Report
Research Team

WOOD Daily: PEO PW; BIMAS TI; RICHT HB; PETKM TI; EUROB GA; ETE GA; ADKO AV; TGN RO; APR PW; PINK CP; ADNOCDIS UH; MOL HB; EAT PW; ETEL EY; SFG RO

HEADLINES:
• Bank Pekao: 3Q23 results solid as a rock, 25%+ ROE remains, high dividend yield possible POSITIVE
• BIM: strong set of results in 3Q23 financials, beating expectations POSITIVE
• Richter: 3Q23 EBITDA in line; guidance raised on strong Vraylar POSITIVE
• Petkim: 3Q23 results
• Eurobank: 3Q23 results
• National Bank: 3Q23 results
• Addiko Bank: 3Q23 results - bottom-line beat POSITIVE
• Transgaz: no approval from EC for EUR 500m grants for non-priority projects NEUTRAL
• Auto Partner: October sales growth accelerates further, to 33% yoy, well above our expectations POSITIVE
• Pilulka Lekarny: coverage UNDER REVIEW
• ADNOC Distribution: 3Q23E results preview (due on 10 November)
• MOL: 3Q23E results preview (due on 10 November)
• AmRest: 3Q23E - 13% EBITDA growth expected (due on 14 November)
• Telecom Egypt: 3Q23E results preview (due on 14 November)
• Sphera Group: 45% yoy headline earnings drop expected in 3Q23E (due on 15 November)
• Short News (BDX, ALR, EL)
Underlyings
Addiko Bank

ADNOC Distribution PJSC

AmRest Holdings SE

Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.

BANK POLSKA KASA OPIEKI SA

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.

BIM Birlesik Magazalar A.S.

Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.

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.

MOL Nyrt

National Bank of Greece S.A. ADS

Petkim Petrokimya Holding AS

PILULKA LEKARNY AS

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Sphera Franchise Group SA

Telecom Egypt

Telecom Egypt is a telecommunications provider in Egypt and is engaged in the provision of fixed-line services in the Middle East. Co. offers a fixed line and retail telecommunications services and provides wholesale telecommunications services. Co. provides retail telecommunication services including access, local, long distance and international voice, internet and data, and other services. Co. also provides wholesale services including broadband capacity leasing to ISPs, and national and international interconnection services. Co.'s internet and data services include the provision of internet broadband access data transmission services and leased 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
Research Team

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