Report
Research Team

WOOD Daily: ALR RO; MONET CP; EXAE GA; PCF PW; GPW PW; GR6 BU; A4L BU; SGH BU; KAP LI; ROSN LI

HEADLINES:
• Alro: loss-making without State aid (downgraded to HOLD)
• MONETA Money Bank: end of the dream, at least for now
• Athens Exchange Group: strong 1Q22 results, driven by higher volumes
• PCF Group: 1Q22 EBITDA misses our forecast by 12%, on weaker profitability of WFH operations NEGATIVE
• Warsaw Stock Exchange: 1Q22 results in line with preliminary figures NEUTRAL
• Gradus: 1Q22 EBITDA far below our forecast, but balance sheet position remains strong NEGATIVE
• Allterco: 1Q22 EBITDA in line with our expectations NEUTRAL
• Sirma Group Holding: 1Q22 EBITDA above expectations, but leverage is increasing NEUTRAL
• Kazatomprom: 1Q22 results - seasonally weaker sales, stronger FCF NEUTRAL
• Rosneft: Board recommends RUB 23.6 dividend for 2H21 NEUTRAL
• Short News (DAT, WINE)
Underlyings
Allterco AD

Alro Slatina

Hellenic Exchanges SA

The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.

MONETA Money Bank AS

Moneta Money Bank as is a Czech Republic-based retail and expanding small and medium enterprises (SME) bank. The Company holds an universal banking licence and provides a range of retail and SME-focused financial products and services. The Company operates through a national distribution network of 229 branches and through alternative distribution channels, such as the internet, its call centre, auto dealers, brokers and approximately 4,700 leasing partners. The Company together with its controlled subsidiaries offers current accounts, savings accounts, term deposits and transactional banking products including payment services and debit cards, consumer loans, credit cards, overdrafts, mortgages and auto loans, auto leases and other complementary products such as bancassurance and sales of investment funds.

National Atomic Company Kazatomprom

PCF Group SA

Rosneft Oil Co. Sponsored GDR RegS

Sirma Group Holding JSC

Warsaw Stock Exchange

Gielda Papierow Wartosciowych w Warszawie SA (Warsaw Stock Exchange, GPW) is a Poland-based stock exchange. It is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. It also distributes market data. The Company has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot 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.

Analysts
Research Team

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