Report
Research Team

WOOD Daily: PGSUS TI; FROTO TI; ONE RO; ALK MS; EU Oil & Gas Monthly; TGN RO; APR PW; PL Banks; PL Utilities; RICHT HB; ALARABIA AB; ELM AB

HEADLINES:
• Pegasus Airlines: 4Q23 – decent end to another very good year NEUTRAL
• Ford Otosan: strong set of results in 4Q23 POSITIVE
• ONE United Properties: FY23 – ramping up, with almost 1k units sold in 2023
• Alkaloid: 4Q23 – reaping the benefits of recent investments
• Alkaloid: rating and price target changes
• European oil and gas monthly: February 2024 – return of the crack
• Transgaz: takeaways from the 4Q23 earnings call POSITIVE
• Auto Partner: February sales growth accelerates materially, to 33% yoy POSITIVE
• Polish banks: credit holidays extended to 2024E NEUTRAL
• Polish utilities: consumers to continue to be protected from high power prices, but on a lower scale NEUTRAL
• Richter: to increase stakes in German biosimilar units to 100%
• Al Arabia Outdoor Advertising: meets all regulatory conditions to acquire Faden Media NEUTRAL
• Elm: 4Q23 financial results preview (due on 10 March)
• Short News (CEZ, H2O, SNG, SNN, TEL, TGN)
Underlyings
Alkaloid AD Skopje

ARABIAN CONTRACTING SERVICES CO

Auto Partner SA

Auto Partner SA is a Poland-based company engaged in the auto, truck and motorcycle parts industry. The Company is an importer and distributor of spare parts for cars and light commercial vehicles. Auto Partner SA is an enterprising entity with its headquarters as well as logistic and distribution centre located in Bierun near Tychy. The Company has approximately 60 branch offices across the domestic markets and some representative offices in neighboring countries, in the Czech Republic, Slovakia, Ukraine and Belarus, among others. Auto Partner SA distributes stabilizer links, steering rod end sets, steering rods, suspension arms, pins, rubber - metal parts, power steering pumps and steering gears, among others.

Ford Otomotiv Sanayi A.S.

Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).

ONE UNITED PROPERTIES SA

Pegasus Hava Tasimaciligi AS

Pegasus Hava Tasimaciligi is a low-cost airline group based in Turkey. Co. provides reasonably-priced transportation opportunities on point-to-point basis in short and medium range flight lines on its domestic and international network. Co. primarily provides transportation opportunities from its main hub in Istanbul Sabiha Gokcen International Airport, but also offers scheduled flights from other domestic hubs, primarily in Adana, Antalya and Izmir. Co.'s fleet is composed of 49 airplanes in total. Co.'s flight network consists of 76 locations (45 abroad and 31 domestic flight locations in 30 countries). Co. also provides cargo services and provides various training services.

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

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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.

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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