Report
Research Team

WOOD Daily: ADKO AV; HUGE PW; KER PW; EXAE GA; ALR RO; FP RO; POLY LN

HEADLINES:
• Addiko Bank: outlook remains good, despite increased risks (stays BUY)
• Huuuge Games: 4Q21 adjusted EBITDA 6% above our expectations and 8% ahead of the consensus POSITIVE
• Kernel: 2Q22 results slightly better than expected, balance sheet position remains strong POSITIVE
• Athens Exchange Group: 4Q21 results review - a softer quarter
• Alro: takeaways from the FY21 earnings call
• Fondul Proprietatea: Ministry of Energy confirms agreement on Hidroelectrica GMS to approve listing POSITIVE
• Polymetal: split of Russian business from rest of company being considered NEUTRAL
• Short News (SNN, SNG)
Underlyings
Addiko Bank

Alro Slatina

Fondul Proprietatea S.A. GDR (Reg S)

Hellenic Exchanges SA

The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.

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.

Polymetal International Plc

Polymetal International is the ultimate parent entity of Polymetal Group, a precious metals mining group operating in Russia, Kazakhstan and Armenia. Co. has five reportable segments: Magadan; Ural; Khabarovsk; Kazakhstan; and Armenia. Each segment is engaged in gold, silver or copper mining and related activities, including exploration, extraction, processing and reclamation.

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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