Report
Research Team

WOOD Daily: MBR PW; DSPW CP; CPS PW; CPS PW; PCO PW; ALE PW; APR PW; CAR PW; PKN PW; TPE PW; CAI AV; ENA PW; CBF PW; VRC PW; TITC GA; WINE RO

HEADLINES:
• Mo-BRUK: 1Q25 EBITDA 7% below our forecast, but a substantial 24% miss vs. the consensus NEGATIVE
• Doosan Skoda Power: weak 1Q25 – EBITDA down 70% yoy NEGATIVE
• Cyfrowy Polsat: 1Q25 results review – adjusted EBITDA up 5% yoy, in line with the consensus NEUTRAL
• Cyfrowy Polsat: Liechtenstein court dismisses Zygmunt Solorz's lawsuit against his children POSITIVE
• Pepco Group: 1H25 slightly below expectations on worsening Poundland; lfl improvement at Pepco; another EUR 234m impairment and FY25E guidance cut at Poundland NEGATIVE
• Allegro: 1Q25 results in line with expectations; FY25E guidance maintained NEUTRAL
• Auto Partner: 1Q25 EBITDA 4% below our expectations NEUTRAL
• Inter Cars: 1Q25 EBITDA in line with our expectations, 6% ahead of the consensus NEUTRAL
• Orlen: 1Q25 results NEUTRAL
• Tauron: final 1Q25 figures fully in line with the prelims NEUTRAL
• CA Immo: 1Q25 – continuing progress with non-core disposals NEUTRAL
• Enea: 1Q25 conference highlights – PLN 9bn loan from BGK; capex guidance maintained NEGATIVE
• cyber_Folks: key takeaways from the 1Q25 earnings call NEUTRAL
• Vercom: key takeaways from the 1Q25 earnings call NEUTRAL
• Titan: Fidelity Investments cuts ownership to 6.17%, from 10.0% NEGATIVE
• Purcari Wineries: Maspex announces voluntary takeover offer at RON 21/share
• Short News (CEZ)
Underlyings
Allegro.eu SA

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.

CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

DOOSAN SKODA POWER A.S.

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

Mo-BRUK S.A.

Mo-Bruk SA is a Poland-based company involved in the production of concrete. It is also active in the area of hazardous and other than hazardous industrial waste management. Additionally, the Company operates a waste recovery plant, waste recycling plant, alternative fuel production plant and an industrial waste landfill. The Company produces alternative fuels from municipal and industrial wastes. The Company is also the owner of two open non-stop petrol stations for liquefied fuel, as well as a technical inspection station. Mo-Bruk SA is also engaged in the construction of concrete surfaces. As of December 31, 2011, the Company operated one wholly owned subsidiary, Raf-Ekologia Sp. z o.o.

PEPCO GROUP NV

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

Purcari Wineries PCL

R22
R22

R22 Sa. R22 SA is a Poland-based holding of technology companies offering: hosting services and domain sales. The Company provides internet services and operating in promising areas of the e-economy. The Company gathers the other companies hosting services, internet domain registration worldwide and services related to the security of transmitted data-SSL certificates. The Company has three operating segments: Domains and hosting, Omnichannel communication services automating electronic communication with recipients and Telecommunication services provided by the Oxylion Group.

TAURON Polska Energia S.A.

Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.

Titan Cement Co. SA

Titan Cement Co. and, its subsidiaries (collectively, the Group) are engaged in the production, trade and distribution of a range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the U.S. The Group operates in 14 countries in Europe, North America and the Eastern Mediterranean and is organized in the following four operating (geographic) segments: Greece and Western Europe, North America, South East Europe, and Eastern Mediterranean.

VERCOM SA

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.

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