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: RBW PW; EBS AV; JMT PL; EUROB GA; ETE GA; OPTIMA GA; TITC ...

HEADLINES: • Rainbow Tours: on the road to riches (BUY - initiation of coverage) • Erste Bank: 2Q25 results beat on positive one-off; solid performance in core result leads to 2025E guidance uplift POSITIVE • Jeronimo Martins: minor beat in 2Q25; FY25E guidance maintained POSITIVE • Eurobank Ergasias Services: 2Q25 highlights – a clean 14% beat vs. our estimate POSITIVE • National Bank of Greece: 2Q25 highlights – in line, with guidance upgrade POSITIVE • Optima Bank SA: bottom-line beat in 2Q25...

Jakub Bronicki ... (+2)
  • Jakub Bronicki
  • Maria Mickiewicz

Rainbow Tours: on the road to riches (BUY - initiation of coverage)

We initiate coverage of Rainbow Tours, a Polish tour operator, serving over 800k travellers annually, with a BUY and a price target (PT) of PLN 183. Rainbow recovered quickly from the COVID-19 slowdown, reaching PLN 4.1bn of revenues and PLN 282m of net income in 2024 (2.3x and 10x higher vs. 2019, respectively). Although we expect a results normalisation (2024-27E CAGRs of 12% and -6% in the revenue and net income, respectively), we see Rainbow’s valuation (2025-27E P/Es of 7-7.9x and EV/EBITDA...

Lukasz Wachelko ... (+2)
  • Lukasz Wachelko
  • CFA

WOOD Flash – Dino: share split – new price target at PLN 49.9/share

Following the KDPW’s approval on 25 July and the board decision dated 16 June, Dino conducted a 1:10 share split on 30 July. Therefore, we have adjusted our 12M price target (PT) of PLN 499/share for Dino’s shares, to PLN 49.9/share, effective as of today (1 August). There are no changes in our earnings estimates or valuation for the company.

Research Team
  • Research Team

WOOD Daily: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...

HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...

Research Team
  • Research Team

WOOD Daily: SPL PW; RBI AV; TUPRS TI; AKBNK TI; OTKAR TI; THEON NA; TI...

HEADLINES: • Santander Bank Polska: 2Q25 results – solid dividend flow expected • Raiffeisen Bank International: 2Q25 results • Tupras: 2Q25 results – EBITDA beats expectations POSITIVE • Akbank: 2Q25 highlights – guidance downgrade, but probably not a surprise for the market NEUTRAL • Otokar: 1H25 inflation-adjusted financials • Theon International: 1H25 trading update POSITIVE • Titan: weak 2Q25 results for Titan America, but guidance remains unchanged NEGATIVE • ADNOC Drilling: 2Q25 results –...

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