Report
Research Team

WOOD Daily: OGZD LI; PBK RO; 4IG HB; ENA PW; EUROB GA; CIE PW; KER PW; A4L BU; CCC PW; CZ Macro; RO Macro; PL Macro; HUGE PW; KRU PW; FP RO; SNN RO; EME Strategy; SGH BU

HEADLINES:
• Gazprom: structurally higher profits, record dividends (stays BUY)
• Patria Bank: still Holding our position on the sidelines (stays HOLD)
• 4iG: 3Q21 - solid quarter, with 20% yoy EBITDA growth, to HUF 1.75bn, in line with our estimate
• 4iG: Rheinmetall to become a strategic investor POSITIVE
• Enea: 3Q21 results review - strong numbers, but in line with prelims NEUTRAL
• Eurobank: 3Q21 in line, guidance for 2021E upgraded
• Ciech: 3Q21 EBITDA 7% above the consensus, 2021E EBITDA guidance confirmed POSITIVE
• Kernel: 1Q22 EBITDA 30% above our figures, all-time high result in farming segment POSITIVE
• Allterco: 3Q21 EBITDA 36% above our estimate POSITIVE
• CCC: 3x sales expansion planned by 2025E
• Czech Republic macro: country enters state of emergency for 30 days, light lockdown announced
• Czech Republic macro: contraction risk is rising
• Romania macro: coalition government's plan - macro and stock exchange perspective
• Poland macro: measures to bring inflation down in the near term
• Huuuge Games: takeaways - more cautious 2022E revenue outlook, but profitability target reiterated NEUTRAL
• Kruk: buys portfolios in Italy
• Fondul Proprietatea/Nuclearelectrica: Ministry of Energy wants to set up an energy holding
• Nuclearelectrica: Energonuclear signs contract with Candu Energy
• EME Strategy: OFE reform delayed (again) NEGATIVE
• Sirma Group Holding: 3Q21E preview (due on 30 November, TBC)
• Short News (ALR)
Underlyings
4iG Nyrt

4iG Nyrt. 4iG Nyrt, formerly Freesoft Szoftverfejleszto es Szamitatechnikai Szolgaltato Nyrt is a Hungary-based company engaged in providing software products and consultancy. The Company's activities include development and implementation of specific, custom-made software systems, document management, knowledge management, portal and collaboration applications, complex services for business needs in the areas of implementation, support and consultation, intranet- and Internet-based development, services, graphical and creative design, and consultation, design, development and implementation of mobile business applications, as well as operation, support, outsourcing, application service provision (ASP), application portfolio management (APM), hosting and other services. The Company has three subsidiaries: Axis Consuling 2000 Kft, BankSoft Kft and HUMANsoft Kft.

Allterco AD

CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

Enea S.A.

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

Eurobank Ergasias Services & Holdings SA

Eurobank Ergasias and its subsidiaries are organized in the following reportable segments: Retail. which incorporates customer current accounts, savings, deposits and investment savings products, credit and debit cards, consumer loans, small business banking and mortgages; Corporate, which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; Wealth Management, which incorporates private banking services; Global and Capital Markets, which incorporates investment banking services; and International, which incorporates operations in Romania, Bulgaria, Serbia, Cyprus, Ukraine and Luxembourg.

Fondul Proprietatea S.A. GDR (Reg S)

Gazprom (GDR)

Kernel Holding S.A.

Kernel Holding is a holding company. Co.'s is a diversified agribusiness engaged in the production and sale of bottled sunflower oil (sold under brand names Schedry Dar, Stozhar and Chumak Zolota), the production and subsequent export of bulk sunflower oil and meal, the wholesale trade of grain (mainly wheat, barley and corn), farming, and the provision of logistics and transshipment services n the ports of Ilyichevsk, Taman and Mykolaiv. The majority of Co.'s manufacturing facilities are primarily based in Ukraine and Russia. In addition, Co. is a private provider of inland silo services in Ukraine.

Patria Bank SA

Sirma Group Holding JSC

Societatea Nationala Nuclearelectrica 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