Report
Research Team

WOOD Morning (20 December)

HEADLINES:
* DIGI Communications: double DIGI growth (stays BUY)
* CME: CEFC and Penta to bid USD 2.0bn for CME, according to Reuters NEUTRAL
* Unipetrol: board approves opinion on tender offer, Paulinino Limited accepts PKN's tender offer NEUTRAL
* PKP Cargo: extension of agreement with Tauron POSITIVE
* LiveChat: to pay 2017-18E dividend pre-payment of PLN 0.44/share NEUTRAL
* Millennium: PFSA imposes FX mortgage capital buffers on consolidated group capital ratios NEUTRAL
* BZ WBK: PFSA imposes FX mortgage capital buffers on consolidated group capital ratios NEUTRAL
* Synthos: Solowow reaches 90% stake after tender
* Uniwheels: discontinuation of coverage
* Short news (PL banks)
Underlyings
Bank Millennium SA

Bank Millennium provides various banking products and services to individual clients, small businesses, corporate, and public sector entities in Poland. Co. offers current account, custody account, and escrow account; standard deposits, negotiated deposits, millenet deposits, and automatic overnight deposits; debit and charge cards; funds management; professional cash services; and management of balances of current and auxiliary accounts. Co. also provides current account overdraft facility, real estate loans, revolving credits, working capital loans, investment loans, energy financing facility, sureties, line of guarantees, letters-of-credit, preferential loans, and bid bond guarantees.

Central European Media Enterprises Ltd. Cl A

Digi Communications NV

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

PKP Cargo

PKP Cargo SA is a Poland-based company active in the transportation sector. The Company's main activity is domestic and international transport of goods by rail and provision of logistic services in the field of railway cargo transport services. The Company divides its services into six divisions: Transport, offering rail transport carried out by PKP Cargo, road transport and ferry transport; Intermodal, providing intermodal rail transport; Forwarding, services carried out by Trade Trans, Cargosped and PKP Cargo International; Terminals, offering service of reloading terminals; Sidings, providing railway sidings; and Rolling Stock, which provides repairs of the rolling stock. It operates through Advanced World Transport BV (AWT).

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

Synthos S.A.

Synthos SA is a Poland-based holding company engaged in the chemicals industry. The Company's activities concentrate on three product groups: synthetic rubbers, styrene plastics, as well as vinyl and copolymer dispersions. Its offering includes synthetic rubber, styrene-butadiene rubber, polybutadiene rubber, nitrile rubber, expandable polystyrene, calcium phosphate, soda lime, sodium acetate, vinyl, vinyl-acrylic, latex, chlorine and methanol, wood adhesives and others. As of December 31, 2012, Synthos SA operated six wholly owned subsidiaries, including, Synthos Kralupy As, Synthos XEPS sro and Synthos PBR sro, all based in the Czech Republic, Synthos Fundusz Inwestycyjny Zamkniety, Synthos Dwory 7 Sp. z o.o. and Red Chilli Ltd, based in Cyprus. It also had minority stakes in Synthos Dwory 4 Sp. z o.o. and Synthos Dwory 5 Sp. z o.o. In October 2013, FTF Galleon SA raised its interest in the Company from 48.61% to 58.38%.

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
Research Team

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