Report
Research Team

WOOD Daily: MOL HB; RICHT HB; PPC GA; ADNOCDRI UH; BVB RO; HTO GA; CZ Macro; EL RO; SNP RO; SNG RO; WPL PW

HEADLINES:
• MOL: 2Q23 results - EBITDA below expectations, net income above
• Richter: EBIT misses as opex accelerates NEGATIVE
• Public Power Corporation: 2Q EBITDA in line NEUTRAL
• ADNOC Drilling: 2Q23 results - in line with expectations
• Bucharest Stock Exchange: relatively flat bottom line qoq, despite trading income shortfall
• OTE: 2Q23 results review - soft quarter, with 1% yoy adjusted EBITDA drop, in line with expectations NEUTRAL
• OTE: key takeaways from the 2Q23 earnings call NEUTRAL
• Czech Republic macro: tightening done, now let us discuss the easing phase
• Electrica: government reported to be struggling to repay power and gas suppliers NEUTRAL
• OMV Petrom/Romgaz: Mineral Resources Agency endorses Neptun development plan
• Wirtualna Polska: real users in July 2023 NEUTRAL
• Short News (ALR)
Underlyings
ADNOC DRILLING CO

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.

MOL Nyrt

Petrom S.A.

Public Power Corporation S.A.

Public Power Corp. is a vertically intergrated electric utility engaged in electricity generation, transmission and distribution throughout Greece. At Dec 31 2014, Co. and its subsidiaries generated electricity in its own 62 power generating stations of Co. and from the additional stations which belong to its wholly owned subsidiary PPC Renewables S.A, facilitated the transmission of electricity through its own power lines of approximately 12,273 km and distributed electricity to consumers through its own distribution lines for Medium and Low voltage of 235,100 km which are managed by its wholly owned subsidiary Hellenic Distribution Network Operator (HEDNO S.A.) (Medium and Low voltage).

S.C. Bursa de Valori Bucuresti S.A.

Societatea Energetica Electrica

Societatea Nationala De Gaze Naturale ROMGAZ SA

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

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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