Report
Research Team

WOOD Daily: EME Macro/Strategy; EAT PW; COTE RO; TITC GA; ELPE GA; TEL RO; M RO; HMX1R LR; HTO GA; KGH PW; CPS PW; SNN RO; PL Banks; EME Strategy – MSCI; CEZ CP; LVC PW; ALR RO; FP RO; WINE RO; BFT PW; PCF PW

HEADLINES:
• EME Macro/Strategy: housing affordability considerations
• AmRest: 1Q22 strong, but below our expectations NEGATIVE
• Conpet: generous net profit beat in 1Q22 POSITIVE
• Titan Cement: 1Q22 results - solid start in volumes, but continued pressure on EBITDA margins
• Hellenic Petroleum: 1Q22 results - net income boosted by inventory gains
• Transelectrica: better-than-expected 1Q22 net result, on high interconnection revenues POSITIVE
• MedLife: 1Q22 results in line, margins weaken, as expected NEUTRAL
• HansaMatrix: soft 1Q21 margins on cost inflation, lower grant recognition NEGATIVE
• OTE: 1Q22 results review - a strong quarter with 7% yoy growth in adjusted EBITDA
• OTE: key takeaways from the 1Q22 earnings call NEUTRAL
• KGHM: 1Q22 results review - 6% EBITDA beat, strong cash flow and Franke mine sale POSITIVE
• Cyfrowy Polsat: key takeaways from the 1Q22 earnings call NEUTRAL
• Nuclearelectrica: takeaways from the 1Q22 earnings call
• Polish banks: Alior Bank, PKO BP and Bank Pekao fighting for term deposit rates NEGATIVE
• EME Strategy: MSCI May 2022 SAIR results - four additions in EME NEUTRAL
• CEZ: EPH and CEZ bidding for RWE's Czech gas storage assets
• LiveChat Software: launches an incubator programme NEUTRAL
• Alro: net loss expected in 1Q22E (due on 16 May)
• Fondul Proprietatea: Hidroelectrica's 1Q22E earnings preview (due on 16 May)
• Purcari Wineries: falling net profit expected for 1Q22E (due on 16 May)
• Benefit Systems: 1Q22E - further recovery in cards, but seasonally uninspiring (due on 25 May)
• PCF Group: flat qoq 1Q22E adjusted EBITDA expected (due on 30 May)
• Short News (RICHT, SGH)
Underlyings
Alro Slatina

AmRest Holdings SE

Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.

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.

C.N.T.E.E. Transelectrica

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.

Conpet SA

Cyfrowy Polsat SA

Fondul Proprietatea S.A. GDR (Reg S)

HansaMatrix AS

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

KGHM Polska Miedz S.A.

KGHM Polska Miedz is engaged in the mining of copper and non-ferrous metals ore; the excavation of gravel and sand; the production of copper, precious and non-ferrous metals; the production of salt; the casting of light and non-ferrous metals; the forging, pressing, stamping and roll forming of metal- powder metallurgy; waste management; wholesale based on direct payments or contracts; warehousing and storage of merchandise; holding management activities; geological and exploratory activities; general construction activities with respect to mining and production facilities; scheduled and non-scheduled air transport; telecommunication and IT services; and other activities.

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

PCF Group SA

Purcari Wineries PCL

Societatea Nationala Nuclearelectrica SA

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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