Report
Research Team

WOOD Daily: CAR PW, AST PW, RU macro, HB CY, EEG1T ET, previews

HEADLINES:
• Inter Cars: strong March sales, despite ailing Ukrainian business POSITIVE
• Astarta: 4Q21 EBITDA slightly above our forecast NEUTRAL
• Russia macro: the CBR cuts the key rate by 300bp in an unscheduled meeting last Friday
• Hellenic Bank: NPE portfolio sale
• Ekspress Grupp: proposes a share buyback programme
• Orange Polska: 1Q22E - 2% adjusted EBITDAaL increase expected (due on 25 April)
• STS Group: 4Q21E results preview - 25% yoy EBITDA drop from a high base (due on 27 April) NEUTRAL
• Jeronimo Martins: 1Q22E results preview - 20% yoy EBITDA growth expected (due on 28 April) NEUTRAL
• Short news (DAT, PL utilities, SGH, KER)
Underlyings
Astarta Holding

Astarta is a holding company. Through its subsidiaries, Co. specializes in sugar production, crop growing and cattle farming, ensuring wholesale distribution of sugar for industrial consumers and individuals. Co. produces sugar primarily using its own-grown sugar beet. Co.'s products include sugar and sugar by-products, such as granulated sugar, molasses, and sugar beet pulp; agricultural products comprising barley, wheat, rye, sunflower seed, soy bean, corn, peas, and varietal and regular cycle seeds of agricultural crops; and cattle farming produce, such as milk and meat, as well as canned goods, fodder, and gas.

Ekspress Grupp A.S.

Ekspress Grupp AS is an Estonia-based company that is principally engaged in the printing and publishing sector. The Company operates through three segments: Online media, Periodicals and Printing services. The Online media segment provides the administration of online classified portals and intermediation of Internet advertising services. The Periodicals segment is engaged in the publishing of newspaper, magazines, custom publications and books in Estonia and Lithuania. The Printing services segment provides printing and related services. It is active through its subsidiaries, joint ventures and associated companies, including UAB Ekspress Leidyba, UAB Adnet media, AS Express Post, AS Linnaleht and OU Hea Lugu, among others. The Company is active in Estonia, Latvia, Lithuania, the Russian Federation and Finland, among others.

Hellenic Bank Ltd.

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

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.

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

STS Group AG

STS Group AG is a Germany-based supplier of vehicle parts. The Company develops and manufactures solutions for acoustic and thermal insulation (soft trim) and components made of plastics or composite material (hard trim) for the automobile and trucking industries, focusing on four categories of vehicles: medium and heavy commercial vehicles (MHCV), light commercial vehicles (LCV), agriculture and construction vehicles (ACV), and light vehicles (LV), and supplying its products directly to Original Equipment Manufacturers (OEMs). The Company operates through three business segments: STS Acoustics, which includes mainly soft trim products with acoustic and thermal features that reduce noise and protect against heat; STS Plastics, which includes mainly hard trim products used for exterior body parts or interior modules, and Materials, which includes semi-finished goods from mixed composite recyclables. The Company operates production facilities in Europe, China, Mexico and Brazil.

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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