WOOD Daily: estimates of the potential Polish windfall tax (PL banks, utilities, retail, TMT, real estate), COG PW, GPP PW, CPS PW, COTE RO, AUGA Group (stays BUY), Italy macro
HEADLINES:• Polish banks: potential impact of the possible 50% windfall tax on all larger Polish companies
• Polish utilities: estimates of the effect of the potential windfall tax POSITIVE
• Polish retail: possible windfall tax seems to have marginal impact NEUTRAL
• Polish TMT: potential implications of the windfall tax NEGATIVE
• Polish real estate: potential implications of the windfall tax
• Cognor Holding: potential implications of the windfall tax NEGATIVE
• Grupa Pracuj: 2Q22 results - adj. EBITDA up 10% yoy, 14% above our figures and 5% above consensus POSITIVE
• Cyfrowy Polsat: sells 1m shares in Modivo for PLN 600m POSITIVE
• Conpet: net profit from revised 2022 budget 4% below the previous estimate NEGATIVE
• AUGA Group: favourable macro, green triggers imminent (stays BUY)
• EME Macro/Strategy: Italy macro - implications of the parliamentary elections
• Short News (CDR)
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.
Cognor Holding SA, formerly Cognor SA, is a Poland-based company that operates in the steel industry. The Company's activities are divided into four business segments: Scrap, Production, Distribution and Other. The Scrap division focuses on buying, processing, refining and selling of scrap metal and nonferrous scrap. The Production division is responsible for processing scrap metal into steel billets, as well as converting steel billets and nonferrous scrap into finished products. The Distribution division sells various commodities, such as steel products, steel and nonferrous scrap and steel billets. The Other division includes materials recycling, among others. The Company's products range comprises metal bars, steel sheet, plates, pipes and rods, as well as sheet zinc and tin plates, among others. It operates through a number of subsidiaries, such as Cognor Blachy Dachowe SA, Zlomrex Metal Sp z o o and Huta Stali Jakosciowych SA. The Company is controlled by PS Holdco Sp z o o.
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.
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