Report
Research Team

WOOD Daily: AEGN GA; ALR RO; SNN RO; TLV RO; GSPARK HB; HTO GA; M RO; ADNOCDRI UH; PCF PW; GPP PW; GPW PW; WINE RO

HEADLINES:
• Aegean Airlines: en route to the best year on record, by far (stays HOLD)
• Alro: deep net loss of RON 230m in 3Q23 NEGATIVE
• Nuclearelectrica: 3Q23 reported net profit 4% lower yoy, fully in line with our estimate NEUTRAL
• Banca Transilvania: solid 3Q23 results, but spoiled, once again, by the Volksbank saga
• Graphisoft Park: 3Q23 - steady as she goes
• OTE: key takeaways from the 3Q23 earnings call NEUTRAL
• MedLife: targeting return to c.15% EBITDA margins NEUTRAL
• ADNOC Drilling: to create JV to invest in technology-focused oil services businesses
• PCF Group: new survival adventure VR game to be developed by Incuvo, release target in 2024-25E NEUTRAL
• Grupa Pracuj: new online job ads down 17% yoy in October NEUTRAL
• Warsaw Stock Exchange: 3Q23 results - erratum
• Purcari Wineries: 3Q23E results preview (due on 15 November)
Underlyings
ADNOC DRILLING CO

Alro Slatina

Banca Transilvania S.A.

Graphisoft Park SE

Graphisoft Park SE Ingatlanfejleszto Europai Rt is a Hungary-based company engaged in the real estate operations. The Company operates as a holding and provides management, financial and administrative services to its subsidiaries. As of December 31, 2011, the Company operated two subsidiaries, Grpahisoft Park Kft, engaged in the real estate development; and Graphisoft Park Services Kft, responsible for property operation tasks. The total area of the Company's properties was nearly 18 hectares. As of December 31, 2011, the Company's two subsidiaries, Graphisoft Park Universitas Kft and GP3 Kft merged into Graphisoft Park Kft. As of December 31, 2011, the Company's parent entity was Graphisoft SE.

GRUPA PRACUJ DA

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

Med Life

PCF Group SA

Purcari Wineries PCL

Societatea Nationala Nuclearelectrica SA

Warsaw Stock Exchange

Gielda Papierow Wartosciowych w Warszawie SA (Warsaw Stock Exchange, GPW) is a Poland-based stock exchange. It is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. It also distributes market data. The Company has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot SA.

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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