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.

Research Team
  • Research Team

WOOD Daily: RBI AV; CEZ CP; EME Macro/Strategy; MIL PW; MBK PW; KRU PW...

HEADLINES: • RBI: to book provisions due to the Russian court decision NEGATIVE • CEZ: buyout of the CEZ minorities to be plank in ANO's election platform NEUTRAL • EME Macro/Strategy: Macro all-in-one (13-19 January) • Bank Millennium: 4Q24E preview (due on 31 January) • mBank: 4Q24E preview (due on 6 February) • Kruk: 4Q24E preview (due on 27 February) • Bank Handlowy: 4Q24E preview (due on 12 March)

Alessio Chiesa ... (+2)
  • Alessio Chiesa
  • Raffaella Tenconi

EME Macro/Strategy: macro all-in-one (13-19 January)

Last week provided some relief, with a mild softening in US data and the Israel-Hamas ceasefire deal, ahead of President Trump’s inauguration today. December inflation prints were released across our coverage, revealing mild upward surprises on the back of rising food and energy, with the remaining pipeline pressures to unfold in January. Central banks in Romania and Poland kept rates unchanged, amid potential upside inflation risks from the release of energy price caps in the coming months. Cur...

Research Team
  • Research Team

WOOD Daily: MBK PW; RICHT HB; BDX PW; 11B PW; EME Strategy

HEADLINES: • mBank: issues 4Q24E and 2024E guidance NEUTRAL • Richter: US Medicare to negotiate Vraylar prices starting 2027 NEGATIVE • Budimex: PLN 1.05bn lawsuit against the consortium that constructed Turów power plant unit NEUTRAL • 11 bit studios: new publishing agreement with The Outer Zone NEUTRAL • EME Strategy: OFEs' 2024 annual holdings

Miguel Dias ... (+3)
  • Miguel Dias
  • Piotr Raciborski
  • CFA

WOOD Flash – EME Strategy: OFEs' 2024 annual holdings

On 15 January, the Polish Pension Funds (OFEs) released their annual holding reports. OFEs’ total net assets grew by 3% yoy; increased exposure to foreign equities and bonds were the main theme in a soft year for Polish equities. There was an excellent performance from the global equity indices in 2024, but Poland underperformed massively. As such, exposure to foreign equities increased by 1.5ppts vs. the total equity portfolio, but the weight of equities in the OFEs’ net assets fell by 2.3ppts ...

Research Team
  • Research Team

WOOD Daily: KRU PW; MYTIL GA; PL Macro; PEO PW; HUG PW; GPP PW; GPP PW...

HEADLINES: • Kruk: 2025-29E strategy – ambitious, and sees further growth of earnings, assisted by high ROEs POSITIVE • Metlen Energy & Metals: EUR 0.3bn capex plan to boost alumina capacity by 50% and produce gallium as well POSITIVE • Poland macro: NBP keeps rates unchanged, as expected • Bank Pekao: to add PLN 370m of FX mortgage provision charges, shielded by PLN 103m of deferred tax asset recognition; positive change in NPL stock NEUTRAL • Huuuge Games: USD 3.5m impairment of investment in ...

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