Report
Research Team

WOOD Morning (1 August 2024)

HEADLINES:
• Solutions by STC: slower growth on the horizon (stays HOLD)
• Wizz Air: 1Q FY25 – a miss, and FY guidance reviewed down NEGATIVE
• mBank: posts solid 2Q24 results; evolution of the CHF mortgage saga a key catalyst NEUTRAL
• Komercni Banka: 2Q24 results – slight miss
• BRD-GSG: small miss on 2Q24 bottom line, but good dynamics in loan book development NEUTRAL
• Eurobank Ergasias Services: 2Q24 highlights – in line in 2Q24, but trends indicate upside for full-year NI estimate
• Eurobank Ergasias Services: announces results of mandatory takeover bid to Hellenic Bank shareholders NEUTRAL
• Piraeus Financial Holdings: 2Q24 highlights, before the call – good trends across the board, good quarter
• Alkaloid AD Skopje: 2Q24 shows earnings remain on track NEUTRAL
• Yapi Kredi: 2Q24 highlights – NIM takes a major hit, guidance revised
• Titan Cement: 2Q24 financial results review and conference call takeaways POSITIVE
• Eurozone macro: beware! July surveys raise alarm bells for jobs
• Cyfrowy Polsat: Netia gains wholesale access to FTTH network covering 2.1 households POSITIVE
• Telecom Egypt: 2Q24E results preview (due on 14 August)
Underlyings
Alkaloid AD Skopje

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

BRD-Groupe Societe Generale

Cyfrowy Polsat SA

Eurobank Ergasias Services & Holdings SA

Eurobank Ergasias and its subsidiaries are organized in the following reportable segments: Retail. which incorporates customer current accounts, savings, deposits and investment savings products, credit and debit cards, consumer loans, small business banking and mortgages; Corporate, which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; Wealth Management, which incorporates private banking services; Global and Capital Markets, which incorporates investment banking services; and International, which incorporates operations in Romania, Bulgaria, Serbia, Cyprus, Ukraine and Luxembourg.

Komercni banka a.s.

Komercni banka is a universal banking group based in the Czech Republic. Co. is engaged in the provision of a range of financial services in retail, corporate and investment banking. Co.'s operating segments include: Retail Banking, the provision of products and services to individuals, such as among others building savings, pension insurance, overdrafts, credit card and personal loans and mortgages; Corporate Banking, the provision of products and services to corporate entities such as foreign currency and derivative products, syndicated and export financing, and guarantee transactions; and Investment Banking, which involves trading in financial instruments.

MBANK SA

mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.

Piraeus Bank SA

Telecom Egypt

Telecom Egypt is a telecommunications provider in Egypt and is engaged in the provision of fixed-line services in the Middle East. Co. offers a fixed line and retail telecommunications services and provides wholesale telecommunications services. Co. provides retail telecommunication services including access, local, long distance and international voice, internet and data, and other services. Co. also provides wholesale services including broadband capacity leasing to ISPs, and national and international interconnection services. Co.'s internet and data services include the provision of internet broadband access data transmission services and leased lines.

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

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

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch