Research Team


• Wizz Air: darkest before the dawn (stays BUY)
• Turkish Airlines: firing on all cylinders (upgraded to HOLD)
• Aegean Airlines: increasing our 2022E on strong summer traffic (stays BUY)
• Kofola: cost pressures remain high (stays HOLD)
• EMEA airlines: 8M22 traffic, gains from strong summer uneven, attention turns towards winter POSITIVE
• OMV Petrom/Romgaz: potential impact of 33% tax on excess profits
• Tauron: Treasury offers PLN 1 for Tauron's mining unit POSITIVE
• Polish banks: PiS trying to push state banks to hike deposit pricing further
• CD Projekt: Netflix anime Cyberpunk: Edgerunners gets positive reviews NEUTRAL
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.

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 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 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.

Kofola CeskoSlovensko a.s.

Kofola CeskoSlovensko as is a Czech Republic-based company, which is engaged in the non-alcoholic beverages production. The Company is part of the Kofola Group, which produces drinks in eight production plants and its key brands include Kofola, Hoop Cola, Jupi, Jupk, Rajec, Radenska, Paola, Semtex and Vinea. Besides the traditional markets of the Czech Republic and Slovakia, the Company is also present in Poland and in Slovenia with limited activities in Austria and Russia. On selected markets the Company distributes among others Rauch, Evian or Badoit products and under the licence produces RC Cola or Orangina. The Company also produces and distributes Pepsi Co products in Croatia and Slovenia.

Petrom S.A.

Societatea Nationala De Gaze Naturale ROMGAZ SA

TAURON Polska Energia S.A.

Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.

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.

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.

Research Team

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