WOOD Morning (15 March 2023)
HEADLINES:• Alpha Bank: 4Q22 - strong quarter, discount vs. peers too wide POSITIVE
• National Bank: 4Q22 - solid numbers, upside risk in targets POSITIVE
• Hungary macro: a closer look at the funding position
• Wirtualna Polska: mediocre 4Q22, with adjusted EBITDA up 15% yoy, 2% above our estimate POSITIVE
• ONE United Properties: 2023E guidance, CMD takeaways NEUTRAL
• Fondul Proprietatea: receives tag-along notice from Enel for two of the subsidiaries NEUTRAL
• US macro: disinflation path continues as expected
• Czech Republic macro: central bank stability
• Polish banks: Head of PFSA hints that work may continue on a legislative FX mortgage solution NEUTRAL
• OPAP: 4Q22E preview - positive spillover from busy sportsbetting (due out today, after the close)
• Jahez: 2H22E financial results preview (due out next week, date TBC) NEUTRAL
• Short News (DAT)
OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.
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.
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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