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.

Alex Boulougouris ... (+2)
  • Alex Boulougouris
  • CFA

WOOD Flash – Hellenic Bank: rate hike bonanza coming soon

Hellenic Bank has announced net profit of EUR 21m for 3Q22, with the 9M22 profitability at EUR 76.4m, a ROTE of 9.3%. We expect the ROTE to improve substantially in 2023E, due to the rate hike benefit (positive impact of >EUR 150m on an annual basis in 2023E and 2024E) and the cost savings from the voluntary exit scheme (VES; c.EUR 30m in 2023E). Our current 2023E numbers are more conservative (EUR 146m in net profit and a ROTE of 12.6%) and the stock still only trades at 0.4x P/TBV and 3.5x P/E...

Research Team
  • Research Team


HEADLINES: • CEZ: Czech windfall tax overkill (downgraded to HOLD) • Warsaw Stock Exchange: dividend helps, trading volumes behind cyclical peak (HOLD - transfer of coverage) • Allegro: 3Q22E results beat; FY22E guidance maintained POSITIVE • Duna House: 3Q22 - good results despite challenging macro, FY guidance reiterated POSITIVE • PCF Group: earnings call takeaways - minor delays in UE5 migration and projects' development NEUTRAL • AmRest: Henry McGovern bringing Popeyes to CEE NEGATIVE • Ja...

Bram Buring ... (+3)
  • Bram Buring
  • CFA
  • Ondrej Slama

CEZ: Czech windfall tax overkill (downgraded to HOLD)

We have downgraded our rating on CEZ to HOLD (from Buy) and reduced our 12M price target (PT) to CZK 868/share (from CZK 1,314), offering 6% upside, following Parliament’s approval of two new windfall taxes, hitting CEZ’s earnings. Instead of extracting all of the revenues to subsidise household power bills in the form of dividends, the government decided to: 1) tax CEZ’s revenues this December and next year, applying a stricter form of the European power cap; and also 2) imposed another windfal...

Marta Jezewska-Wasilewska ... (+2)
  • Marta Jezewska-Wasilewska
  • Miguel Dias

Warsaw Stock Exchange: dividend helps, trading volumes behind cyclical...

We are transferring coverage of Warsaw Stock Exchange (GPW), with a HOLD recommendation and a lower price target (PT) of PLN 38.4/share (8.7% upside), due to: i) the equities peak turnover probably being behind us; ii) lower trading volumes in the commodity markets, due to extreme price volatility and uncertainty, and the suspension of the obligation to trade energy through the exchange; and iii) higher costs due to rampant inflation. As a result, GPW’s capacity to pay dividends, a key element o...

Research Team
  • Research Team

Pomegranate Investment: diamond in the rough – soft coverage (NOT RATE...

Pomegranate is a Swedish public company that invests primarily in the fast-growing consumer internet sector of Iran. The company has increased its per-share NAV by 3x, to EUR 29.7, since 2014, despite sustaining a c.85% currency devaluation during that period. It was founded by a well-known team of European VC and capital markets professionals, with long track records of successfully backing leading companies in the emerging markets. Its main investments include an 11.8% stake in the largest Ira...

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