Wood and Company - ADNOC Distribution PJSC (ADNOCDIST) ... WOOD Daily: BDX PW; SNP RO; PL Telecoms; SIPCHEM AB; BOROUGE UH; ADNOCDRI UH; ADNOCDIS UH

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Wood and Company

Research Team

WOOD Daily: BDX PW; SNP RO; PL Telecoms; SIPCHEM AB; BOROUGE UH; ADNOCDRI UH; ADNOCDIS UH

HEADLINES:
• Budimex: beneficiary of large investments in Poland (BUY - initiation of coverage)
• OMV Petrom: signs financing contracts for the 450 MW photovoltaic parks developed with CE Oltenia NEUTRAL
• Polish telecoms: mobile number portability in 2Q23 NEUTRAL
• Sipchem: 2Q23E results preview (due on 26 July)
• Borouge: 2Q23E results preview (due on 28 July)
• ADNOC Drilling: 2Q23E results preview (due on 8 August)
• ADNOC Distribution: 2Q23E results preview (due on 10 August)
• Short News (RO Macro)

18/07/2023 1 EN

Underlyings

ADNOC Distribution PJSC

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AEA006101017 Abu Dhabi Securities Exchange United Arab Emirates

ADNOC DRILLING CO

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AEA007301012 United Arab Emirates

BOROUGE

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AEE01072B225 Abu Dhabi Securities Exchange United Arab Emirates

Budimex S.A.

Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.

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PLBUDMX00013 Warsaw Stock Exchange Poland

Sahara International Petrochemical Company

Saudi International Petrochemical is engaged to own, establish, operate and manage industrial projects specially those related to chemical and petrochemical industries.

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SA000A0KFKK0 Saudi Stock Exchange Saudi Arabia

Provider

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.

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Analysts

Research Team

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WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; CAR PW; Erste Group; CPS PW; WPL PW; TL Automotive; RICHT HB; ADNOCDRI UH; ALARABIA AB; INPST NA; SHO PW

HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenue growth of 10-13% yoy NEUTRAL • Erste Group: enters Poland by buying a controlling stake in Santand...

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May 5, 2025 May 5, 2025 1 EN

Wood and Company

The Rear-View Mirror – EME markets: EME indices mostly in the red in April

EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR terms, respectively). The Turkish ISE30 Index was, again, the worst performer (-12.0% mom in EUR ter...

May 2, 2025 May 2, 2025 1 EN

WOOD Flash – Gentoo Media: 1Q25E financial results preview (due on 14 May)

Gentoo Media will publish its 1Q25E financial results on 14 May and host a conference call on the same day. We expect the top line to decline qoq, as the fourth quarters are the strongest seasonally, but also due to the weakness of the Brazilian market, amid the market restructuring following regulatory changes. On the EBITDA line, we also expect that the elevated costs related to the recent M&A activity will weigh on margins in the quarter. We expect Gentoo Media to announce its 2025E guidance during the conference call. We forecast 13% yoy revenue growth in 2025E, with a 47% EBITDA margin.

6h / 21m 6h / 21m 1 EN

Research Team

Research Team

WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; CAR PW; Erste Group; CPS PW; WPL PW; TL Automotive; RICHT HB; ADNOCDRI UH; ALARABIA AB; INPST NA; SHO PW

11h / 30m 11h / 30m 1 EN

Alessio Chiesa ... (+2)

Alessio Chiesa
Raffaella Tenconi

WOOD Flash – Romania macro: reflections on the resignation of PM Ciolacu

The first round of the presidential elections, held over the weekend, resulted in AUR leader George Simion and Bucharest Mayor Nicușor Dan advancing to the runoff. As a result of the defeat of the PSD-supported candidate, for the second time, Prime Minister Ciolacu has decided to resign and the party will not endorse anyone in the second round. The budget execution in the first three months of the year and the high costs of the pension reform introduced last year imply that either the government passes sizeable budget corrections by early summer, or this year’s deficit will match, if not excee...

11h / 40m 11h / 40m 1 EN

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WOOD Daily: BDX PW; SNP RO; PL Telecoms; SIPCHEM AB; BOROUGE UH; ADNOCDRI UH; ADNOCDIS UH

WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; CAR PW; Erste Group; CPS PW; WPL PW; TL Automotive; RICHT HB; ADNOCDRI UH; ALARABIA AB; INPST NA; SHO PW

WOOD Daily: Romania; EME Macro/Strategy; ALARABIA AB; HUG PW; TEN PW; G2M SS; Greek banks; ADNOCDIS UH; MTELEKOM HB

The Rear-View Mirror – EME markets: EME indices mostly in the red in April

WOOD Flash – Gentoo Media: 1Q25E financial results preview (due on 14 May)

WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; CAR PW; Erste Group; CPS PW; WPL PW; TL Automotive; RICHT HB; ADNOCDRI UH; ALARABIA AB; INPST NA; SHO PW

WOOD Flash – Romania macro: reflections on the resignation of PM Ciolacu

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