis delivered a solid performance in FY’24, with sales up 24% to €600m and EBIT rising 30% to €61m. Organic EBIT growth reached 14.7%, driven by a better product mix and efficiency gains. International sales surged 31%, supported by the Stella Pack acquisition (+15% uplift), while Greece saw a 10% increase. Net profit grew 17% to €46m, slightly below expectations due to one-off financial costs. Importantly, Sarantis beat guidance on most metrics and demonstrat...
- Nikos Athanasoulias CFA
METLEN Energy & Metals | London calling, with €2bn EBITDA in sight; To...
Capital Markets Day in April to set the tone… – Following another year of sequentially improved results, with FY’24 EBITDA reaching €1.08bn (+8% yoy), 2025 looks poised to be a pivotal year for Metlen, with major announcements expected at the CMD on 28th April, ahead of its planned LSE listing in early Q3’25. During the event, mgmt will unveil the updated 2025-2028 strategy and outline the organic drivers that will lead to the ambitious €2bn EBITDA implied target by 2028 (CAGR: 17%). The above, ...
- Nikos Athanasoulias CFA
METLEN Energy & Metals | London calling, with €2bn EBITDA in sight; To...
Capital Markets Day in April to set the tone… – Following another year of sequentially improved results, with FY’24 EBITDA reaching €1.08bn (+8% yoy), 2025 looks poised to be a pivotal year for Metlen, with major announcements expected at the CMD on 28th April, ahead of its planned LSE listing in early Q3’25. During the event, mgmt will unveil the updated 2025-2028 strategy and outline the organic drivers that will lead to the ambitious €2bn EBITDA implied target by 2028 (CAGR: 17%). The above, ...
- Andreas Souvleros
- CFA
GREEK BANKS | Rallying with Room to Run
Strong finish to the year, with robust loan growth and earnings resilience – Greek banks delivered another solid quarter in Q4, exceeding both our and consensus estimates, supported by stronger-than-expected fee income (+4% vs cons) and lower impairments (-5% vs cons). Despite ongoing NII headwinds, NIM proved resilient at 2.65%, contracting just 15bps qoq—on faster loan repricing relative to deposits, a low deposit beta (20% on total deposits), stable lending spreads (-18bps ytd), incremental b...
- Andreas Souvleros
- CFA
GREEK BANKS | Rallying with Room to Run
Strong finish to the year, with robust loan growth and earnings resilience – Greek banks delivered another solid quarter in Q4, exceeding both our and consensus estimates, supported by stronger-than-expected fee income (+4% vs cons) and lower impairments (-5% vs cons). Despite ongoing NII headwinds, NIM proved resilient at 2.65%, contracting just 15bps qoq—on faster loan repricing relative to deposits, a low deposit beta (20% on total deposits), stable lending spreads (-18bps ytd), incremental b...
Metlen Energy & Metals S.A: 2 directors
Two Directors at Metlen Energy & Metals S.A sold 10,000 shares at between 40.900EUR and 42.360EUR. The significance rating of the trade was 66/100. 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 director...
- Research Team
WOOD Daily: BFT PW; CAR PW; CTPNV NA; FROTO TI; PL Utilities; BCG LN; ...
HEADLINES: • Benefit Systems: conditional USD 420m agreement to buy leading MAC Group fitness chain in Türkiye POSITIVE • Inter Cars: February sales growth decelerates to 3% yoy NEGATIVE • CTP: issues EUR 1bn of green bonds in two tranches, 6Y and 10Y POSITIVE • Ford Otosan: signs agreement with Iveco to develop heavy truck cabin models NEUTRAL • Polish utilities: comments on electricity price freeze for 4Q25 NEUTRAL • Baltic Classifieds Group: acquires Lithuanian real estate valuation platform ...
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
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
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
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
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: WIZZ LN; GSPARK HB; MOL HB; NLBR SV; MYTIL GA; AKCNS TI; T...
HEADLINES: • Wizz Air: knocked out, beat down, black and blue (stays BUY) • Graphisoft Park: 4Q24 results, and another strong year • MOL: 4Q24 results below expectations, posts a net loss NEGATIVE • NLB Group: bottom-line miss in 4Q24, but equity story remains intact NEUTRAL • Metlen Energy & Metals: 2024 EBITDA +7%, to EUR 1.1bn, as expected NEUTRAL • Akcansa: proposed dividend almost in line with our estimate NEUTRAL • Piraeus Financial Holdings: 4Q24E preview (due on 24 February) NEUTRAL • Gr...
- Research Team
WOOD Daily: BFT PW; GE Macro; BIMAS TI; OPAP GA; MYTIL GA; WPL PW; SNP...
HEADLINES: • Benefit Systems: 4Q24 headline profit a touch below forecasts, due to the accelerated recognition of the incentive plan POSITIVE • Georgia macro: insights on a Ukraine deal spillover to Georgia • BIM: Competition Authority imposes administrative fine of TRY 1,296m NEGATIVE • OPAP: Greek gaming market +6% yoy in December and 11% in 2024 POSITIVE • Metlen Energy & Metals: reaches 11-year bauxite supply/alumina offtake agreement with Rio Tinto POSITIVE • Wirtualna Polska: announces ten...
- Research Team
WOOD Daily: MOL HB; TOASO TI; OPL PW; ADNOCDRI UH; TBCG LN; ISCTR TI; ...
HEADLINES: • MOL: there’s gain in the mundane (stays BUY) • Tofas: very weak set of results in 4Q24 NEGATIVE • Orange Polska: 4Q24 – EBITDAaL up 7% yoy, 6% above the consensus; 2025E guidance in line with expectations POSITIVE • ADNOC Drilling: 4Q24 results beat expectations POSITIVE • TBC Bank: 4Q24 results and conference call • Isbank: 4Q24 results and 2025E guidance highlights NEUTRAL • Medicover: takeaways from the 4Q24 earnings call • 11 bit studios: delays release of The Alters NEGATIVE • ...
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TBCB TBC BANK JOINT STOCK CO
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MCOV B MEDICOVER AB
NLBR NLB GROUP
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Research Team
WOOD Daily: CCC PW; ADNOCDIS UH; RO Macro; PL Macro; MYTIL GA; CAR PW;...
HEADLINES: • CCC: preliminary 4Q24 EBITDA beats our and the market's expectations by c.20% POSITIVE • ADNOC Distribution: 4Q24 results and dividend proposal NEUTRAL • Romania macro: update on the political and fiscal situation • Poland macro: PM Tusk signals shift of policy focus • Metlen Energy & Metals: Canadian Fairfax officially raises stake to 6.4%, as expected NEUTRAL • Inter Cars: January sales growth at 9% yoy NEUTRAL • Budimex: 4Q24E preview – strong gross margin, but headlines down, as...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.