Report
Research Team

WOOD Daily: ARCLK TI; EME Macro/Strategy Weekly; YKBNK TI; PL TMT; PZU PW; RICHT HB; OMV; TPEIR GA; HUG PW; TEN PW; BOROUGE UH; OMV AV; SNP RO; CDR PW

HEADLINES:
• Arcelik: 4Q24 results – a mixed bag NEUTRAL
• EME Macro/Strategy: macro all-in-one (27 January-2 February)
• Yapi Kredi: 4Q24 results and 2025E guidance highlights NEUTRAL
• Polish TMT: Cyfrowy Polsat sells 10% stake in Asseco Poland for PLN 85/share POSITIVE
• PZU: acting CEO Klesyk holds first capital markets conference
• Richter: AbbVie’s 2025 Vraylar guidance USD 3.5bn, 8% below the consensus NEGATIVE
• OMV: may acquire Nova Chemicals, with ADNOC (Borouge) POSITIVE
• Piraeus Financial Holdings: may be interested in acquiring Ethniki Insurance NEUTRAL
• Huuuge Games: January bookings estimate down 15% mom, to USD 11m NEGATIVE
• Ten Square Games: January bookings estimate flat mom, at USD 4m NEUTRAL
• Borouge: 4Q24E results preview (due out tomorrow) NEUTRAL
• OMV: 4Q24E results preview (due out tomorrow) NEUTRAL
• OMV Petrom: 4Q24 results preview (due out tomorrow) NEUTRAL
• CD Projekt: 4Q24E preview – EBITDA +50% qoq, driven by Cyberpunk IP (due on 25 March)
Underlyings
Asseco Poland SA

Asseco Poland is a provider of proprietary information technology ("IT") solutions which is based in Poland. Co. is engaged in provision of consulting on IT infrastructure, security solutions, human resources solutions, outsourcing services as well as fully comprehensive IT support. Co.'s profile includes software and computer hardware consultancy, production of software as well as supply of software and hardware. This category includes analysing, developing, and programming ready-to-use IT systems. In addition to IT services, Co. also sells goods including mainly computer hardware.

CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Cyfrowy Polsat SA

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.

Piraeus Bank SA

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

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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