Report
Research Team

WOOD Daily: EME Macro/Strategy – coronavirus impact; ALR PW; EBS AV; AEFES TI; GSPARK HB; SBER RX; ELPE GA; EL RO; WINE RO; BIZIM TI; KER PW: EVR LN; PL Banks; PLY PW; FP RO; CETV US; ENA PW; RICHT HB

HEADLINES:
• EME Macro/Strategy: coronavirus impact - best guess
• Alior Bank: publishes 2022E strategy, higher than expectations, but difference is cost POSITIVE
• Alior Bank: posts ugly 4Q19 - not on headline numbers, but on quality mix NEGATIVE
• Erste Bank: 4Q19 net profit largely in line with our forecasts NEUTRAL
• Anadolu Efes: 4Q19 results in line, dividend a positive surprise POSITIVE
• Graphisoft Park: 4Q19 in line; focus on buyback; valuation attractive
• Sberbank: 4Q19 highlights - results broadly in line
• Hellenic Petroleum: 4Q19 results, dividend proposal of EUR 0.5/share
• Electrica: 4Q19 - weak quarter due to high power prices NEGATIVE
• Purcari Wineries: 4Q19 slightly above expectations, a small beat for the year POSITIVE
• Bizim Toptan: 4Q19 results - broadly in line NEUTRAL
• Kernel: 2Q20 EBITDA misses our forecast by 5%; 2020E Farming EBITDA forecast cut NEGATIVE
• EVRAZ: 2H19 financial results - above the consensus, with a higher-than-expected dividend
• Polish banks: BFG sets annual contributions to resolution and guarantee funds at PLN 3,175m NEUTRAL
• Play Communications: key takeaways from the 4Q19 earnings call NEUTRAL
• Fondul Proprietatea: dividend proposal, ENEL, 20% listed limit might be lifted
• CME: shareholders approve sale of the company to PPF; Rubio wants CFIUS to review the deal NEUTRAL
• Energa: RES settlements and gas plants news
• Richter: EMA accepts Estella oral contraceptive application NEUTRAL
• Short News (CPS)
Underlyings
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.

Anadolu Efes Biracilik ve Malt Sanayii A.S.

Anadolu Efes Biracilik ve Malt Sanayii AS is a Turkey-based company, which is engaged in the production, bottling, selling and distribution of beer under a number of trademarks and also in the production, bottling, selling and distribution of sparkling and still beverages with The Coca-Cola Company trademark. The Group owns and operates more than 14 breweries, over five malt production facilities and over 15 facilities for sparkling and still beverages production. Furthermore, the Group has joint control over Anadolu Etap Penkon Gida ve Tarim Urunleri San. ve Tic. AS (Anadolu Etap) which undertakes production and sales of fruit juice concentrates and purees in Turkey. The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD) which undertakes distribution and sales of sparkling and still beverages in Syria.

Bizim Toptan Satis Magazalari AS

Central European Media Enterprises Ltd. Cl A

Energa SA

Energa SA is a Poland-based company engaged in the electric power sector. It produces and distributes the electric power and participates in the electric power market in Northern and Central Poland. It divides its business into seven segments: Electricity Distribution consists of electricity distribution conducted by subsidiaries; Renewable Energy invests in renewable energy sources and produces electricity through hydro, wind and bio-energy plans; Baseload Power Plant consists of manufacturing and investment activities in the area of conventional power plants, service and repair activities related to the generation of electricity; Combined Heat and Power (CHP) includes manufacturing activity of power plants and the heat distribution; Sales is engaged in lighting services, trading of electrical energy and customer service; Services provides accounting, human resources (HR) and payroll services, among others; Other includes hotel and training centers, and transportation services.

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.

Evraz PLC

Evraz engages in the production and distribution of steel and related products and coal and iron ore mining. Co. also produces vanadium products. Co. has four segments: Steel, which includes production of steel and related products at all mills except for those in North America, and includes the extraction of vanadium ore and production of vanadium products, iron ore mining and enrichment and certain energy-generating companies; Steel, North America, which includes production of steel and related products in the U.S. and Canada; Coal, which includes coal mining and enrichment; and Other operations, which includes energy-generating companies, shipping and railway transportation companies.

Hellenic Bank Ltd.

Kernel Holding S.A.

Kernel Holding is a holding company. Co.'s is a diversified agribusiness engaged in the production and sale of bottled sunflower oil (sold under brand names Schedry Dar, Stozhar and Chumak Zolota), the production and subsequent export of bulk sunflower oil and meal, the wholesale trade of grain (mainly wheat, barley and corn), farming, and the provision of logistics and transshipment services n the ports of Ilyichevsk, Taman and Mykolaiv. The majority of Co.'s manufacturing facilities are primarily based in Ukraine and Russia. In addition, Co. is a private provider of inland silo services in Ukraine.

Play Communications SA

Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.

Sberbank Russia PJSC

Sberbank Russia is an open joint stock commercial bank. Co.'s principal business activity is corporate and retail banking. This includes, but is not limited to, deposit taking and commercial lending in freely convertible currencies, local currencies of countries where the subsidiary banks operate and in Russian Roubles, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. Co.'s operations are conducted in both Russian and international markets. As of Dec 31 2014, Co. had total assets of RUB25.20 trillion.

Societatea Energetica Electrica

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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.

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