Report
Research Team

WOOD Daily: EAT PW; ASELS TI; DOAS TI; MGROS TI; DUNAHOUS HB; LVC PW; SHO PW; PKN PW; LOGO TI; IGN1L LH; HU Macro; RICHT HB; DIGI RO; EME Macro/Strategy Chartbooks – EU/US, PL, CZ, HU, GR, RO; BFT PW; PCF PW

HEADLINES:
• AmRest: 4Q22 miss as EBITDA fell yoy in all markets, bar Russia NEGATIVE
• Aselsan: strong 4Q22 earnings beat, but no FY23E guidance surprise POSITIVE
• Dogus Otomotiv: 4Q22 results miss expectations NEGATIVE
• Migros: operating performance remained very weak in 4Q22 NEGATIVE
• Duna House: FY22 results above our estimates, driven by strong Italy, DPS proposal implies 26% yield POSITIVE
• LiveChat Software: 3Q22-23 - EBITDA +56% yoy, 4% below consensus; cooperation with OpenAI confirmed NEUTRAL
• Shoper: preliminary 4Q22 adjusted EBITDA 16% above our forecast, on higher profitability POSITIVE
• PKN Orlen: new strategy NEUTRAL
• Logo Yazilim: 4Q22 results and FY23E guidance POSITIVE
• Ignitis Group: 4Q22 review - solid results, strong 2023E guidance
• Hungary macro: MNB firmly on hold
• Richter: takeaways from the 4Q22 call NEGATIVE
• DIGI Communications: key takeaways from the 4Q22 earnings call NEUTRAL
• EME Macro/Strategy: macro projections - global backdrop assumptions, 2023-24E
• EME Macro/Strategy: macro projections - Poland (2023-24E)
• EME Macro/Strategy: macro projections - Czech Republic (2023-24E)
• EME Macro/Strategy: macro projections - Hungary (2023-24E)
• EME Macro/Strategy: macro projections - Greece (2023-24E)
• EME Macro/Strategy: macro projections - Romania (2023-24E)
• Benefit Systems: conclusion of the agreement regarding Calypso Fitness' options review NEUTRAL
• PCF Group: EGM approves up to 5.85m new shares issue (ex-rights) NEUTRAL
Underlyings
Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

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.

Digi Communications NV

Dogus Otomotiv Servis ve Ticaret A.S.

Dogus Otomotiv Servis Ve Ticaret is an automotive importer and distributor in Turkey. Co. represents 14 international brands each of which is engaged in the following sectors: Passenger cars, Light commercial vehicles, Heavy commercial vehicles, Industrial and marine engines, and Cooling systems.Co. provides its individual and corporate customers with a portfolio of more than 80 models. Co. competes in the industrial and marine engines market by representing the brand Scania Engines and in the cooling systems market representing Thermo King brand. Co.'s sales and service network is comprised of over 500 contact points.

Duna House

Ignitis Grupe

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.

Logo Yazilim Sanayi ve Ticaret A.S.

Logo Yazilim Sanayi ve Ticaret AS is a Turkey-based company engaged in the development of computer operation systems, business application software, database structures, multimedia software, as well as in the provision of technical support and service, and training. The Company's products are offered in eight units: Small and Medium Enterprises (SME) products, Enterprise Resource Planning (ERP) products, Java products, Vertical solutions, Integration products, Human Resources (HR) products, Business Intelligence solutions, Mobile solutions and LOGO keys. Its products and services are used in a range of industries, such as distribution, machine and automotive spare parts, marine, packaging, retailing, cement, glass, steel, furniture, telecommunication, information technology (IT), tourism and textile. The Company has business partners in Azerbaijan, Egypt, Georgia, Germany, India, Iran, Iraq, Kazakhstan, Kyrgyzstan, Kosovo, Kuwait, Libya, Russia, Sudan, Syria, Turkmenistan, and the Unit

Migros Ticaret A.S

Migros Ticaret is a retailing group based in Turkey. Co. offers spacious stores in a wide range of formats and locations whose vast selection of stationery, glass and kitchenware, appliance, book, clothing, and other items along with groceries and other necessities. Co. maintains a store network of 1,004 national and international locations with a national presence in 70 provinces in Turkey's seven geographical regions. Store brand names include M, MM, MMM, 5M, MigroJet, Tansas, Macrocenter and Ramstores. Co. also provides customers alternatives such as internet, call centers, kiosks, catalogues, and mobile shopping networks.

PCF Group SA

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

SHOPER 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.

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