Wood and Company - ADNOC DRILLING CO (ADNOCDRILL) ... WOOD Daily: EL RO; TEL RO; TGN RO; MIL PW; ADNOCDRI DH; HUG PW

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Wood and Company

Research Team

WOOD Daily: EL RO; TEL RO; TGN RO; MIL PW; ADNOCDRI DH; HUG PW

HEADLINES:
• Romanian utilities: the worst is behind us (Electrica stays BUY, Transelectrica and Transgaz stay HOLD)
• Bank Millennium: to face PLN 620m of FX mortgage saga provisions hitting its bottom line in 4Q23E NEUTRAL
• ADNOC Drilling: JV with Alpha Dhabi makes first investment NEUTRAL
• Huuuge Games: 4Q23 bookings down 1% qoq NEUTRAL

09/01/2024 1 EN

Underlyings

ADNOC DRILLING CO

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AEA007301012 United Arab Emirates

Bank Millennium SA

Bank Millennium provides various banking products and services to individual clients, small businesses, corporate, and public sector entities in Poland. Co. offers current account, custody account, and escrow account; standard deposits, negotiated deposits, millenet deposits, and automatic overnight deposits; debit and charge cards; funds management; professional cash services; and management of balances of current and auxiliary accounts. Co. also provides current account overdraft facility, real estate loans, revolving credits, working capital loans, investment loans, energy financing facility, sureties, line of guarantees, letters-of-credit, preferential loans, and bid bond guarantees.

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PLBIG0000016 Warsaw Stock Exchange Poland

C.N.T.E.E. Transelectrica

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ROTSELACNOR9 Bucharest Stock Exchange Romania

Huuuge

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US44853H1086 Warsaw Stock Exchange United States

Societatea Energetica Electrica

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US83367Y2072 London Stock Exchange Romania

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

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ROTGNTACNOR8 Bucharest Stock Exchange Romania

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

Other Reports on these Companies

Wood and Company

WOOD Daily: TLV RO; ADNOCDRI UH; OTKAR TI; TBCG LN; ELM AB; ISCTR TI; PL Banks; PL Utilities; AQ RO; EME Macro/Strategy Weekly; SNP RO; MBR PW; ALE PW

HEADLINES: • Banca Transilvania: NIM resilience and strong loan book expansion the key positives of 1Q24 bottom-line beat, on non-recurring revenue, low provisions and a one-off POSITIVE • ADNOC Drilling: 1Q24 results – new venture and updated dividend policy POSITIVE • Otokar: lacklustre 1Q24 results, but strong backlog NEGATIVE • TBC Bank: 1Q24 results and conference call NEUTRAL • Elm: mixed 1Q24 financial results NEGATIVE • Isbank: 1Q24 highlights – margin pressure worsening • Polish banks: summary of credit holidays extension costs expected by the banks NEUTRAL • Polish utilities: State s...

May 13, 2024 May 13, 2024 1 EN

Wood and Company

WOOD Daily: MBK PW; OTP HB; MIL PW; CCC PW; DNP PW; EAT PW; MOL HB; M RO; BVB RO; SOLUTION AB; PL Macro; HTO GA; MTELEKOM HB; DIGI RO

HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results point to inflection point for profitability POSITIVE • Bucharest Stock Exchange: solid bottom-line deliv...

May 10, 2024 May 10, 2024 1 EN

Wood and Company

WOOD Daily: BDX PW; EU Oil & Gas Monthly; BHW PW; PKO PW; MIL PW; CAR PW; MOL HB; DIGI RO; GPW PW; VGO PW

HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q24E results preview (due on 10 May) NEUTRAL • DIGI Communications: 1Q24E preview – 15% yoy EBITDA gr...

May 8, 2024 May 8, 2024 1 EN

WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate

On 15 May, GEVORKYAN reported better-than-expected results, with EBITDA of EUR 7.3m (+24% yoy), a 17% beat vs. our estimate of EUR 6.2m. The revenues were up by 31% yoy, at EUR 24.2m, a 10% beat vs. our expectations. Management has reiterated its guidance for 2024E but, if the 2Q24E results are above the company’s plan, it could upgrade its guidance. In 1Q24, GEVORKYAN delivered an EBITDA margin of 30%, 2ppts higher than we anticipated. For 2024E, we are more conservative on the operating profitability and we expect a 28% EBITDA margin, while the company is guiding for 30%. If delivered succes...

10h / 48m 10h / 48m 1 EN

Research Team

Research Team

WOOD Daily: CGEO LN; ELPE GA; GPW PW; BOCH CY; ALPHA GA; EUROB GA; BFT PW; MBR PW; AROBS RO; KRKG SV; LOGO TI; CZG CP; MTELEKOM HB; PKN PW; 4IG HB

HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter overall • Benefit Systems: 1Q24 earnings call takeaways – short-term stagnation in card base, increased...

13h / 33m 13h / 33m 1 EN

Miguel Dias

Miguel Dias

WOOD Flash – Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent

Overall, we view these results as broadly positive. We are concerned about the lack of development of the balance sheet, but we hope the bank will return to growth mode in the coming quarters. On the other hand, we appreciate the margin resilience, and the bank’s ability to find results elsewhere (namely NFC) and to keep its costs contained. The bottom-line beat was also supported by the low level of provisioning and taxes booked; therefore, replicating it in the coming quarters might be a tall order. Nonetheless, we appreciate the strong print, which also includes the new banking tax.

14h / 21m 14h / 21m 1 EN

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WOOD Daily: EL RO; TEL RO; TGN RO; MIL PW; ADNOCDRI DH; HUG PW

WOOD Daily: TLV RO; ADNOCDRI UH; OTKAR TI; TBCG LN; ELM AB; ISCTR TI; PL Banks; PL Utilities; AQ RO; EME Macro/Strategy Weekly; SNP RO; MBR PW; ALE PW

WOOD Daily: MBK PW; OTP HB; MIL PW; CCC PW; DNP PW; EAT PW; MOL HB; M RO; BVB RO; SOLUTION AB; PL Macro; HTO GA; MTELEKOM HB; DIGI RO

WOOD Daily: BDX PW; EU Oil & Gas Monthly; BHW PW; PKO PW; MIL PW; CAR PW; MOL HB; DIGI RO; GPW PW; VGO PW

WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate

WOOD Daily: CGEO LN; ELPE GA; GPW PW; BOCH CY; ALPHA GA; EUROB GA; BFT PW; MBR PW; AROBS RO; KRKG SV; LOGO TI; CZG CP; MTELEKOM HB; PKN PW; 4IG HB

WOOD Flash – Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent

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