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: TL Food Retailers; AIRA LI; CZ Macro; HU Macro; APR PW; CA...

HEADLINES: • Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, Sok Marketler downgraded to HOLD) • Air Astana Group: margins attracting rivals (downgraded to HOLD) • Czech Republic macro: September inflation rises as food inflation reaccelerates • Hungary macro: September inflation slows slightly more than expected • Auto Partner: September sales growth decelerates further, to a limited 5% yoy NEGATIVE • Inter Cars: September sales growth slows down to 5% yoy, below our expect...

Jakub Caithaml ... (+2)
  • Jakub Caithaml
  • Peter Palovic

Air Astana Group: margins attracting rivals (downgraded to HOLD)

We have downgraded Air Astana Group (AAG) to HOLD (from Buy), as we have cut our 12M price target (PT) to USD 7.0/share (from USD 10.8). We are concerned about the prospective entry of VietJet to Kazakhstan. The newcomer would need to navigate complex execution challenges successfully, to set up a profitable operation. However, even a small, but growing, new entrant could, over time, dent AAG’s dominant domestic market position and weigh on its profitability. With AAG’s CASK growth exceeding its...

Can Yurtcan ... (+3)
  • Can Yurtcan
  • Lukasz Wachelko
  • CFA

Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, S...

After riding the high inflation wave, the investment case of the Turkish food retailers is changing as inflation declines. The key challenge ahead is finding the right balance between revenue growth and rising costs, which will shape operating margins. Although we have better visibility for the revenue growth outlook, we expect that operating cost growth will be monitored closely by investors. We believe that food retailers with lower operating costs are poised to weather this transition with le...

Research Team
  • Research Team

WOOD Daily: KRU PW; CBF PW; JMT PL

HEADLINES: • Kruk: 3Q24 trading statement – might have been better NEUTRAL • cyber_Folks: discontinues development of Blugento, focusing on _Stores NEUTRAL • Jeronimo Martins: 3Q24E results preview – 7% yoy EBITDA erosion expected (due on 30 October) NEUTRAL

Research Team
  • Research Team

WOOD Daily: OPAP GA (reinitiating with a BUY); THYAO TI; AEGN GA; RICH...

HEADLINES: • OPAP: licence to yield (reinitiating coverage with a BUY) • Turkish Airlines: 3Q24 traffic - ASK up 5% yoy NEUTRAL • Aegean Airlines: 3Q24 traffic - ASK down 1% yoy NEUTRAL • Richter: licences in a new biosimilar candidate from China’s Bio-Thera POSITIVE • Eurocash: creates a purchase group POSITIVE • Dom Development: advance dividend of PLN 6.0/share POSITIVE • Orange Polska: 3Q24E – 1% yoy EBITDAaL growth expected (due on 23 October) • Short News (CPS, BOCHGR)

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