Report
Research Team

WOOD Daily: CDR PW; ALARABIA AB; CIMSA TI; TPE PW; ACP PW; RO Energy; BGEO LN; JMT PL; MBK PW; ALARABIA AB; PL Banks; WINE RO; DIGI RO; DAT PW

HEADLINES:
• CD Projekt: 13% beat vs. our 4Q23 EBITDA forecast, on stronger revenues (CP77 IP) POSITIVE
• Al Arabia Outdoor Advertising: mixed 4Q23 results NEUTRAL
• Cimsa: 2023 financial results review
• Tauron: reports 4Q23 EBITDA of PLN 674m , 44% lower qoq, but 83% higher yoy NEUTRAL
• Asseco Poland: key takeaways from the 4Q23 earnings call NEUTRAL
• Romanian energy: government adopts emergency ordinance, with amended regulations for the energy sector NEUTRAL
• Bank of Georgia: receives approval for Ameria acquisition POSITIVE
• Jeronimo Martins: loses PLN 60m court battle with antimonopoly watchdog NEGATIVE
• mBank: to create PLN 1,058m of CHF mortgage saga provisions in 1Q24E NEUTRAL
• Al Arabia Outdoor Advertising: signs advertising concession agreement with Umm Al Qura Development and Construction Company for 15 years POSITIVE
• Polish banks: VeloBank sold to Cerberus Capital Management NEUTRAL
• Purcari Wineries: acquires 112 ha high quality vineyards in Purcari village NEUTRAL
• DIGI Communication: to sell its Spanish fibre network for EUR 900m, according to Expansion/Bloomberg NEUTRAL
• DataWalk: announces new contracts POSITIVE
• Short News (HUG)
Underlyings
ARABIAN CONTRACTING SERVICES CO

Asseco Poland SA

Asseco Poland is a provider of proprietary information technology ("IT") solutions which is based in Poland. Co. is engaged in provision of consulting on IT infrastructure, security solutions, human resources solutions, outsourcing services as well as fully comprehensive IT support. Co.'s profile includes software and computer hardware consultancy, production of software as well as supply of software and hardware. This category includes analysing, developing, and programming ready-to-use IT systems. In addition to IT services, Co. also sells goods including mainly computer hardware.

Bank of Georgia

CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Cimento Sanyai Ve Ticaret A.S.

Cimsa Cimento Sanayi ve Ticaret is engaged in the cement industry. Co. produces and sells cement and ready-mixed concrete. As of Dec. 31, 2004, Co. maintains 17 ready-mixed concrete plants in 8 provinces.

Digi Communications NV

Jeronimo Martins SGPS S.A.

Jeronimo Martins S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged as a food distribution company with operations in Poland and Portugal. Co. operates in four segments: Portugal Retail, which comprises the business unit of JMR - Gestao de Empresas de Retalho, SGPS, S.A. (Pingo Doce supermarkets); Portugal Cash & Carry, which includes the wholesale business unit Recheio; Poland Retail, which includes the business unit with the brand Biedronka; and Others, which includes marketing services and representations, restaurants in Portugal, health and beauty retail in Poland, and its retail business in Colombia.

MBANK SA

mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.

Purcari Wineries PCL

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
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