Report
Research Team

WOOD Daily: CCC PW; TL Macro; RO Macro; GR Macro; PL Macro; CZ Macro; EU Macro; SPL PW; ALR RO; MNOD LI; OPL PW

HEADLINES:
• CCC: too fast, too furious (stays BUY)
• Turkey macro: first genuinely bad confidence reading since COVID-19
• Romania macro: better than most
• Greece macro: economic sentiment index drops sharply in June
• Poland macro: economic sentiment down again, but consumers are the brighter spot
• Czech Republic macro: confidence falls in June, but overall trend not too bad
• Eurozone macro: June signals further mild improvements in inflation dynamics
• Santander Bank Polska: to create PLN 767m of FX mortgage litigation risk provisions in 2Q22E NEUTRAL
• Alro: media reports that company may close its alumina plant from 1 August
• Norilsk Nickel: UK sanctions major shareholder Vladimir Potanin NEUTRAL
• Orange Polska: 2Q22E - 3% adjusted EBITDAaL increase expected (due on 27 July)
• Short News (HTO, PPC, TLV, BRD)
Underlyings
Alro Slatina

CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

Mining and Metallurgical Company NORILSK NICKEL (GDR)

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.

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

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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