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.

Jonathan Lamb
  • Jonathan Lamb

WOOD Flash – MOL: 4Q results and 2025E guidance

MOL reported its fourth quarter results this morning (21 February), which were below expectations, and announced its guidance for 2025E. The EBITDA was 24% lower than the previous quarter, at HUF 226bn, and 16% and 18% below our and the consensus expectations, respectively. The EBITDA was affected negatively by a large CCS effect of HUF 35.5bn, related mostly to carbon emissions permit costs. This accounted for almost all of the underperformance in downstream. The circular economy segment was hi...

Research Team
  • Research Team

WOOD Daily: WIZZ LN; GSPARK HB; MOL HB; NLBR SV; MYTIL GA; AKCNS TI; T...

HEADLINES: • Wizz Air: knocked out, beat down, black and blue (stays BUY) • Graphisoft Park: 4Q24 results, and another strong year • MOL: 4Q24 results below expectations, posts a net loss NEGATIVE • NLB Group: bottom-line miss in 4Q24, but equity story remains intact NEUTRAL • Metlen Energy & Metals: 2024 EBITDA +7%, to EUR 1.1bn, as expected NEUTRAL • Akcansa: proposed dividend almost in line with our estimate NEUTRAL • Piraeus Financial Holdings: 4Q24E preview (due on 24 February) NEUTRAL • Gr...

Jakub Caithaml
  • Jakub Caithaml

WOOD Flash – Graphisoft Park: 4Q24 results, and another strong year

Despite the initially cautious management guidance, Graphisoft Park (GSPARK) has delivered another strong year in 2024, with its FFO exceeding EUR 14m. Even after the stock’s recent rally, the company still offers a >10% FFO yield, ranking among the most attractively-valued real estate plays under our coverage and, we believe, in Europe. Weak economic growth in Hungary and a wave of new office developments planned in Budapest for 2025-26E pose risks, potentially keeping vacancy rates elevated an...

Jakub Caithaml ... (+2)
  • Jakub Caithaml
  • Peter Palovic

Wizz Air: knocked out, beat down, black and blue (stays BUY)

We remain below the consensus for 4Q FY25E, driven by a weaker RASK and elevated costs, both the ex-fuel (CASKx) and the fuel CASK. We expect the FY25E CASKx to reach EUR 2.8-2.9/ASK, roughly 20% higher yoy, which is likely to push the consensus FY26E CASKx estimates higher as well. This, in turn, could weigh on the consensus FY26E net profit forecasts (we are c.50% below the consensus). Another negative surprise would be most unwelcome, after three consecutive quarters of earnings misses, not t...

Research Team
  • Research Team

WOOD Daily: BFT PW; GE Macro; BIMAS TI; OPAP GA; MYTIL GA; WPL PW; SNP...

HEADLINES: • Benefit Systems: 4Q24 headline profit a touch below forecasts, due to the accelerated recognition of the incentive plan POSITIVE • Georgia macro: insights on a Ukraine deal spillover to Georgia • BIM: Competition Authority imposes administrative fine of TRY 1,296m NEGATIVE • OPAP: Greek gaming market +6% yoy in December and 11% in 2024 POSITIVE • Metlen Energy & Metals: reaches 11-year bauxite supply/alumina offtake agreement with Rio Tinto POSITIVE • Wirtualna Polska: announces ten...

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