Report
Research Team

WOOD Daily: CEZ CP; PKO PW; SAR GA; ALE PW; CAR PW; SHO PW; SHO PW; GEV CP; BIMAS TI; JAHEZ AB; PL Macro; TPEIR GA; HU Macro; CZ Macro; VGO PW; SNP RO; 11B PW

HEADLINES:
• CEZ: 4Q24 results a strong beat, FY25E guidance also positive POSITIVE
• PKO BP: posts solid 4Q24, and sets solid base for 2025E delivery NEUTRAL
• Sarantis: FY24 slightly above guidance; minor guidance upgrade for 2025E POSITIVE
• Allegro: 4Q24 EBITDA beat, solid FY25E guidance, PLN 1.4bn buyback POSITIVE
• Inter Cars: preliminary 4Q24 net profit rises 41% yoy, but a slight miss vs. expectations NEUTRAL
• Shoper: 4Q24 preliminary adjusted EBITDA up 32% yoy, sound 12% beat vs. our forecast POSITIVE
• Shoper: four management board members resign, new CEO appointed NEGATIVE
• GEVORKYAN: 4Q24 weaker than expected; new signed contracts and ongoing acquisitions in Italy could boost the 2025E guidance NEUTRAL
• BIM: feedback from the 4Q24 earnings call NEUTRAL
• Jahez: 2024 conference call takeaways
• Poland macro: NBP on hold; no surprises
• Piraeus Financial Holdings: acquires 90% of Ethniki insurance NEUTRAL
• Hungary macro: official estimates of price freezes
• Czech Republic macro: MPC signals scope for only two cuts
• VIGO Photonics: conditions of financing agreement with the EIB not met NEUTRAL
• OMV Petrom: closes transaction with NewMed Energy for share of Han Asparuh in Bulgaria NEUTRAL
• 11 bit studios: interview with the CEO; new game in Frostpunk universe revealed NEUTRAL
Underlyings
11 Bit Studios S.A.

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.

Allegro.eu SA

BIM Birlesik Magazalar A.S.

Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.

GEVORKYAN A.S.

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

JAHEZ INTERNATIONAL CO

Petrom S.A.

Piraeus Bank SA

PKO Bank Polski S.A.

PKO Bank Polski is a universal commercial bank offering services to both domestic and foreign retail, corporate and other clients. Co. is licensed to hold foreign exchange and currencies and sell/buy them, as well as perform a full range of foreign exchange services; open and hold bank accounts abroad and to deposit foreign exchange in these accounts. In addition, Co. conducts activities relating to leasing, factoring, electronic settlements via payment cards, as well as renders other financial services. As of Dec 31 2009, Co. had total assets of Zl156,478,685,000 and total deposit of Zl124,628,562,000. Co. operates in the Republic of Poland, Ukraine and Sweden.

SHOPER SA

Vigo System SA

Vigo System SA is a Poland-based company engaged in the production of detectors business sector. The Company is a manufacturer of standard and customized High Operating Temperature cadmium mercury telluride (HgCdTe) detectors. The Company's products are divided into three categories, including Infrared Detectors, Infrared Cameras and Measurement Equipment. The Company sells its products worldwide, including the United States, Canada, Finland and Australia, among others. It also cooperates and sells the products to NASA.

Provider
Wood and Company
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.

Analysts
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