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: MBR PW; GTC PW; OTE/DIGI Communications; EMEA Airlines; WI...

HEADLINES: • Mo-BRUK: growth acceleration priced in already (downgraded to HOLD) • GTC: moves to amend terms of the two outstanding Forint bonds • OTE/DIGI Communications: Telekom Romania sold to DIGI and Vodafone for EUR 70m POSITIVE • EMEA Airlines: flights cancelled in Europe over weekend due to cyberattack on airport software • Wizz Air: strike on 26 September may disrupt operations in Italy NEGATIVE • Huuuge Games: earnings call takeaways NEUTRAL • Titan: Fidelity Investments cuts ownership...

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

EME Macro/Strategy: macro all-in-one (15-21 September)

Last week, the European Commission proposed bringing forward the full ban on Russian LNG to January 2027, and introducing trade restrictions on Chinese and Indian companies aiding the circumvention of sanctions. The Fed delivered a dovish cut, citing rising labour market risks. Across CEE, wage growth slowed, while industrial production showed a modest improvement. In Poland, consumer sentiment strengthened, industrial output picked up and core inflation eased; while, in Czechia, producer prices...

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

Mo-BRUK: growth acceleration priced in already (downgraded to HOLD)

We have downgraded Mo-BRUK (MBR) to HOLD (from Buy), having reduced our 12-month price target (PT) to PLN 321 (vs. PLN 393 previously), which offers a limited 11% potential upside. We have cut our 2025-27E adjusted EBITDA forecasts by 13-16%, on the back of our lower profitability assumptions, given the higher cost pressure than assumed previously (mostly external services and salaries), as well as weaker revenue in the solidification and stabilisation segment. While we expect 2H25E to be visibl...

Research Team
  • Research Team

WOOD Daily: RO Energy; EME Macro/Strategy – Türkiye; HUG PW; NOVAL GA;...

HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...

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

EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges per...

The economy delivered an overall strong performance in the first half of this year, despite the tight monetary policy, with retail sales, services, industry and construction all expanding at a faster pace than in 1Q, with a decent outlook from the high frequency indicators in 3Q so far. On the bright side, disinflation is continuing and should reach 29-30% by 2025E eop, and this has opened the door for a somewhat aggressive rate-cutting cycle for the CBT. The fiscal deficit has narrowed to 3.5% ...

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