Report
Research Team

WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11B PW; PE RO; BGEO LN; KAP LI; KMGZ KX

HEADLINES:
• DO & CO: value á la carte (upgraded to BUY)
• Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE
• Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE
• Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE
• Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL
• Tauron: 3Q25 conference call highlights NEUTRAL
• 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL
• 11 bit studios: Death Howl PC release on 9 December 2025; console launch in 1Q26 NEUTRAL
• Premier Energy: acquisition of 200 MW/400 MWh ready-to-build BESS project in Romania POSITIVE
• Lion Finance Group: 3Q25 highlights – on track to meet our full-year estimate NEUTRAL
• Kazatomprom: 3Q25E results preview (due on 24 November) NEUTRAL
• KazMunayGas: 3Q25E results preview (due on 24 November) 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.

Auto Partner SA

Auto Partner SA is a Poland-based company engaged in the auto, truck and motorcycle parts industry. The Company is an importer and distributor of spare parts for cars and light commercial vehicles. Auto Partner SA is an enterprising entity with its headquarters as well as logistic and distribution centre located in Bierun near Tychy. The Company has approximately 60 branch offices across the domestic markets and some representative offices in neighboring countries, in the Czech Republic, Slovakia, Ukraine and Belarus, among others. Auto Partner SA distributes stabilizer links, steering rod end sets, steering rods, suspension arms, pins, rubber - metal parts, power steering pumps and steering gears, among others.

Bank of Georgia

Cyfrowy Polsat SA

DIAGNOSTYKA SA

DO & CO Aktiengesellschaft

Do & Co AG is a foodservice company. Co. maintains three business divisions. Its Airline Catering division provides gourmet food for passengers of airline companies such as Austrian Airlines, Turkish Airlines, Air France on long-haul flights. Co.'s flying cooks prepare fresh meals on-board. The International Event Catering division provides services such as handling the menu and the provision of food for sporting events, including tennis and golf tournaments, skiing events and Formula One Grand Prix races. The Restaurants, Lounges & Hotel division operates three restaurants; five restaurants with bars and one at the Casino Baden, and three bakeries under the Demel brand.

GRUPA PRACUJ DA

KazMunayGas NC JSC

National Atomic Company Kazatomprom

TAURON Polska Energia S.A.

Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.

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
Research Team

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