Report
Research Team

WOOD Daily: GPP PW; JMT PL; TOASO TI; YKBNK TI; WIZZ LN; ARCLK TI; IS Macro; SL Macro; HU Macro; SNG RO; KCEL KZ; YNDX US; TRP RO; BRD RO; NLBR SV

HEADLINES:
• Grupa Pracuj: dangerous liaisons with the macro (SELL - initiation of coverage)
• Jeronimo Martins: 2Q22 beat on 23% lfl at Biedronka POSITIVE
• Tofas: 2Q22 results - strong beat POSITIVE
• Yapi Kredi: 2Q22 results - some beat, but the going is still tough with inflation
• Wizz Air: 1Q FY23 numbers in line, expects to fly 30% higher capacity vs. 2019, RASK +10% in summer NEUTRAL
• Arcelik: 2Q22 results - bottom line misses expectations NEGATIVE
• Iceland macro: a simple, positive story
• Slovenia macro: smooth so far
• Hungary macro: MNB maintains hawkish demeanour
• Romgaz: 2Q22 trading statement
• Romgaz: media speculates that resources in Caragele could be higher than announced
• Kcell: 2Q22 - adjusted EBITDA +24% yoy, 9% above our expectations; conservative FY22E guidance NEUTRAL
• Yandex: reports strong 2Q22 results POSITIVE
• TeraPlast: takeaways from the 2Q22 earnings call NEUTRAL
• BRD-GSG: 2Q22E earnings preview (due on 3 August)
• NLB Group: 2Q22E earnings preview (due on 11 August)
• Short News (SNP)
Underlyings
Arcelik A.S.

Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.

BRD-Groupe Societe Generale

GRUPA PRACUJ DA

Jeronimo Martins SGPS S.A.

Jeronimo Martins S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged as a food distribution company with operations in Poland and Portugal. Co. operates in four segments: Portugal Retail, which comprises the business unit of JMR - Gestao de Empresas de Retalho, SGPS, S.A. (Pingo Doce supermarkets); Portugal Cash & Carry, which includes the wholesale business unit Recheio; Poland Retail, which includes the business unit with the brand Biedronka; and Others, which includes marketing services and representations, restaurants in Portugal, health and beauty retail in Poland, and its retail business in Colombia.

KCELL JSC

Societatea Nationala De Gaze Naturale ROMGAZ SA

Teraplast

Tofas Turk Otomobil Fabrikasi A.S.

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

Yandex NV Class A

Yandex is an internet and technology company that operates an internet search engine in Russia. Co. builds intelligent products and services powered by machine learning. Co.'s products and services are based on complex, unique technologies that are not easily replicated. Co. generates substantially all of its revenues from online advertising. Co. also generates revenues from its e-commerce offerings, classifieds and e-hailing service. Co.'s businesses are organized in the following operating segments: Search and Portal; E-commerce; Taxi; Classifieds and Experimental businesses.

Yapi ve Kredi Bankasi A.S.

Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.

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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