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: LVC PW, PCF PW, SNN RO, SNP RO, SNG RO, OGZD LI, ROSN LI, ...

HEADLINES: • LiveChat Software: 4Q21-22 (calendar 1Q22) results - EBITDA up 10% yoy, 8% below our estimates NEGATIVE • PCF Group: Outriders Worldslayer released, initial Steam reviews disappoint NEGATIVE • Nuclearelectrica: calls GMS to approve EUR 185m financing for EnergoNuclear NEGATIVE • OMV Petrom: the government adopts the Ordinance reducing fuel prices by RON 0.5/litre • Romgaz: transaction with Exxon to be completed at end-July 2022 NEUTRAL • Gazprom: AGM fails to approve its 2021 divid...

Research Team
  • Research Team

WOOD Daily: CCC PW; TL Macro; RO Macro; GR Macro; PL Macro; CZ Macro; ...

HEADLINES: • CCC: too fast, too furious (stays BUY) • Turkey macro: first genuinely bad confidence reading since COVID-19 • Romania macro: better than most • Greece macro: economic sentiment index drops sharply in June • Poland macro: economic sentiment down again, but consumers are the brighter spot • Czech Republic macro: confidence falls in June, but overall trend not too bad • Eurozone macro: June signals further mild improvements in inflation dynamics • Santander Bank Polska: to crea...

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

CCC: too fast, too furious (stays BUY)

We maintain our BUY rating on CCC, with a new 12M price target (PT) of PLN 59 (from PLN 88). CCC’s top line has emerged from the COVID-19 crisis stronger than we expected. However, before we saw that CCC was fully recovered, its management initiated its ambitious GO.25 strategy, aiming at more than tripling revenues by 2025E. In the short term, start-up costs have diluted the company’s margins, which have kept the balance sheet under pressure, when combined with the re-accelerating capex. Our es...

Research Team
  • Research Team
CEZ CEZ AS
ENA ENEA S.A. ... (+6)

WOOD Daily: ENA PW; LWB PW; PGE PW; TPE PW; CEZ CP; HU Macro; PCF PW

HEADLINES: • Polish utilities: the Ugly Ducklings (TPE and PGE stay BUY, ENA upgraded to BUY, LWB stays HOLD) • CEZ: new comments from government officials on windfall taxation ideas • Hungary macro: MPC heading higher • PCF Group: Outriders Worldslayer available now for early access, gets 77 Metascore NEUTRAL • Short News (CDR, PCF, FP, SNN)

Bram Buring ... (+3)
  • Bram Buring
  • CFA
  • Ondrej Slama

Polish Utilities: the Ugly Ducklings (TPE and PGE stay BUY, ENA upgrad...

In this report, we update our views on PGE, Tauron, Enea and Bogdanka. Following the recent steps by the government, which should bring the long-discussed carve out of the coal assets to fruition, we reiterate our positive view on the Polish utilities sector. Separately, with power and coal prices at their all-time highs, we have updated our models, for both the carve-out scenarios and the status quo. While some uncertainty remains – which is well-understood by the market, in our view – we weigh...

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