Report
Research Team

WOOD Daily: EUROB GA, MOH GA, A4L BU, SGH BU, 3JR BU, IGN1L LH, KRU PW, OPL PW, PKN PW, FP RO, BNET RO, OGZD LI, YNDX US

HEADLINES:
• Eurobank: 2Q21 results - another strong quarter
• Motor Oil Hellas: 2Q21 results - EBITDA below expectations
• Allterco: 2Q21 results - EBITDA 17% above our expectations POSITIVE
• Sirma: 2Q21 results - EBITDA 16% above our forecasts POSITIVE
• Sopharma: 2Q21 results review NEUTRAL
• Ignitis Group: 2Q21 results - a solid 9% beat POSITIVE
• Kruk: issues an inspiring 2Q21E profit warning, full results due on 8 September POSITIVE
• Orange Polska: has finalised the FiberCo transaction and received PLN 897m NEUTRAL
• PKN Orlen: PKN and its subsidiary, Energa, sign an agreement for the Grudziadz gas power project
• Fondul Proprietatea: 2Q21 conference call takeaways NEUTRAL
• Bittnet Systems: key takeaways from the 2Q21 earnings call NEUTRAL
• Gazprom: takeaways from the 2Q21 conference call
• Yandex: to consolidate FoodTech, restructure Uber JV
Underlyings
Allterco AD

Autohellas S.A.

Autohellas is a Hertz national franchisee. Co. is engaged in the rent-a-car segment, comprising of renting (short-term lease) and fleet management (long-term lease and fleet management) in Greece, Bulgaria, Cyprus, Romania, Serbia and Montenegro. Renting covers the needs of both individuals and companies for occasional, small duration rentals up to 1 year long.

Bittnet Systems

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.

Fondul Proprietatea S.A. GDR (Reg S)

Gazprom (GDR)

Ignitis Grupe

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

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.

Sirma Group Holding JSC

Sopharma AD

Yandex NV Class A

Yandex is an internet and technology company that operates an internet search engine in Russia. Co. builds intelligent products and services powered by machine learning. Co.'s products and services are based on complex, unique technologies that are not easily replicated. Co. generates substantially all of its revenues from online advertising. Co. also generates revenues from its e-commerce offerings, classifieds and e-hailing service. Co.'s businesses are organized in the following operating segments: Search and Portal; E-commerce; Taxi; Classifieds and Experimental businesses.

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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