Report
Research Team

WOOD Daily: MOL HB; TOASO TI; OPL PW; ADNOCDRI UH; TBCG LN; ISCTR TI; MCOVB SS; 11B PW; BCG LN; SOLUTION AB; MYTIL GA; NLBR SV; ENA PW; PGE PW; TPE PW

HEADLINES:
• MOL: there’s gain in the mundane (stays BUY)
• Tofas: very weak set of results in 4Q24 NEGATIVE
• Orange Polska: 4Q24 – EBITDAaL up 7% yoy, 6% above the consensus; 2025E guidance in line with expectations POSITIVE
• ADNOC Drilling: 4Q24 results beat expectations POSITIVE
• TBC Bank: 4Q24 results and conference call
• Isbank: 4Q24 results and 2025E guidance highlights NEUTRAL
• Medicover: takeaways from the 4Q24 earnings call
• 11 bit studios: delays release of The Alters NEGATIVE
• Baltic Classifieds Group: to be added to the MSCI UK Index POSITIVE
• Solutions by STC: 4Q24E financial results preview (due on 16 February)
• Metlen Energy & Metals: FY24E preview (due on 20 February)
• NLB Group: 4Q24E preview (due on 20 February)
• Enea: 4Q24E preview – 49% EBITDA drop, on lack of extra gains visible in 4Q23 (prelims due on 24 March)
• PGE: 4Q24E preview – 57% higher EBITDA, due to improvements in generation, distribution and supply (due on 15 April)
• Tauron: 4Q24E results preview – 48% EBITDA growth due to strong generation and distribution, slightly offset by weak supply (due on 16 April)
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.

ADNOC DRILLING CO

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

BALTIC CLASSIFIEDS GROUP PLC

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

Medicover AB

Medicover AB is a Sweden-based healthcare and diagnostic services provider. It offers a broad range of healthcare services and hub-and-spoke diagnostic laboratory network, supported by proprietary software and information systems infrastructure. The Company offers its services through two divisions: Healthcare Services and Diagnostic Services. The Healthcare Services division offers services ranging from primary care to specialist outpatient and inpatient care. The care is delivered mainly through Medicover's own network of clinics and medical facilities. The Diagnostic Services division offers a broad range of diagnostic laboratory testing for humans and some veterinary services across all main clinical pathology specialties. The Company focuses primarily on such markets, as Poland, Germany, Romania, Ukraine.

MOL Nyrt

MYTILINEOS S.A.

Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

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.

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.

TBC Bank Joint Stock Co

Tofas Turk Otomobil Fabrikasi A.S.

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.

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Analysts
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