Report
Research Team

WOOD Morning (19 July 2021)

HEADLINES:
• X5: 2Q21 sales up 10.6% yoy POSITIVE
• Astarta: 2Q21 trading update - weak volumes might not be compensated by strong prices NEGATIVE
• Bank Pekao: to pay PLN 3.21/share as 2020 net profit dividend NEUTRAL
• CA Immo: Starwood increases stake to 59% (from 28%) for EUR 37/share NEUTRAL
• Globalworth: Growthpoint will not sell to CPI and Aroundtown offer at current level NEUTRAL
• Famur: increases cap on investment in PV to PLN 500m POSITIVE
• Warsaw Stock Exchange: expects c.20 IPOs by the end of 2021E POSITIVE
• Lotos: 2Q21E preview (due on 12 August)
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.

BANK POLSKA KASA OPIEKI SA

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.

CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

Famur SA

FAMUR SA is a Poland-based manufacturer of mining equipment and machinery. The main area of the Company's operations is manufacture of automated longwall systems enabling the exploitation of coal. The Company also specializes in design and production of equipment for underground mines and open pits, as well as bulk material handling equipment and machines for coal preparation plants. The Company's products portfolio includes electric and hydraulic shearers, roof support, hydraulic control system, conveyors and crushers. FAMUR SA is also engaged in the development of information technology solutions and management system for coal industry. The Company operates through subsidiaries, based in Poland, Germany and the Russian Federation. The Company's major shareholder was TDJ SA, with a stake 71.28%. On November 27, 2014 the Company acquired 76,69% of stake in FAMAK SA.

Globalworth Real Estate Investments Limited

Globalworth Real Estate Investment is a integrated real estate company operating in the Central and Eastern Europe and South-Eastern Europe region with a primary focus on Romania, where it acquires, develops and directly manages primarily office and logistics/light-industrial real estate assets. Co. has three reportable operating segments: the Offices segment, which acquires, develops, leases and manages offices and spaces; the Residential segment, which builds, acquires, develops and leases apartments; and the Other segment, which acquires, develops, leases and manages industrial spaces and corporate holding offices.

Grupa LOTOS S.A.

Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.

Warsaw Stock Exchange

Gielda Papierow Wartosciowych w Warszawie SA (Warsaw Stock Exchange, GPW) is a Poland-based stock exchange. It is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. It also distributes market data. The Company has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot SA.

X5 Retail Group N.V. Sponsored GDR RegS

X5 Retail Group is a holding company. The main activity of Co. is the development and operation of grocery retail stores. Co. operates a retail chain of soft-discount, supermarket and hypermarket stores under the brand names "Pyaterochka", "Perekrestok" and "Karusel" in major population centres in Russia, including but not limited to Moscow, St. Petersburg, Nizhniy Novgorod, Rostov-on-Don, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg and Kiev, Ukraine.

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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