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: LPP - the glass is half full (stays BUY), EUR PW, 11B PW, ...

• LPP: the glass is half full (stays BUY) • Eurocash: 4Q23 beat on costs, profit warning for 1Q24E • 11 bit studios: 4Q23 adjusted EBITDA beats expectations on a solid top line • Polish banks: 2024 contributions to the BFG • MOL: oil production starts on a new platform at ACG field • Ford Otosan: completes the Eurobond book-building process • Kalekim: 2023 IAS 29 results - strong operating results • Lamda: 4Q23 results - a significant step-up in Ellinikon revenues, revaluation gain on existing m...

Jakub Caithaml
  • Jakub Caithaml

WOOD Flash - Lamda Developments: 4Q23 results - a significant step-up ...

Lamda released its 4Q23 results yesterday morning (18 April), and management held a conference call to discuss the results yesterday afternoon. The results were dominated by a rapid increase in the revenues recognised for Ellinikon, driven by good sales results in the initial projects, and construction progress. The malls and marinas continued to perform strongly, in line with the trends of previous quarters, and above the expectations we outlined in our June 2023 initiation. This was partly off...

Lukasz Wachelko ... (+3)
  • Lukasz Wachelko
  • CFA
  • Maria Mickiewicz

LPP: the glass is half full (stays BUY)

We maintain our BUY rating for LPP, with a new 12M price target (PT) of PLN 20,842/share. Its image of superior corporate governance has been challenged with accusations of continued operations in Russia. In our view, while the management has proven the discontinuation of legal or personal links to its former operations, the damage has been done, especially in transparency. Despite declarations that all direct sales to Russia were suspended in 2Q22, LPP maintains indirect supplies to ReTrading. ...

Atinc Ozkan ... (+2)
  • Atinc Ozkan
  • Can Yurtcan

WOOD Flash - Kalekim: 2023 IAS 29 results - strong operating results

Kalekim announced its 2023 IAS 29 results on 18 April, reporting net earnings of TRY 430m, +3% yoy, in its income statement, which was prepared under the IAS 29 inflation-accounting principles. It posted a strong set of operating results under IAS 29, with an expanding EBITDA margin on an annual basis. Kalekim also released its non-inflation-adjusted key financial figures for 2023, implying a solid operating performance in 4Q23, in line with consensus expectations. We believe that Kalekim should...

Research Team
  • Research Team

WOOD Daily: LAMDA GA, EL RO, PEO PW, 11B PW, SNN RO, EMEA airlines, BU...

HEADLINES: • Lamda: 4Q23 results - significant step-up in Ellinikon revenues, revaluation gain on existing malls • Electrica: proposed changes to the regulatory framework • Bank Pekao: AGM chooses new Supervisory Board members, approves PLN 19.2 DPS • 11 bit studios: release date of INDIKA moved to 2 May • Nuclearelectrica: shareholders abstain from voting on the items from yesterday’s GMS • EMEA airlines: 1Q24 traffic - a good start to the year • Budimex: 1Q24E flat yoy - profitability improvem...

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