Report
Research Team

Focus: Echo Investment’s 2Q18 – headline results slightly better, but unit sales guidance cut again; Kruk – takeaways from the 2Q18 conference; Hellenic Bank’s 2Q18 results in line, but focus is on capital issue

HEADLINES:
• Echo Investment: 2Q18 - headline results slightly better, but unit sales guidance cut again NEUTRAL
• Kruk: takeaways from the 2Q18 conference POSITIVE
• Hellenic Bank: 2Q18 results in line, but focus is on capital issue
• Atrium: repurchases EUR 242m of existing bonds NEUTRAL
• Medicalgorithmics: flat tests yoy in August NEGATIVE
• Sarantis: 1H18E preview - reassuring results ahead (due out tomorrow, after the close)
• Short News (CIE, GNB, OPL)
Underlyings
Atrium European Real Estate Limited

Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.

Echo Investment

Echo Investment is a real estate investment and development company based in Poland. Co.'s is engaged in operations in the real estate market, the design, construction and development of shopping and entertainment centers, hotels, office buildings, houses, blocks of flats and apartments. Co.'s operations are organized along three operating segments: Shopping and Entertaining Centers, Offices and Hotels and Residential. Co. also offers general contracting services for third party investors. Co. owns properties throughout Poland, including Szczecin, Poznan, Warsaw, Krakow and Kielce, among others, and abroad, including Ukraine, Romania and Hungary.

Gr. Sarantis S.A.

Co. is a consumer goods manufacturer and distributor engaged in operations in Greece. Co. produces consumer goods such as cosmetics, pharmaceuticals, households, pet products, car's accessories and apparel. Co. produces its own brand name of cosmetic products such as Prosar, Str8, BU99, Clochard, Carroten, Tokalon and others. Co.'s product portfolio also includes a range of international brands such as Estee Lauder, Clinique, Aramis, Donna Karen, Orlane, Montana Versace and others.

Hellenic Bank Ltd.

Kruk S.A.

Kruk SA. Kruk SA is a Poland-based company, which is engaged in the business support industry. The Company is a multi-operator, which offers loss prevention and debt collection services. The Company divides its business into two main operating segments: Debt Purchase, including acquisition of non-performing debt portfolios, and Debt Collection Outsourcing, offering fee-based collection of debt on client's behalf, focused on consumer and corporate loans. The Company provides services to financial institutions and large corporate customers. It manages receivables of banks, credit intermediaries, leasing companies and digital platform providers, among others. The Company's operating activities concentrate in a number of countries, such as Poland, Romania, Czech Republic, Slovakia and Spain. The Company's subsidiaries include Kruk Deutschland GmbH, Presco Investments Sarl and Espand Soluciones de Gestion y Recuperacion de Deuda SL, among others.

Medicalgorithmics SA

Medicalgorithmics SA is a Poland-based company engaged in the advanced medical equipment and technology industry. The Company develops and manufactures system for the diagnosis of heart arrhythmia. Its product, named PocketECG, is used for remote monitoring of cardiac disorders, arrhythmia diagnosis and monitoring of heart, as well as is used for clinical drugs trials for cardiac safety. In addition, Medicalgorithmics SA provides services in the field of information technology and biotechnology, scientific research and development of natural sciences. Moreover, the Company works on the several projects, such as a device for tele-rehabilitation cardiology, software for optimizing repetitive task in hospitals, as well as devices and systems for remote description of the electrocardiography (ECG). It operates through MEDICALGORITHMICS US HOLDING CORPORATION and Medi-Lynx Cardiac Monitoring LLC and Medi-Lynx Cardiac Monitoring LLC.

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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