Focus: DIGI Communications – strong 2Q19 results, with EBITDA ex.IFRS 16 up 26% yoy; Romgaz’s 2Q19 results review – revenue growth continues, despite gas price capping; Electrica – 2Q19 strong performance vs. our expectations
HEADLINES:• DIGI Communications: strong 2Q19 results, with EBITDA ex.IFRS 16 up 26% yoy POSITIVE
• Romgaz: 2Q19 results review - revenue growth continues, despite gas price capping POSITIVE
• Electrica: 2Q19 strong performance vs. our expectations, particularly in supply POSITIVE
• Transelectrica: small loss in 2Q19, should be clawed back NEUTRAL
• Banca Transilvania: 2Q19 results in line with our expectations NEUTRAL
• Transgaz: weak 2Q19 results, in line with expectations NEUTRAL
• AmRest: disposal of PizzaPortal for EUR 30-35m, c.2% upside for share price POSITIVE
• CEZ: few specifics on EBITDA enhancement, new nuclear contract (2Q19 conference call takeaways) NEUTRAL
• Kofola: 2Q19 results call takeaways - guidance reiterated NEUTRAL
• MedLife: takeaways from the 2Q19 conference call NEUTRAL
• Sphera: takeaways from 2Q conference call, FY19E margins guidance maintained NEUTRAL
• 11 bit studios: Frostpunk on consoles in October NEUTRAL
• Moscow Exchange: strong 2Q19E results expected (due on 23 August)
• Short News (SAB1L)
11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.
Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.
CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.
Moskovskaya Birzha MMVB-RTS PAO. Moskovskaya Birzha MMVB-RTS PAO (MMVB-RTS OAO) is a Russia-based integrated stock exchange that provides electronic trade organization, clearing and settlements on trades, depository and information services. The Company provides trading and settlement services in such segments of the financial market as foreign exchange (FX) market, federal bonds market, market of derivative financial instruments, cash equities market, corporate and regional fixed income market, commodities market, as well as market for state and municipal orders. The Company was established as a result of the merger between MMVB ZAO and RTS OAO. It operates through six branches and three representative offices. As of February 27, 2013, the Company's major shareholder was the Central bank of the Russian Federation with a stake of 22.47%. In January 24, 2014, the Company sold its whole stake in MMVB-IT ZAO.
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.
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