Report
Research Team

WOOD Daily: ASELS TI; HUG PW; INPST NA; FOYRK GA; AUG1L LH; PL Utilities; RO Banks; NLBR SV; KLKIM TI

HEADLINES:
• Aselsan: back on a USD growth path (upgraded to BUY)
• Huuuge Games: solid cash distribution potential (stays BUY)
• InPost: 2Q23 beat on strong volumes; growth maintained in 3Q23 to date; FY23E guidance upgrade POSITIVE
• Fourlis: 2Q23 review - decent quarter, supported by recovery at IKEA POSITIVE
• AUGA Group: 2Q23 gross profit weaker, but 2H23E seems promising
• Polish utilities: politician sees the NABE law being delayed until after the elections NEUTRAL
• Romanian banks: windfall tax may pose limited downside risk
• NLB Group: tax on banks to fuel Slovenian reconstruction efforts
• Kalekim: signs rent agreement to use dry mortar production plant in Mugla POSITIVE
Underlyings
Agrowill Group AB

Auga Group AB. Auga Group AB, formerly Agrowill Group AB, is a Lithuania-based company engaged in the agriculture sector. The Company's activities are structured mainly into three divisions, namely Mushroom-growing, Plant production and Livestock production. The Company offers white, brown, portabella, eryngii, pleurotus and shiitake mushrooms. It specializes in organic wheat and other crops, including organic vegetables and organic feed for livestock in its farms. The Company supplies potatoes, beetroots, onions, carrots, marinated champignons, marinated beetroots, among others. The Company operates own trademark AUGA. In addition, the Company is involved in own farms management. The Company has numerous subsidiaries, including UAB Arginta Engineering, UAB AVG Investment and UAB Agro GIS, among others. It operates domestically on the Lithuania territory.

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

Fourlis Holdings S.A.

Co. is engaged in the manufacture, import and distribution of electrical household appliances and the manufacture of FOURLIS kitchen hoods. In addition, through a subsidiary, Co. is engaged in the operation of a retail chain.

InPost S.A.

KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS

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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