Report
Research Team

WOOD Daily: Norilsk Nickel (reinitiating coverage with a HOLD), ELPE GA, TITC GA, ALR RO, TLV RO, DIGI RO, M RO, SNN RO, TEL RO, TGN RO, NLBR SV, BGEO LI, ALRS RM, BFT PW, ALR PW, Airlines, MOL HB, MSCI November SAIR, previews

HEADLINES:
• Norilsk Nickel: Chips crisis + lower payouts = limited return (HOLD - reinitiation of coverage)
• Hellenic Petroleum: 3Q21 results - refining better than expected POSITIVE
• Titan Cement: weak quarter due to cost inflation
• Alro: 3Q21 results - EBITDA 16% below our forecasts
• Banca Transilvania: first read on 3Q21
• DIGI Communications: 3Q21 results - adj. EBITDA in line, miss on net income due to FX losses NEGATIVE
• MedLife: 3Q21 results in line, margins contract on drug wholesale NEUTRAL
• Nuclearelectrica: 3Q21 net profit 28% below our expectations
• Transelectrica: 3Q21 net loss worse than expected
• Transgaz: 3Q21 net loss higher than expected
• NLB Group: strong quarter, positive outlook
• Bank of Georgia: 3Q21 highlights - solid quarter
• Alrosa: 3Q21 IFRS results - 7% beat on EBITDA, 11% on FCF POSITIVE
• Benefit Systems: takeaways from the post-results call NEUTRAL
• Alior Bank: faces a material reshuffling in its Management Board
• Airlines: EU threat of sanctioning THYAO and Aeroflot seems to have helped advance negotiations POSITIVE
• MOL: Hungarian government announces a petrol pump price cap NEGATIVE
• MSCI: November 2021 SAIR - mBank and Rusal join MSCI EM; PPC included following capital increase NEUTRAL
• Conpet: 3Q21E results preview - weak quarter expected (due on 15 November)
• InPost: 3Q21E preview (due on 17 November)
• Short news (CIE, KER, ADKO)
Underlyings
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.

Alior Bank SA

Alior Bank is a universal lending and deposit-taking bank which renders services to individuals, legal persons and other entities which are Polish and foreign persons. Co.'s core activities include maintaining bank accounts, granting loans and advances, issuing banking securities and purchasing and selling foreign currency. Co. also conducts brokerage activities, consulting and financial agency services and renders other financial services.

Alro Slatina

ALROSA PJSC

AK Alrosa PAO. AK Alrosa PAO (Aktsionernaya kompaniya ALROSA PAO or ALROSA Company PJSC), formerly AK Alrosa OAO, is a Russia-based company which is principally engaged in the exploration, mining, manufacture and sales of diamonds. Its operations include five Integrated Mining and Processing Complexes: Mirny, Udachny, Aikhal, Anabar and Nyurba located in the Sakha Republic; sorting divisions and diamond cutting and polishing division. The Company is a member of variable diamonds associations. It operates through several representative offices, branches and subsidiaries, including Alrosa-Nyurba OAO, Almazy Anabara OAO and Severalmaz OAO.

Banca Transilvania S.A.

Bank of Georgia

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

Conpet SA

Digi Communications NV

InPost S.A.

Med Life

Mining and Metallurgical Company NORILSK NICKEL (GDR)

MOL Nyrt

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica SA

Titan Cement Co. SA

Titan Cement Co. and, its subsidiaries (collectively, the Group) are engaged in the production, trade and distribution of a range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the U.S. The Group operates in 14 countries in Europe, North America and the Eastern Mediterranean and is organized in the following four operating (geographic) segments: Greece and Western Europe, North America, South East Europe, and Eastern Mediterranean.

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.

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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