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: MENA Petrochemicals – BOROUGE UH; SIPCHEM AB; OPAP GA

HEADLINES: • MENA petrochemicals: BGIger is better (upgrading Borouge to BUY and downgrading Sipchem to HOLD) • OPAP: Greek gaming market growth picks up speed in April POSITIVE • Short News (PPC)

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

MENA Petrochemicals: BGIger is better (upgrading Borouge to BUY and do...

We have upgraded Borouge to BUY (from Hold), with an updated price target (PT) of AED 3.05 (from AED 2.69), and downgraded Sipchem to HOLD (from Buy), with an updated PT of SAR 19.6 (from SAR 45.1). Petrochemicals margins have remained resolutely depressed since the glory days of 2022 and we are not predicting a swift recovery. Global capacity expansions have created oversupply, but investment has slowed down and we expect growing demand to catch up in two-to-three years’ time. Borouge has agree...

Research Team
  • Research Team

WOOD Daily: ACAG GA; KTY PW; MYTIL GA

HEADLINES: • Austriacard: ace of decks (BUY - initiation of coverage) • Kety: preliminary 2Q25 results in line with our expectations NEUTRAL • Metlen Energy & Metals: secures EUR 259m refinancing for its Australian RES portfolio POSITIVE

Dmitry Vlasov ... (+2)
  • Dmitry Vlasov
  • George Grigoriou

Austriacard: ace of decks (BUY - initiation of coverage)

We initiate coverage of Austriacard (ACAG), which offers a complementary portfolio of products and services in Identity & Payment Solutions (smartcards, payments, IDs), Document Lifecycle Management (printing) and Digital Transformation Technologies for the financial, government, and general private sectors, with a BUY rating and a price target (PT) of EUR 7.5/share, implying 42% upside from the current levels. Thanks to the strong execution in the Middle East and Africa regions, and continuous ...

Research Team
  • Research Team

WOOD Daily: SPL PW; TL Macro; DNP PW; CZG CP; 4IG HB

HEADLINES: • Santander Bank Polska: sells 60% stake in SCB for 2024 P/BV of 1.2x, books modest gain of PLN 0.4bn NEGATIVE • Türkiye macro: weak BoP, but improving budget • Dino: AGM approves 1:10 share split NEUTRAL • Colt CZ Group SE: closes VSS acquisition • 4iG: signs non-binding term sheet to acquire nine defence subsidiaries from N7 Holding NEUTRAL

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