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 Morning (26 March 2025)

HEADLINES: • Warsaw Stock Exchange: strong delivery in 4Q24, due mainly to the lower costs booked POSITIVE • CD Projekt: 4Q24 EBIT 7% above our forecast; The Witcher 4 to be released after 2026E NEUTRAL • KazMunayGas: 4Q24 results – below expectations NEGATIVE • Ten Square Games: earnings call takeaways – focus on flagship games’ monetisation improvement in 2Q25E NEUTRAL • Wirtualna Polska: key takeaways from the 4Q24 earnings call NEUTRAL • Eurowag: takeaways from the 2H24 earnings call NEUTRAL...

Research Team
  • Research Team
CEZ CEZ AS
LPP LPP S.A. ... (+8)

WOOD Daily: WPL PW; ALR PW; TEN PW; WPS LN; PL Retail; CEZ CP; PL Macr...

HEADLINES: • Wirtualna Polska: 4Q24 results review – adjusted EBITDA up 17% yoy, 8% above the consensus POSITIVE • Alior Bank: 2027E targets – PLN 2.6bn of net profit; ROE above 18%; payout ratio above 50% POSITIVE • Ten Square Games: mixed newsflow – solid 4Q24 adjusted EBITDA, strong dividend recommendation, but disappointing trading update POSITIVE • Eurowag: 2H24 operating results in line, special dividend announced NEUTRAL • Polish retail: Zabka's 4Q24 below the consensus NEGATIVE • CEZ: up...

Research Team
  • Research Team

WOOD Daily: PL Banks; DAT PW; TL Macro; EME Macro/Strategy Weekly; GTC...

HEADLINES: • Polish banks: Financial Stability Committee mentions sanction of free credit risk for consumer loans portfolio NEGATIVE • DataWalk: preliminary 4Q24 results – sales up 19% yoy, to PLN 9.09m POSITIVE • Türkiye macro: putting the CBRT’s emergency rate hike into context • EME Macro/Strategy: macro all-in-one (17-23 March) • GTC: solvency of controlling investor in question, after State Audit Office of Hungary's report • Banca Transilvania: dividend proposal from the 2024 profits NEUTRA...

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

EME Macro/Strategy: macro all-in-one (17-23 March)

Last week, the detention of Istanbul mayor İmamoğlu triggered significant nervousness locally, forcing the Central Bank to tighten monetary policy. In the Czech Republic, March business sentiment reinforced the positive message of the previous month and, most likely, is edging the MPC towards stopping the easing cycle. In Hungary, the state audit office investigated the Foundation set up by the MNB a decade ago for inadequate financial administration. In Poland, February’s hard data were soft, b...

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

WOOD Flash – Türkiye macro: putting the CBRT’s emergency rate hike int...

The TCMB held an unscheduled MPC meeting yesterday (20 March), raising the ceiling of the policy rate corridor (the overnight lending rate) by 200bps, to 46%, undoing the March rate cut. We read this decision positively, as Governor Fatih Karahan remains true to the efforts of improving the inflation outlook and streamlining monetary policy. We see the magnitude of the tightening as sufficient to stabilise the TRY demand domestically, provided the political backdrop also stabilises gradually in ...

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