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 (27 February-5 March)

The geopolitical crisis in the Middle East has intensified over the past week, with Iran’s aerial response to the recent US-Israel aerial strikes, spreading to regional US military bases in the neighbouring countries. The sharp rise in energy prices will lift inflation in the very near term, but upside risks are mounting, as we do not see credible signals of a quick resolution within the next week. In other news, the NBP delivered a 25bps cut. February’s inflation prints were released in the Eur...

Research Team
  • Research Team

WOOD Daily: MDV PW; BDX PW; CBF PW; SHO PW; VRC PW; PGE PW; RBW PW; OT...

HEADLINES: • Modivo Group: the role of a serial disruptor is never easy (stays BUY) • Budimex: built on solid ground, priced for perfection (HOLD - transfer of coverage) • Budimex: 4Q25 conference highlights NEUTRAL • cyber_Folks / Shoper: key takeaways from the 4Q25 earnings call POSITIVE • Vercom: key takeaways from the 4Q25 earnings call POSITIVE • PGE: PLN 12.1bn loan impairment recognised in stand-alone accounts NEGATIVE • Rainbow Tours: summer 2026E season pre-sales accelerate to +10.9% yo...

Jakub Bronicki ... (+2)
  • Jakub Bronicki
  • Jakub Caithaml

Budimex: built on solid ground, priced for perfection (HOLD - transfer...

We transfer coverage of Budimex (BDX) and downgrade our rating to HOLD (from Buy), with a 12M price target (PT) of PLN 853 (vs. PLN 750 previously), implying 9% upside. After two years of relatively flat results in 2024-25, we expect 2026-27E to mark a return to double-digit yoy growth in both revenues and the order backlog. We forecast a solid EBIT CAGR of 11% for 2025-28E, supported by accelerating public infrastructure spending and improving contract flow. At the same time, we believe the cur...

Lukasz Wachelko ... (+3)
  • Lukasz Wachelko
  • CFA
  • Marek Szymański

Modivo Group: the role of a serial disruptor is never easy (stays BUY)

We maintain our BUY on Modivo (formerly CCC), but cut our 12M price target (PT) to PLN 142, from PLN 227. Following the successful introduction of its own off-price concept and licensed brands, Modivo switched to another gear, but encountered a wall of weak demand, triggered by a decline in the propensity to consume and the unfavourable weather. From the peak of its inventories in 3Q24, the company has reduced its rotation by 10%, at the expense of a 160bps gross margin investment in FY25E. Stil...

Research Team
  • Research Team

WOOD Daily: EU Oil and Gas Monthly; EME Macro/Strategy – HU; CBF PW; S...

HEADLINES: • European Oil and Gas Monthly: February 2026 – trouble brewing in Hormuz • EME Macro/Strategy: Hungary – the Tisza policy programme • cyber_Folks: preliminary 4Q25 results review – 72% yoy adjusted EBITDA growth, 2% above our expectations POSITIVE • Shoper: preliminary 4Q25 results review – 14% yoy adjusted EBITDA growth, 3% above our expectations POSITIVE • Vercom: preliminary 4Q25 results review – 25% yoy EBITDA growth, 2% above our expectations POSITIVE • Poland macro: outlook imp...

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