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: ELM AB; OPL PW; TL Macro; TITC GA

HEADLINES: • Elm: secures several MoUs and partnerships during LEAP 2025 POSITIVE • Orange Polska: key takeaways from the 4Q24 earnings call NEUTRAL • Türkiye macro: retail sales growth at 13.5% yoy in December 2024 • Titan Cement: enters South Asian market through new JV in India

Research Team
  • Research Team

WOOD Daily: MOL HB; TOASO TI; OPL PW; ADNOCDRI UH; TBCG LN; ISCTR TI; ...

HEADLINES: • MOL: there’s gain in the mundane (stays BUY) • Tofas: very weak set of results in 4Q24 NEGATIVE • Orange Polska: 4Q24 – EBITDAaL up 7% yoy, 6% above the consensus; 2025E guidance in line with expectations POSITIVE • ADNOC Drilling: 4Q24 results beat expectations POSITIVE • TBC Bank: 4Q24 results and conference call • Isbank: 4Q24 results and 2025E guidance highlights NEUTRAL • Medicover: takeaways from the 4Q24 earnings call • 11 bit studios: delays release of The Alters NEGATIVE • ...

Can Demir
  • Can Demir

WOOD Flash – TBC Bank: 4Q24 results and conference call

TBC has announced GEL 335m in net income for 4Q24. Before the one-off write-down of its Azerbaijan business, which is now held for sale, the net income stood at GEL 344m. The net income consensus was at GEL 325m (a 3% beat in reported and a 6% beat in adjusted terms), while our forecast was at GEL 317m (a 6% beat in reported and an 8% beat in adjusted terms). The beat was related mainly to the trading income (up 64% yoy in 4Q and +37% yoy in 12M24), as well as the somewhat lower than expected CO...

Bram Buring ... (+3)
  • Bram Buring
  • CFA
  • Jonathan Lamb

MOL: there’s gain in the mundane (stays BUY)

We maintain our BUY rating on MOL, with an updated 12M price target (PT) of HUF 3,600 (from HUF 3,810), offering 22% upside. Upstream projects in Azerbaijan, Hungary and Kazakhstan are boosting short-term production. Oil prices look stable, while we forecast a EUR 38/MWh gas price for 2025E. Most of the arbitrary taxes are now history. Refining margins remain at healthy levels, although petrochemicals margins are still poor. The Rijeka coker should boost margins and volumes later this year, and ...

Research Team
  • Research Team

WOOD Daily: MCOVB SS; HU Macro; EME Strategy – MSCI; ADNOCDRI UH; HTO ...

HEADLINES: • Medicover: 4Q results a small beat; appoints new CEO POSITIVE • Hungary macro: January inflation surprises on the upside • EME Strategy: MSCI – February review results • ADNOC Drilling: 4Q24E results (due out tomorrow) NEUTRAL • OTE: 4Q24E results preview – 1% yoy adjusted EBITDA growth expected (due on 26 February) • Banca Transilvania: 4Q24E preview (due on 28 February)

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