Report
Research Team

WOOD Daily: ETE GA, OGZD LI, BFT PW, ECH PW, CPS PW, RO SOEs, GR6 BU, A4L BU, KER PW, ADKO AV

HEADLINES:
• National Bank: very strong 1Q21, large excess capital buffers
• Gazprom: 1Q21 results review
• Benefit Systems: 1Q21 one-off adj. losses slightly deeper than expected; plans to enter Turkey NEUTRAL
• Echo Investment: 1Q21 - leverage lower, but still high; resi at full throttle, more disposals ahead?
• Cyfrowy Polsat: signs preliminary agreement to purchase a 28.01% stake in Premium Mobile NEUTRAL
• RO SOEs: the State submits a memorandum asking for a minimum 90% payout POSITIVE
• Gradus: 1Q21 EBITDA in line with our expectations NEUTRAL
• Allterco: 1Q21 results - solid, but in line with our expectations NEUTRAL
• Kernel: 3Q21 conference call takeaways POSITIVE
• Addiko Bank: announces new management board members
• Short news (PCO, TPE)
Underlyings
Addiko Bank

Allterco AD

Benefit Systems S.A. Allotment

Benefit System SA is a Poland-based company engaged in providing work benefits in the area of sport, recreations, culture and entertainment for employers. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities; MultiBet, providing access to more than 90 cinemas through Poland; and cafeteria programs, which allow employees to select items from such segments as sport, recreation, culture, entertainment, tourism and health and beauty. The Company is a parent entity of a capital group, which includes subsidiaries, such as MyBenefit Sp z o o, FitSport Polska Sp z o o, Vanity Style Sp z o o and Multisport Benefit sro, based in the Czech Republic.

Cyfrowy Polsat SA

Echo Investment

Echo Investment is a real estate investment and development company based in Poland. Co.'s is engaged in operations in the real estate market, the design, construction and development of shopping and entertainment centers, hotels, office buildings, houses, blocks of flats and apartments. Co.'s operations are organized along three operating segments: Shopping and Entertaining Centers, Offices and Hotels and Residential. Co. also offers general contracting services for third party investors. Co. owns properties throughout Poland, including Szczecin, Poznan, Warsaw, Krakow and Kielce, among others, and abroad, including Ukraine, Romania and Hungary.

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.

National Bank of Greece S.A. ADS

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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