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: GEV CP; EME Macro/Strategy Weekly; 11B PW

HEADLINES: • GEVORKYAN: never-ending capex story (downgraded to HOLD) • EME Macro/Strategy: macro all-in-one (9-15 June) • 11 bit studios: new release The Alters attracts strong player reviews and number of players POSITIVE

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

EME Macro/Strategy: macro all-in-one (9-15 June)

In Poland, PM Tusk won the vote of confidence, as expected, and has restarted the efforts on the judicial, energy and housing policies. Inflation moderated further in May, adding cautious optimism that inflation will return to the NBP’s target soon. Inflation surprised to the upside in Romania and Hungary last month, due primarily to reaccelerating food inflation and sticky demand pressures. In Türkiye, we saw further positive evidence on the industrial sector recovery and stabilising TRY pressu...

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

GEVORKYAN: never-ending capex story (downgraded to HOLD)

We have downgraded GEVORKYAN to HOLD (from Buy), with a new 12M price target (PT) of CZK 257/share, implying 11% upside. The share price is 6% below its July 2022 IPO price. We believe the relatively high IPO valuation (12.6x EV/EBITDA) and the prolonged capex cycle are the key reasons for the rerating of the stock closer to its CEE industrial peers. While the capex cycle has enabled GEVORKYAN to expand capacity, buy high-end machinery and sign a record number of contracts, it is still not over....

Research Team
  • Research Team

WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; PGE PW; PEO PW; PZU ...

HEADLINES: • Greek banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD, NBG stays BUY and Piraeus upgraded to BUY) • PGE: new strategy assumes PLN 30bn of EBITDA in 2035E and PLN 235bn in capex in 2025-35E NEUTRAL • Bank Pekao/PZU: call for analysts and investors to discuss potential merger • CCC: final 1Q25 results spot on the prelims NEUTRAL • Romania macro: inflation jumps in May • GEK Terna: clinches EUR 1bn of Romanian railway projects POSITIVE • Athens Exchange Group: AGM appr...

Can Demir ... (+2)
  • Can Demir
  • Miguel Dias

Greek Banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD...

The Greek banking index has risen by 53% (62% with dividends), driven by higher P/E multiples and EPS upgrades since our April 2024 reinitiation. In this report, we raise our average normalised EPS forecasts for the big four Greek banks under our coverage by 10% for 2025E and 11% for 2026E, due mainly to stronger fees and lower COR. Our NII estimates for 2025-26E remain broadly unchanged, despite the lower-than-expected interest rates. The banks have also maintained their 2025-27E targets in the...

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