Report
Research Team

WOOD Daily: CEZ CP; FINT SG; IGN1L LH; PEN CP; LTS PW; ALR RO; TRP RO; OMV AV; SNP RO; TITC GA; BFT PW; HUG PW

HEADLINES:
• CEE utilities: pricing in the windfall taxes (CEZ, Fintel Energija, Ignitis Group and Photon Energy stay BUY)
• Lotos: EGM passes motion to merge with PKN Orlen
• Alro: shutting down alumina plant temporarily NEUTRAL
• TeraPlast: 2Q22E results preview (due on 25 July)
• OMV: 2Q22E results preview (due on 28 July)
• OMV Petrom: 2Q22E results preview (due on 28 July)
• Titan Cement: 2Q22E - gradual recovery (due on 28 July)
• Benefit Systems: 2Q22E EBIT expected to be above pre-pandemic 2Q19 already (due on 17 August)
• Huuuge Games: 2Q22E - adjusted EBITDA expected to decline by 8% qoq (due on 7 September)
Underlyings
Alro Slatina

Benefit Systems S.A. Allotment

Benefit System SA is a Poland-based company engaged in providing work benefits in the area of sport, recreations, culture and entertainment for employers. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities; MultiBet, providing access to more than 90 cinemas through Poland; and cafeteria programs, which allow employees to select items from such segments as sport, recreation, culture, entertainment, tourism and health and beauty. The Company is a parent entity of a capital group, which includes subsidiaries, such as MyBenefit Sp z o o, FitSport Polska Sp z o o, Vanity Style Sp z o o and Multisport Benefit sro, based in the Czech Republic.

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Grupa LOTOS S.A.

Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.

Ignitis Grupe

OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

Petrom S.A.

Photon Energy NV

Photon Energy NV. Photon Energy NV is a company engaged in renewable energy industry. The Company offers solutions and maintenance services for photovoltaic (PV) systems. It divides its activity into five segments: Wholesale and Import of PV Components that includes purchasing and sale of PV systems components and sales, distribution and support; Engineering and Construction Services that comprises project engineering and turnkey construction of PV plants; Production of Electricity that includes special purpose entities (SPE) engaged in building of PV plants and distribution network and electricity production; Operations, Maintenance and Supervision of PV Power Plants of third parties and internally owned; PV Investment that represents joint venture (JV) companies; Corporate Operations that comprises financing and insurance solutions for PV investors, investments in PV projects, among others. On September 3, 2014, it established new wholly owned subsidiary, Global Investment Protection AG (GIP).

Teraplast

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.

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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