Report
Research Team

WOOD Daily: BGEO LN, MTELEKOM HB, SNN RO, BVB RO, CPS PW, ENA PW, PGE PW, EUR PW, PL banks, ECH PW, KTY PW, CZ macro, RO macro, Previews

HEADLINES:
• Bank of Georgia: 1Q22 review
• Magyar Telekom: 1Q22 results, strong with 24% yoy EBITDA growth, 5% above consensus POSITIVE
• Nuclearelectrica: 14% higher than expected 1Q22 reported net profit
• Bucharest Stock Exchange: 1Q22 results review - very strong numbers as volatility has increased POSITIVE
• Cyfrowy Polsat: 1Q22 organic EBITDA down 12% yoy to PLN 801m, in line with our expectations NEGATIVE
• Enea: 1Q22 results review - strong EBITDA reading driven by generation and mining segments NEUTRAL
• PGE: 1Q22 prelims - 8% EBITDA beat, driven by heat and supply surprises POSITIVE
• Eurocash: 1Q22 decent operationally, as expected POSITIVE
• Polish banks: retail bonds with reference rate yield will be offered
• Echo Investment: announces an additional DPS of PLN 0.10 from the 2021 profit POSITIVE
• Kety: Investor Day takeaways POSITIVE
• Czech macro: Ales Michl appointed CNB governor
• Romania: inflation jumps to 13.7%yoy
• Electrica: losses expected in 1Q22E (due out tomorrow)
• MedLife 1Q22 results preview (due out tomorrow)
• Transgaz: 14% yoy drop expected in 1Q22E net profit (due on 16 May)
• Bank of Cyprus: 1Q22E preview (due on 19 May)
• Gradus: 1Q22E preview (expected out on 30 May TBC)
• Short News (FP, SNP, SNG)
Underlyings
Bank of Cyprus PCL

Bank of Georgia

Cyfrowy Polsat SA

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.

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

Eurocash S.A.

Eurocash, through its subsidiaries, is engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods). Through a range of distribution formats, Co. and its subsidiaries focus its business activities on the wholesale distribution to customers across the wholesale market segments, in particular, to stores throughout Poland such as retail stores, convenience stores at petrol stations, restaurants, hotels and cafeterias. Co. and its subsidiaries operate a range of distribution formats focused on supplying independent stores in Poland, which primarily include: Cash and Carry, Franchise Systems, and Distribution.

Grupa Kety SA

Grupa Kety is an aluminum industry company based in Poland. Co.'s operations are organized in three business segments: Aluminum Extrusions, Aluminum Architectural Systems and Flexible Packaging. Co. offers aluminum extrusions in different shapes, bars, tubes and wires of aluminum and its alloys, which are used in the construction & building, advertising, indoor fittings, transportation, automotive industry, white goods, machinery engineering and electrical engineering. Co.'s Aluminum Architectural Systems produces aluminum joinery, realizing investment projects and selling systems. Co.'s flexible packaging segment offers packaging made of aluminum foil, films and paper.

Magyar Telekom Telecommunications

Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).

Med Life

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

S.C. Bursa de Valori Bucuresti S.A.

Societatea Energetica Electrica

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica 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
Research Team

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