Report
Research Team

WOOD Morning (21 January)

HEADLINES:
• JSW: meets 2018 output target, but poor production mix NEGATIVE
• Enea: Bogdanka pre-reports disappointing 4Q18 results NEGATIVE
• Romanian energy: ANRE publishes details on household electricity price cap NEGATIVE
• Severstal: 4Q18 trading update NEUTRAL
• NLMK: 4Q18 trading update
• CME: decides to retain Slovenian segment NEUTRAL
• Hellenic Petroleum: binding offers to be submitted in the first week of March NEUTRAL
• Short News (OPL, KER, GR macro, PPA)
Underlyings
Central European Media Enterprises Ltd. Cl A

Enea S.A.

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

Jastrzebska Spolka Weglowa S.A.

Jastrzebska Spolka Weglowa is a producer of type 35 coking coal (“orthocoking coal” according to Polish Standard). The main line of Co.'s business is also the mining and sales of steam coal. Co. is also central for selling all coal derivative products, i.e. coke and hydrocarbons produced by coking plants owned by the JSW S.A. Capital Group. The mining area is located in the Upper Silesian Coal Basin. The principal clients for Co.'s products are located primarily in Poland, Germany, Austria, the Czech Republic, Slovakia, and also India and Brazil.

NLMK (GDR)

Severstal (GDR)

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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