Report
Research Team

WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA GA; FTSHP CP; RICHT HB; ASELS TI; EME Strategy – MSCI; GPP PW; SNG RO

HEADLINES:
• Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE
• Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE
• Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss
• Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE
• InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft domestic market continued in 2Q NEUTRAL
• Optima Bank: small bottom-line beat in 1Q25 POSITIVE
• Footshop: 1Q25 - broadly in line, boost of 2025E guidance POSITIVE
• Richter: takeaways from the 1Q25 earnings call NEUTRAL
• Aselsan: SSIK meeting signals strong contract opportunities POSITIVE
• EME Strategy: MSCI Quarterly Review results
• Grupa Pracuj: finalises transaction, increasing its stake in UA businesses NEUTRAL
• Romgaz: 1Q25E results preview (due on 15 May) NEUTRAL
Underlyings
AQUILA PART PROD COM

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

FOOTSHOP A.S.

Graphisoft Park SE

Graphisoft Park SE Ingatlanfejleszto Europai Rt is a Hungary-based company engaged in the real estate operations. The Company operates as a holding and provides management, financial and administrative services to its subsidiaries. As of December 31, 2011, the Company operated two subsidiaries, Grpahisoft Park Kft, engaged in the real estate development; and Graphisoft Park Services Kft, responsible for property operation tasks. The total area of the Company's properties was nearly 18 hectares. As of December 31, 2011, the Company's two subsidiaries, Graphisoft Park Universitas Kft and GP3 Kft merged into Graphisoft Park Kft. As of December 31, 2011, the Company's parent entity was Graphisoft SE.

GRUPA PRACUJ DA

Ignitis Grupe

Magyar Telekom Telecommunications

Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).

OPTIMA BANK S.A.

Societatea Nationala De Gaze Naturale ROMGAZ SA

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
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