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.

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

EME Macro/Strategy: macro all-in-one (3-9 April)

A frail truce has materialised this week in the US-Iran conflict, which increases the likelihood of our “quick” resolution scenario, although elements of a risk of a capitulation into further conflict remain meaningful. The March inflation readings for Hungary and the Czech Republic came in more benign than feared, thanks to the still falling food inflation. In Poland, the NBP has guided the market towards rates stability, giving more weight to the soft labour market and the risks of a moderatio...

Research Team
  • Research Team
CEZ CEZ AS
SNT SYNEKTIK ... (+8)

WOOD Daily: MTLN GA; DVL PW; SNT PW; 11B PW; OPL PW; CEZ CP; DIGI RO; ...

HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...

Piotr Raciborski ... (+2)
  • Piotr Raciborski
  • CFA

WOOD Flash – DIGI Communications: new share issuance; new price target

Yesterday (9 April), DIGI Communications finalised a new share issuance and their distribution among its shareholders, with a 2:1 split ratio, meaning that the owners of both class A and B shares received two shares of the respective class (treasury shares were excluded from the process). As a result, DIGI’s number of shares has increased from 100m to 291.2m. In order to reflect this change, we have reduced our PT from RON 87.4 to RON 30.0/share

Research Team
  • Research Team

WOOD Daily: CSG NA; DVL PW; KRU PW; HUG PW; MIL PW; BDX PW; APR PW; PL...

HEADLINES: • Czechoslovak Group: ReArming Europe – from ammo to armour (BUY - initiation of coverage) • Develia: strong handovers in 1Q26 (2.3x higher yoy), slightly disappointing sales (10% lower yoy) NEUTRAL • Kruk: 1Q26 trading update NEUTRAL • Kruk: recommends PLN 20 DPS • Huuuge Games: preliminary 1Q26 revenue at USD 56.5m, down 9% yoy and 4% qoq NEGATIVE • Bank Millennium: to book PLN 190m of FX mortgage saga provisions in 1Q26E NEUTRAL • Budimex: FBSerwis to remain within the group NEUTRA...

Atinc Ozkan ... (+2)
  • Atinc Ozkan
  • Peter Palovic

Czechoslovak Group: ReArming Europe – from ammo to armour (BUY - initi...

Following its FY25 earnings release, we initiate coverage of Amsterdam-listed defence contractor Czechoslovak Group (CSG N.V.) with a BUY and a 12M price target (PT) of EUR 31.47/share, offering 26% potential upside. Controlled by Mr. Michal Strnad, CSG is the second-largest supplier of medium/large (M/L) calibre munitions in Europe and a prominent player in land warfare platforms, such as tactical armoured vehicles, IFVs and SPHs. CSG also has a limited, but growing, presence in defence electro...

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