Report
Stefan Lungu, CFA

WOOD Flash – Romania macro/politics: Romania Investor Days conference takeaways

During our eighth Romania Investor Days conference in London, held on 26-27 February, macro and politics were at the forefront once again. Political sentiment is improving, while the government’s continuous commitment to listings, particularly Hidroelectrica, regulatory certainty, and awareness of the fiscal environment, is reassuring. As we are heading into the two most important elections, local in June 2020E and parliamentary in either early-June or 4Q20E, as scheduled currently, we could hear some policy noise, although the overall direction is generally positive, in our view.
Underlyings
Banca Transilvania S.A.

Fondul Proprietatea S.A. GDR (Reg S)

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.

Petrom S.A.

Societatea Nationala Nuclearelectrica SA

Sphera Franchise Group 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.

Analysts
Stefan Lungu, CFA

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