Report
Research Team

WOOD Daily: ALE PW; SNN RO; CZ Macro; CEE Macro; EEG1T ET; TEN PW; SPL PW; MBK PW; OGZD LI; QIWI US; KMB MS; FP RO; GARAN TI

HEADLINES:
• Allegro: still a market leader, with ambitions for more (upgraded to BUY)
• Nuclearelectrica: riding the power price boom (upgraded to BUY)
• Czech Republic macro: CNB hikes, with a cautious undertone
• CEE macro: CE4 yields and macro forecasts update
• Ekspress Grupp: final 4Q21 figures in line with prelims, ambitious 2026E profitability target
• Ten Square Games: key takeaways from the 4Q21 earnings call NEUTRAL
• Santander Bank Polska: management proposes PLN 2.68/share dividend from 2021 net profit NEUTRAL
• mBank: no plan to pay dividend from 2022E net profit, keeps 50% payout ratio guidance going forward NEUTRAL
• Gazprom: Putin orders company to switch to RUB in its exports contracts NEUTRAL
• QIWI: Board proposes up to 10% buyback programme POSITIVE
• Komercijalna Banka: AGM approves DPS of MKD 620
• Fondul Proprietatea: Hidroelectrica shareholders approve listing of a stake of up to 20%
• Garanti: voluntary tender offer news NEUTRAL
Underlyings
Allegro.eu SA

Ekspress Grupp A.S.

Ekspress Grupp AS is an Estonia-based company that is principally engaged in the printing and publishing sector. The Company operates through three segments: Online media, Periodicals and Printing services. The Online media segment provides the administration of online classified portals and intermediation of Internet advertising services. The Periodicals segment is engaged in the publishing of newspaper, magazines, custom publications and books in Estonia and Lithuania. The Printing services segment provides printing and related services. It is active through its subsidiaries, joint ventures and associated companies, including UAB Ekspress Leidyba, UAB Adnet media, AS Express Post, AS Linnaleht and OU Hea Lugu, among others. The Company is active in Estonia, Latvia, Lithuania, the Russian Federation and Finland, among others.

Fondul Proprietatea S.A. GDR (Reg S)

Gazprom (GDR)

Komercijalna Banka AD Skopje

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.

Qiwi Plc Sponsored ADR Class B

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

Societatea Nationala Nuclearelectrica SA

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

Turkiye Garanti Bankasi Anonim Sirketi

Turkiye Garanti Bankasi is a private banking group based in Turkey. Co. operates as an integrated financial services group in every segment of the sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with subsidiaries in pension and life insurance, leasing, factoring, brokerage, and asset management. Co. provides a range of financial services to 13 million customers through a distribution network of 994 domestic branches; 6 foreign branches in Cyprus, Luxembourg and Malta; 3 international representative offices in London, Dusseldorf and Shanghai with more than 4,152 ATMs, a Call Center and internet.

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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