Report
Research Team

WOOD Daily: DOC AV; CGEO LN; EME Macro/Strategy Weekly; KMGZ KZ; CBF PW; VRC PW

HEADLINES:
• DO & CO: on the menu – fair value (downgraded to HOLD)
• Georgia Capital: launches nine-month USD 50m buyback programme POSITIVE
• EME Macro/Strategy: macro all-in-one (11-17 August)
• KazMunayGas: 2Q25E results preview (due on 22 August) NEUTRAL
• cyber_Folks: 2Q25E results preview – 22% yoy organic adjusted EBITDA growth (due on 2 September)
• Vercom: 2Q25E results preview – 20% yoy EBITDA growth (due on 2 September)
Underlyings
DO & CO Aktiengesellschaft

Do & Co AG is a foodservice company. Co. maintains three business divisions. Its Airline Catering division provides gourmet food for passengers of airline companies such as Austrian Airlines, Turkish Airlines, Air France on long-haul flights. Co.'s flying cooks prepare fresh meals on-board. The International Event Catering division provides services such as handling the menu and the provision of food for sporting events, including tennis and golf tournaments, skiing events and Formula One Grand Prix races. The Restaurants, Lounges & Hotel division operates three restaurants; five restaurants with bars and one at the Casino Baden, and three bakeries under the Demel brand.

Georgia Capital

Georgia Capital PLC. Georgia Capital PLC is a United Kingdom-based holding company. The Company is focused on investing in developing businesses in Georgia. Its portfolio companies include Georgian Global Utilities LLC (GGU), JSC m2 (m2), JSC Aldagi (Aldagi) and JSC Teliani Valley (Teliani). GGU carries on business in two areas: water utility and renewable energy generation. m2 is the Company's real estate business. m2 develops residential and commercial property in Georgia, outsourcing design while focusing on project and construction management, and sales. m2 also focuses on developing hotels with outsourced operations. Aldagi is a provider of property and casualty insurance products in Georgia. Aldagi primarily focuses on the Georgian motor vehicle, property, credit life, and liability insurance markets and also on other markets offering cargo and agricultural (Agro) insurance. Teliani is a wine and beer producer in Georgia and its sells its products across 15 countries.

KazMunayGas NC JSC

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

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.

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