Report
Research Team

WOOD Daily: AEGN GA; CPS PW; WINE RO; FP RO; COTE RO; DIGI RO; SNG RO; HMX1R LR; EMEA Airlines; TEL RO; BFT PW; CDR PW; RICHT HB; STH PW; ALE PW

HEADLINES:
• Aegean Airlines: stellar summer, but visibility limited on 2023E (downgraded to HOLD)
• Cyfrowy Polsat: 3Q22 results review - soft numbers, but better than expectations POSITIVE
• Purcari Wineries: 3Q22 net profit at RON 14.5m, 31% above our expectations
• Fondul Proprietatea: Hidroelectrica's 3Q22 results - small miss, Petrom stake reduced marginally
• Conpet: 17% beat on 3Q22 net profit from higher import volumes transported
• DIGI Communications: 3Q22 results - pro-forma adjusted EBITDA up 6% yoy, in line with our estimate NEUTRAL
• Romgaz :3Q22 net income 29% below our estimate
• HansaMatrix: 3Q22 - margins hit by COGS and FX revaluation NEUTRAL
• EMEA airlines: 10M22 traffic, start of shoulder season sees demand and pricing holding up
• Transelectrica: takeaways from the 3Q22 earnings call
• Benefit Systems: two shareholders related to James Van Bergh sell 8.52% in ABB NEGATIVE
• CD Projekt: The Witcher 3 next-generation update to be released on 14 December NEUTRAL
• Richter: Erik Bogsch moves to advisory role, remains BoD Chairman NEUTRAL
• STS Group: 3Q22E results - 28% yoy EBITDA growth expected (due on 23 November) NEUTRAL
• Allegro: 3Q22E preview - 15% yoy EBITDA growth (due on 24 November) NEUTRAL
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.

Allegro.eu SA

Benefit Systems S.A. Allotment

Benefit System SA is a Poland-based company engaged in providing work benefits in the area of sport, recreations, culture and entertainment for employers. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities; MultiBet, providing access to more than 90 cinemas through Poland; and cafeteria programs, which allow employees to select items from such segments as sport, recreation, culture, entertainment, tourism and health and beauty. The Company is a parent entity of a capital group, which includes subsidiaries, such as MyBenefit Sp z o o, FitSport Polska Sp z o o, Vanity Style Sp z o o and Multisport Benefit sro, based in the Czech Republic.

C.N.T.E.E. Transelectrica

CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Conpet SA

Cyfrowy Polsat SA

Digi Communications NV

Fondul Proprietatea S.A. GDR (Reg S)

HansaMatrix AS

Purcari Wineries PCL

Societatea Nationala De Gaze Naturale ROMGAZ SA

STS Group AG

STS Group AG is a Germany-based supplier of vehicle parts. The Company develops and manufactures solutions for acoustic and thermal insulation (soft trim) and components made of plastics or composite material (hard trim) for the automobile and trucking industries, focusing on four categories of vehicles: medium and heavy commercial vehicles (MHCV), light commercial vehicles (LCV), agriculture and construction vehicles (ACV), and light vehicles (LV), and supplying its products directly to Original Equipment Manufacturers (OEMs). The Company operates through three business segments: STS Acoustics, which includes mainly soft trim products with acoustic and thermal features that reduce noise and protect against heat; STS Plastics, which includes mainly hard trim products used for exterior body parts or interior modules, and Materials, which includes semi-finished goods from mixed composite recyclables. The Company operates production facilities in Europe, China, Mexico and Brazil.

Turk Hava Yollari A.O.

Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

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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