Report
Research Team

WOOD Daily: DSPW CP; ESLT IT; CBF PW; KAP LI; VRC PW; OPL PW; PEO PW; MOL HB; WIZZ LN; PCF PW; BOCHGR GA; DOM PW

HEADLINES:
• Doosan Škoda Power: steaming ahead (BUY - initiation of coverage)
• Elbit Systems: 4Q24 – strong results, record FCF generation POSITIVE
• cyber_Folks: 4Q24 results review – 27% yoy EBITDA growth, in line with our estimates and the consensus POSITIVE
• Kazatomprom: 4Q24 results POSITIVE
• Vercom: key takeaways from the 4Q24 earnings call NEUTRAL
• Orange Polska: 2025-28E strategy announcement – at least PLN 1.2bn FCF in 2028E POSITIVE
• Bank Pekao: recommends DPS of PLN 12.6 and designates another PLN 5.56/share as dividend capital NEUTRAL
• MOL: discovers new oil field in Hungary NEUTRAL
• Wizz Air: to start daily Budapest-Mumbai flights
• PCF Group: resumes work on Project Victoria, planning early access in 2025E POSITIVE
• Bank of Cyprus: media reports indicate BOCH is in talks with CVC to acquire National General Insurance Cyprus NEUTRAL
• Dom Development: erratum
• Short News (MIL)
Underlyings
BANK POLSKA KASA OPIEKI SA

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.

Dom Development SA

Dom Development is engaged in the construction and sale of residential real estate in Poland.

DOOSAN SKODA POWER A.S.

Elbit Systems Ltd

Elbit Systems is an international high technology company engaged primarily in the defense and homeland security. Co. focuses in the areas of C4I systems, intelligence, surveillance and reconnaissance (ISR) systems, network centric information systems, intelligence gathering systems, border and perimeter security systems, unmanned aircraft systems (UAS), unmanned surface vessels (USVs), remote controlled systems, cyber-defense systems, space and satellite based defense capabilities and homeland security solutions. Co.'s systems and products are installed on new platforms, and Co. also performs comprehensive platform modernization programs. Co. also provides a range of support services.

MOL Nyrt

National Atomic Company Kazatomprom

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

PCF Group SA

R22
R22

R22 Sa. R22 SA is a Poland-based holding of technology companies offering: hosting services and domain sales. The Company provides internet services and operating in promising areas of the e-economy. The Company gathers the other companies hosting services, internet domain registration worldwide and services related to the security of transmitted data-SSL certificates. The Company has three operating segments: Domains and hosting, Omnichannel communication services automating electronic communication with recipients and Telecommunication services provided by the Oxylion Group.

VERCOM SA

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
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