Report

Raiffeisen Centrobank Equity Daily 06.04.2020

AT: Austria - Government presented details on EUR 15 bn 'Nothilfefonds', companies taking advantage have to restrict dividends
â—¾AT: Do & Co - Profit warning and no dividend to be paid from 2019/20 (neutral)
â—¾AT: Insurance - Regulator urges Austrian insurers to refrain from paying out dividends (negative)
â—¾AT: Wolford - Upcoming sale and leaseback of Wolford's property for EUR 72 mn (neutral)
â—¾PL: Retail - Retailers face a shortage of staff (negative)
â—¾PL: Telecoms - Public administration websites including e-learning should be excluded from data packages (negative)
â—¾RO: Banca Transilvania, BRD-GSG, Erste Group - Parliament adopted competing law for debt moratoriums, with harsher conditions for banks (neutral)
â—¾RO: Fondul Proprietatea, Electrica, Digi Communications - Parliament adopted potential postponement of bills for up to 3 months for struggling clients (neutral)
â—¾RO: Medlife - Continued tests of medical staff from triage, oncology and maternity, only three nurses infected in Arad (neutral)
Underlyings
Banca Transilvania S.A.

Bluerock Diamonds

BlueRock Diamonds is engaged in diamond mining in the Kimberley region of South Africa.

BRD-Groupe Societe Generale

Cyfrowy Polsat SA

Digi Communications NV

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

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.

Erste Group Bank AG

Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.

Eurocash S.A.

Eurocash, through its subsidiaries, is engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods). Through a range of distribution formats, Co. and its subsidiaries focus its business activities on the wholesale distribution to customers across the wholesale market segments, in particular, to stores throughout Poland such as retail stores, convenience stores at petrol stations, restaurants, hotels and cafeterias. Co. and its subsidiaries operate a range of distribution formats focused on supplying independent stores in Poland, which primarily include: Cash and Carry, Franchise Systems, and Distribution.

Med Life

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.

Play Communications SA

Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.

S.C. Fondul Proprietatea S.A.

Societatea Comerciala de Distributie si Furnizare a Energiei Electrice Electrica

UNIQA Insurance Group AG

UNIQA Versicherungen is a provider of insurance products and related services. Co.operates in three business segments: property and casualty insurance, life insurance and health insurance. Co. provides property and casualty insurance; personal insurance, including health, accident and life insurance. Co. is also a direct marketer of accident, life and health insurance products, including online sales. Co.develops solutions for unit-linked products for the whole group.Co. provides its products and services through sales channels, including brokers and general agencies, banks and direct sales.

Vienna Insurance Group AG Wiener Versicherung Gruppe

Vienna Insurance is an insurance group based in Austria. Co. is engaged in the provision of insurance services in both life and non-life areas in 24 countries of Central and Eastern Europe. The business lines in which Co. operates are property/casualty, life and health insurance. Outside its Austrian core market, Co. is active in Albania, Belarus, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Germany, Hungary, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine. Co. also has branch offices in Italy and Slovenia.

Wolford AG

Wolford is engaged in the production and marketing of leg wear and ready-to-wear garments and lingerie, seasonal swimwear and complementary textile and leather accessories. Co. operates in two business segments: Retail, encompassing its boutiques and factory outlets, online business and shop-in-shops, and Wholesale, covering all business activities with other retailers. Co.'s products include: leg wear, ranging from pantyhose, stockings, stay-ups and knee-highs to leggings and socks; ready-to-wear products, including bodies, shirts and tops, sweaters, dresses, coats, skirts, lingerie, made of lace, satin and tulle; swimwear, encompassing swimsuits and bikinis and accessories.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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