Wood and Company

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​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.

Atinc Ozkan ... (+2)
  • Atinc Ozkan
  • Can Yurtcan
PREMIUM
ASELS Aselsan Elektro...

Aselsan: master of multi-domain warfare (stays BUY)

Following Aselsan’s FY25 results release (and its robust operating performance in 2H25, exceeding our expectations in terms of backlog growth, new contract wins and operating margins), we have revisited our investment case for the company and updated our model. A major driver of our upgraded KPI, earnings (and capex) forecasts is the launch (in August 2025) of Türkiye’s massive “Steel Dome” integrated air defence programme, in which (as the project’s prime contractor) Aselsan has already bagged ...

ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
46m 46m 1 EN
Research Team
  • Research Team
PREMIUM
NBGGY National Bank o...

WOOD Flash – National Bank of Greece: preliminary FY25 results – ahead...

National Bank of Greece (NBG) reported its preliminary FY25 results this morning (27 February) delivering net profit of EUR 275m, up 59% yoy and 4% ahead of consensus distributed by the bank. The strong momentum of the loan book carried on into 4Q25, the NIM remained flat, while the NII showed a small, but telling qoq improvement. There was a strong performance from fees and trading income, costs came in slightly higher than the consensus, and the provisions booked met expectations. All-in-all, ...

NBGGY NATIONAL BANK OF GREECE S.A. ADS
02/27/26 February 27, 2026 1 EN
Piotr Raciborski ... (+2)
  • Piotr Raciborski
  • CFA
PREMIUM
4IG 4IG NYRT

WOOD Flash – 4iG: 4Q25 results review – 35% yoy increase in reported E...

On Friday (27 February), 4iG reported its 4Q25 results, with sales of HUF 195.8bn (up 2% yoy, but 5% below our estimate), EBITDA of HUF 82.3bn (up 35% yoy, 30% above our estimate) and a net loss of HUF 5.4bn (vs. the HUF 12.1bn net loss in 4Q24 and our HUF 7.5bn net loss forecast). The beat vs. our estimates on the EBITDA and the bottom lines resulted from a positive operating one-off of HUF 17.0bn related to the group’s restructuring process (including the sale of part of 4iG’s non-core assets)...

02/27/26 February 27, 2026 1 EN
Alessio Chiesa ... (+2)
  • Alessio Chiesa
  • Raffaella Tenconi
PREMIUM

EME Macro/Strategy: macro all-in-one (20-26 February)

In Poland, the monthly budget data point to a better-than-expected 2025 Budget result. On the macro side, the latest releases show brisk retail spending in January. We report on the new surveys on the appetite of Ukraine’s refugees to return home in the future, conducted by CES. In Hungary, the MPC began a cautious easing cycle with a 25bps rate cut. Türkiye’s February sentiment surveys add conviction to our view that the economy appears to be improving, with mildly intensifying inflationary sig...

02/27/26 February 27, 2026 1 EN
Lukasz Wachelko ... (+2)
  • Lukasz Wachelko
  • CFA
PREMIUM
SFG Sphera Franchis...

WOOD Flash – Sphera Group: 4Q25 broadly in line with expectations

Sphera has reported its 4Q25 results, which were broadly in line with our expectations: the company was able to regain its positive EBITDA dynamics at the end of a cyclically soft year. Sales grew by 4% yoy, while the costs of food (+1% yoy) and labour (+4% yoy) no longer expanded faster, driving an EBITDA recovery of 3% yoy, to RON 50m, 8% below our forecast. On the bottom line, Sphera delivered a 7% yoy drop, but came in 36% above our expectations. The company also held a webcast this morning,...

SFG SPHERA FRANCHISE GROUP SA
02/27/26 February 27, 2026 1 EN

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