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 (13-19 March)

The US-Iran conflict has progressed and has led us to revise up our inflation projections, in line with the guidance we published at the inception of the conflict. Today, we present a first attempt on a scenario of a protracted conflict, which covers the whole year and would most likely trigger rate hikes. We have two surveys available so far that capture the impact of the conflict on businesses and consumers – their message is of caution, but not imminent spending cuts. We flag that pockets of ...

Research Team
  • Research Team

WOOD Daily: IGN1L LH; ZAB PW; CDR PW; CAR PW; LPP PW; DSPW CP; CZG CP;...

HEADLINES: • Ignitis Group: steady as she goes (stays BUY) • Zabka: beat in 4Q25; FY26E guidance of continued rapid expansion and stable profitability POSITIVE • CD Projekt: 4Q25 results review – beat related to other operating income and income tax POSITIVE • Inter Cars: 4Q25E preview – 16% yoy EBITDA growth expected (due on 28 April) • LPP: 4Q25E results preview – 32% yoy EBITDA growth expected (due on 26 March) NEUTRAL • Doosan Skoda Power: 4Q25 above our expectations, backlog in line, materi...

Bram Buring ... (+3)
  • Bram Buring
  • CFA
  • Jakub Bronicki

Ignitis Group: steady as she goes (stays BUY)

We reiterate our BUY on Ignitis and increase our 12M price target (PT) to EUR 26.8/share. We continue to like the company’s stable business model and high earnings predictability: RES operates under fixed-priced PPAs/CfDs, while both the Networks and Reserve Capacities segments are highly regulated. Following a period of elevated investments in 2023-25 (c.EUR 2.5bn), which increased RES capacity from 1.2 GW to 2.1 GW, we expect lower capex in 2026E (EUR 599m, at the lower bound of the guidance)....

Research Team
  • Research Team

WOOD Daily: JMT PL; RBW PW; 11B PW; OPTIMA GA; ACAG GA

HEADLINES: • Jeronimo Martins: miss in 4Q25 on other financial costs; flat yoy capex guidance for 2026E, DPS proposal yields 3% NEUTRAL • Rainbow Tours: impact of the geopolitical situation in the Middle East on operations NEUTRAL • 11 bit studios: 4Q25E preview – EBITDA to decline by 32% qoq (due on 20 April) • Optima Bank SA: non-binding EUROXX Securities offer worth up to EUR 65.5m NEUTRAL • Austriacard: 2025E preview (due on 23 March)

Research Team
  • Research Team

WOOD Daily: THEON NA; INPST NA; DAT PW; CBF PW; VRC PW; SHO PW; APR PW...

HEADLINES: • Theon International: model update due to KAPPA and Exosens deals (stays BUY) • InPost: 4Q25 well below expectations due to the UK; only flat FY26E EBITDA guidance NEGATIVE • DataWalk: preliminary 4Q25 results – sales down 26% yoy, to PLN 6.68m NEGATIVE • cyber_Folks: final 4Q25 group results fully in line with preliminaries NEUTRAL • Auto Partner: management recommends DPS of PLN 0.15 from 2025 earnings NEUTRAL • OMV Petrom: announces dividend proposal NEUTRAL • Trade Estates: FFO u...

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