Report
Research Team

WOOD Daily: EBS AV; EAT PW; TXT PW; EL RO; WINE RO; AQ RO; SNN RO; TGN RO; M RO; AROBS RO; RICHT HB; IGN1L LH; DIGI RO; TLV RO; AKCNS TI; EU Macro; BDX PW; ALARABIA AB

HEADLINES
• Erste Bank: 4Q23 results
• AmRest: 4Q23 EBITDA in line, but earnings affected by EUR 29m goodwill write-down for Sushi Shop NEGATIVE
• Text: 3Q23-24 (calendar 4Q23) results – EBITDA down 4% yoy, 10% above the consensus POSITIVE
• Electrica: 4Q23 results in line with expectations NEGATIVE
• Purcari Wineries: 4Q23 results and 2024E outlook in line with expectations POSITIVE
• Aquila Part Prod Com: earnings beat, on lower credit losses, interest income and tax rate POSITIVE
• Nuclearelectrica: 2023 results in line with the preliminary figures released with the 2024E budget NEUTRAL
• Transgaz: 2023 results close to preliminary figures reported with the 2024E budget NEUTRAL
• MedLife: 4Q23 net loss on depreciation and financial costs NEGATIVE
• AROBS Transilvania Software: FY23 results NEUTRAL
• Richter: 4Q23 – small beat vs. the consensus, on lower opex NEUTRAL
• Ignitis Group: 4Q23 results, FY24E adjusted EBITDA guidance of EUR 440-470m, and proposes final dividend of EUR 0.643/share POSITIVE
• DIGI Communications: key takeaways from the 4Q23 earnings call NEUTRAL
• Banca Transilvania: 4Q23/FY23 results and conference call
• Akcansa: 4Q23 conference call takeaways NEUTRAL
• Europe macro: February business and consumer confidence surveys suggest that the business cycle remains in a downturn
• Budimex: applies to UOKiK for approval of a JV with Apricot, aimed at residential development project NEUTRAL
• Al Arabia Outdoor Advertising: announces the signing of a contract in Dubai City POSITIVE
• Short News (TEN, WINE)
Underlyings
Akcansa Cimento

Co. is engaged in the manufacture and sale of clinker, cement and ready mixed concrete, establishment of facilities for the same or their purchase in part or in full.

AmRest Holdings SE

Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.

AQUILA PART PROD COM

ARABIAN CONTRACTING SERVICES CO

AROBS TRANSILVANIA SOFTWARE SA

Banca Transilvania S.A.

Erste Group Bank AG

Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.

Ignitis Grupe

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

Med Life

Societatea Energetica Electrica

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica SA

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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