Report
Research Team

Focus: Turkey macro – where we stand; EME Strategy – MSCI August QIR – Motor Oil Hellas to join MSCI Greece; Play Communications revises 2018E guidance – 4-9% EBITDA drop, 2018E dividend guidance halved; Enka Insaat’s 2Q18 review

HEADLINES:
* Turkey macro: where we stand
* EME Strategy: MSCI August QIR - Motor Oil Hellas to join MSCI Greece NEUTRAL
* Play Communications: revises 2018E guidance - 4-9% EBITDA drop, 2018E dividend guidance halved NEGATIVE
* Enka Insaat: 2Q18 review - miss on net income NEGATIVE
* Kofola: 2Q18 results - 28% beat on EBITDA due to solid gross margin expansion in Czech Republic POSITIVE
* Sphera: 2Q18 results - miss due to poor performance of Pizza Hut and labour costs pressure NEGATIVE
* Electrica: 2Q18 results above expectations POSITIVE
* Nuclearelectrica: 2Q18 results weak, but as expected
* Transgaz: 2Q18 - weak results, but broadly in line with expectations NEUTRAL
* DIGI Communications: 2Q18 results affected by FX losses NEGATIVE
* Pegasus Airlines: 2Q18 results - slight operating beat, net in line, guidance not revised NEUTRAL
* MLP Care: reports adjusted EBITDA of TRY 110m, broadly in line NEUTRAL
* Norilsk Nickel: 1H18 results - 4% above consensus on EBITDA, FCF much stronger than expected POSITIVE
* Pfleiderer: 2Q18 preliminary results - only 4% yoy top-line growth, 7% yoy reported EBITDA drop
* Banca Transilvania: 2Q18 results conference call summary
* Hellenic Bank: Emma Alpha commits to subscribe to the capital issue
* Erdemir: 2Q18E results - flat EBITDA qoq in line with consensus, but lower FCF (due on 16 August) NEUTRAL
* Aegean Airlines: 2Q18E preview - flat yoy EBITDAR expected (due on 31 August)
* Aeroflot: 2Q18E preview - further margin contraction (due on 31 August)
* Short News (CGEO)
Underlyings
Aegean Airlines SA

Aegean Airlines is an airline carrier based in Greece. Co. is engaged in aviation transportation, providing services that concern the transportation of passengers and commodities in the sector of public aviation transportation inside and outside Greece, conducting scheduled and unscheduled flights. Co. provides full service, premium quality short and medium haul services. Co. maintains a network of 145 destinations, 111 international in 45 countries and 34 domestic destinations. Co. is a member of global airline network, the Star Alliance network.

Aeroflot Russian Airlines

PJSC Aeroflot Russian Airlines is an international air transport company which is engaged in operations in Russia. The principal activity of Co. is the provision of passenger and cargo air transportation services both domestically and internationally and other aviation services from its base at Moscow Sheremetevo Airport. Co. and its subsidiaries also includes activities comprising airline catering, the operation of a hotel and insurance services. Associated undertakings mainly comprise hotel and duty-free retail businesses. The principal business segments are airline operations, airline catering, hotel operations and other.

Banca Transilvania S.A.

Digi Communications NV

Enka Insaat ve Sanayi A.S.

Enka Insaat ve Sanayi is an engineering and construction company. Co. operates in the following geographical areas: in Turkey, Co. is engaged in a range of construction activities including construction of industrial and social buildings, motorways and construction and operation of natural gas fired electrical energy generation facilities; in Russian Federation, Georgia, Turkmenistan and Kazakhstan, Co. is engaged in construction activities and also in investment and development of real estate properties and shopping malls in Moscow, Russia; and in Europe, Co. is engaged in construction and trading activities in Romania, the Netherlands, Switzerland, Germany and Kosovo.

Eregli Demir ye celik Fabrikalari T.A.S.

Eregli Demir Ve Celik Fabrikalari is engaged in the production of iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed products, coke and their by-products.

Hellenic Bank Ltd.

MLP Saglik Hizmetleri AS

MLP Saglik Hizmetleri AS, formerly Medical Park Saglik Hizmetleri AS, is a Turkey-based company engaged in the healthcare sector. The Company operates more than 20 hospitals in more than 10 provinces in Turkey. The Company's medical departments include: Mouth and Dental Health, Brain and Nerve Surgery, Biochemistry, Dermatology, Child Health and Diseases, Physical Therapy and Rehabilitation, Hematology, Check-up, Eye Health and Diseases, Gastroenterology, Cardiac Surgery, Ear-Nose-Throat, Cardiology, Gynecology and Obstetrics, as well as Laboratory Services, among others. The Company's subsidiaries are: Medical Park Gaziantep Hastanesi, Samsun Medikal Grup Ozel Saglik Hizmetleri AS and Sentez Saglik Hizmetleri AS, among others.

Pfleiderer Group SA

Pfleiderer Grajewo, through its subsidiaries, engages in the manufacture and veneering of wood and wood-based products, and impregnation of paper in Poland and internationally. Co. is also involved in the manufacture of melamine-faced, raw chipboards, laminated and raw HDF boards, worktops, high-pressure laminates (HPL), MFP panels, finish foils, adhesive resins and other wood and wood-based products; production of materials from wood waste; wholesale of own and third-party products; and generation and distribution of heat.

Play Communications SA

Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.

Societatea Energetica Electrica

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica SA

Sphera Franchise Group 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

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch