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: EBS AV; SPL PW; EME Macro/Strategy – CIS; PCF PW; ECH PW; ...

HEADLINES: • Erste Bank Group: smart leverage, strong thesis (stays BUY) • Santander Bank Polska: no such thing as plug and play in M&A (downgraded to HOLD) • EME Macro/Strategy: CIS plus – a good growth juncture, amid global policy shifts • PCF Group: 1Q25 results miss expectations, on lower portion of costs being capitalised NEGATIVE • Echo Investment (HOLD, PT PLN 3.1): 1Q25 – only a handful of deliveries means a weak P&L • Duna House: 1Q25 results– first look positive POSITIVE • DataWalk: ke...

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

EME Macro/Strategy: CIS plus – a good growth juncture, amid global pol...

By mid-2025, the CIS+ region is confronting a changing global backdrop, shaped by the US tariffs, the hope of a Ukraine deal, and weaker oil prices. While direct exposure to US trade remains limited, indirect spillovers through remittances, energy markets, and capital flows are increasingly relevant for the region. This report assesses how these dynamics – together with each country's domestic trends – are altering the macro landscape across Georgia, Kazakhstan and Uzbekistan. We also introduce ...

Marta Jezewska-Wasilewska ... (+2)
  • Marta Jezewska-Wasilewska
  • Miguel Dias

Erste Bank Group: smart leverage, strong thesis (stays BUY)

We keep Erste Bank as a BUY and set our new 12M price target (PT) at EUR 85.1 (up from EUR 57.0), offering 20% upside. This profound PT increase is due to two factors: first, we have raised our 2025E net profit forecast by 22% on a comparable geographic basis, on the strong revenue performance, and solid asset quality delivery and guidance so far this year. If just focusing on this factor, we would see the current valuation as rightly reflecting c.EUR 3bn of average annual profits both this and ...

Marta Jezewska-Wasilewska ... (+2)
  • Marta Jezewska-Wasilewska
  • Miguel Dias

Santander Bank Polska: no such thing as plug and play in M&A (downgrad...

We have downgraded Santander BP to HOLD (from Buy) and set our updated 12M price target (PT) at PLN 577.6/share. Our updated 12M PT includes an extra 10% discount on top of our base 12M PT, to reflect the share overhang (Banco Santander left with a 13% stake) and uncertainties over how smooth and fast the transition period might prove to be, at least from the current standpoint. In our view, the stock may trade at a discount until this is cleared up, which is unlikely to be announced until the n...

Research Team
  • Research Team

WOOD Daily: OPAP GA; CDR PW; VGO PW; DAT PW; KAP LI; LAMDA GA; AEGN GA...

HEADLINES: • OPAP: 1Q25 – strong, as expected NEUTRAL • CD Projekt: 1Q25 EBIT broadly as expected, guidance on three unannounced projects POSITIVE • VIGO Photonics: adjusted EBITDA up 2x yoy (on a low base), in line with our estimate NEUTRAL • DataWalk: actual 1Q25 numbers fully in line with the preliminaries NEUTRAL • Kazatomprom: 1Q25 results – much weaker than expected NEGATIVE • Lamda Development: 1Q25 results – opex outside the Ellinikon better than expected, but quarterly capex still slow ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch