Report
Research Team

WOOD Daily: INPST NA; GSPARK HB; SFG RO; H2O RO; DIGI RO; AROBS RO; PGE PW; CEZ CP; RICHT HB; HTO GA; GE Macro; PKO PW; SHO PW; BDX PW; EME Strategy – MSCI; 11B PW; DAT PW; ELPE GA

HEADLINES:
• InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE
• Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE
• Sphera Group: 1Q24 above our expectations POSITIVE
• Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE
• DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE
• AROBS Transilvania Software: weak 1Q24 results, on timing of contracts and wage costs NEGATIVE
• PGE: preliminary 1Q24 net profit falls 49% yoy on power prices NEGATIVE
• CEZ: takeaways from the 1Q24 earnings call NEUTRAL
• Richter: takeaways from the 1Q24 earnings call NEUTRAL
• OTE: 1Q24 results review – decent quarter, with 2% yoy adjusted EBITDA growth; FY24E guidance reiterated NEUTRAL
• OTE: 1Q24 conference call takeaways
• Georgia macro: foreign agent law passes its third reading
• PKO BP: Management Board recommends PLN 2.59 DPS NEUTRAL
• Shoper: Management Board recommends DPS of PLN 0.67 from the 2023 earnings, implying a dividend yield below 2% NEUTRAL
• Budimex: Mostostal Kraków selected by Westinghouse to support the construction of Poland's first nuclear power plant NEUTRAL
• EME Strategy: MSCI May SAIR predictions
• 11 bit studios: Frostpunk 2 Beta attracts average 8/10 rating from players in internal 11B surveys NEUTRAL
• DataWalk: obtains another patent in the US POSITIVE
• HELLENiQ Energy: 1Q24E results preview (due on 16 May) NEUTRAL
• Short News (MBR)
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.

AROBS TRANSILVANIA SOFTWARE SA

Budimex S.A.

Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.

CEZ as

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.

Digi Communications NV

Graphisoft Park SE

Graphisoft Park SE Ingatlanfejleszto Europai Rt is a Hungary-based company engaged in the real estate operations. The Company operates as a holding and provides management, financial and administrative services to its subsidiaries. As of December 31, 2011, the Company operated two subsidiaries, Grpahisoft Park Kft, engaged in the real estate development; and Graphisoft Park Services Kft, responsible for property operation tasks. The total area of the Company's properties was nearly 18 hectares. As of December 31, 2011, the Company's two subsidiaries, Graphisoft Park Universitas Kft and GP3 Kft merged into Graphisoft Park Kft. As of December 31, 2011, the Company's parent entity was Graphisoft SE.

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

HIDROELECTRICA S.A.

InPost S.A.

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

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.

Sphera Franchise Group SA

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

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch