Report
Research Team

WOOD Daily: CZ Macro; KOMB CP; RBI AV; BRD RO; DNP PW; ELPE GA; DAT PW; THYAO TI; BRISA TI; VER AV; FP RO; PPC GA; RICHT HB; JAHEZ AB; TL Automotive; CPS PW; WPL PW; INPST NA; ALE PW

HEADLINES:
• Czech Republic macro: CNB begins rate cut deliberations
• Komercni Banka: solid 3Q23 delivery, but not implying any major changes in medium-term outlook NEUTRAL
• Raiffeisen Bank: beats 3Q23 expectations, improves guidance, but valuation still at deep discounts NEUTRAL
• BRD-GSG: 3Q23 results - strong bottom line with still provision releases POSITIVE
• Dino: 2-5% beat in 3Q23 NEUTRAL
• HELLENiQ Energy: 3Q23 results - above the consensus, plus interim dividend of EUR 0.3/share
• DataWalk: preliminary 3Q23 results - sales down 41% yoy, to PLN 4.56m, 20% below our estimate NEGATIVE
• Turkish Airlines: 3Q23 call takeaways POSITIVE
• Brisa: good margins in 4Q, some compression in 2024E NEUTRAL
• Verbund: takeaways from the 3Q23 earnings call NEUTRAL
• Fondul Proprietatea: wants to supplement current tender offer by 1bn shares, 19% of total shares
• Public Power Corporation: acquires Kotsovolos for EUR 200m POSITIVE
• Richter: receives approval for Ryeqo for Endometriosis NEUTRAL
• Jahez: conference call on termination of The Chefz acquisition NEUTRAL
• Turkish automotive: ADA releases October light vehicle sales data NEUTRAL
• Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 21.91%, while WP TV at 0.59% in October 2023 NEUTRAL
• InPost: 3Q23E preview - adjusted EBITDA growth of 37% yoy expected (due on 9 November)
• Allegro: 3Q23E results preview - 24% yoy adjusted EBITDA growth expected (due on 16 November)
Underlyings
Allegro.eu SA

BRD-Groupe Societe Generale

Brisa-Bridgestone Sabanci Lastik Sanayi ve Ticaret A.S.

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.

Cyfrowy Polsat SA

Datawalk SA

Datawalk SA Formerly known as Pilab SA. Datawalk SA, formerly known as Pilab SA, is a Poland-based a software publisher. The Company specializes in the area of data analysis, offering Business Intelligence solutions. It operates DataWalk, an agile analysis platform, which enables financial and insurance institutions to discover fraud attempts, combat money laundering, as well as analyze and monitor business processes, such as sales, claim adjustment and debt collection, among other applications. The Company operates through Datawalk Inc, its wholly-owned subsidiary based in the United States.

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

Fondul Proprietatea S.A. GDR (Reg S)

InPost S.A.

JAHEZ INTERNATIONAL CO

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.

Public Power Corporation S.A.

Public Power Corp. is a vertically intergrated electric utility engaged in electricity generation, transmission and distribution throughout Greece. At Dec 31 2014, Co. and its subsidiaries generated electricity in its own 62 power generating stations of Co. and from the additional stations which belong to its wholly owned subsidiary PPC Renewables S.A, facilitated the transmission of electricity through its own power lines of approximately 12,273 km and distributed electricity to consumers through its own distribution lines for Medium and Low voltage of 235,100 km which are managed by its wholly owned subsidiary Hellenic Distribution Network Operator (HEDNO S.A.) (Medium and Low voltage).

Raiffeisen Bank International AG

Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million

VERBUND AG Class A

Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

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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