Report
Research Team

WOOD Daily: US macro, IS macro, CAI AV, STH PW, JMT PW, ENA PW, BFT PW, SBP PW, CDR PW, TEN PW, TITC GA, DIGI RO, JAHEZ AB

HEADLINES:
• US macro: the Fed switches to a softer tone
• Iceland macro: Sedlabanki raises rates by 100bp
• CA Immo: 4Q22 results - low rental income, but encouraging progress on disposals NEUTRAL
• STS Group: 4Q22 final EBITDA at the upper range of the prelims; growth guidance for FY23E POSITIVE
• Jeronimo Martins: 4Q22 profit below our expectations but net cash and DPS surprised positively NEUTRAL
• Enea: 4Q22 results review - prelims confirmed NEUTRAL
• Benefit Systems: strong 4Q22 results, just in line with the preliminary guidance NEUTRAL
• Santander Bank Polska: hints at potential (but delayed) dividend level POSITIVE
• CD Projekt: new incentive scheme proposal for 2023-27E NEUTRAL
• Ten Square Games: termination of the distribution contract for Fishing Clash in China NEUTRAL
• Titan Cement: outlook ahead positive
• DIGI Communications: signs investment agreement with Abrdn for financing FTTH rollouts in Spain NEUTRAL
• Jahez : 2022 results conference call takeaways NEUTRAL
• Short news (KRKG)
Underlyings
Benefit Systems S.A. Allotment

Benefit System SA is a Poland-based company engaged in providing work benefits in the area of sport, recreations, culture and entertainment for employers. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities; MultiBet, providing access to more than 90 cinemas through Poland; and cafeteria programs, which allow employees to select items from such segments as sport, recreation, culture, entertainment, tourism and health and beauty. The Company is a parent entity of a capital group, which includes subsidiaries, such as MyBenefit Sp z o o, FitSport Polska Sp z o o, Vanity Style Sp z o o and Multisport Benefit sro, based in the Czech Republic.

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.

CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Digi Communications NV

Enea S.A.

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

JAHEZ INTERNATIONAL CO

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.

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

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.

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

Titan Cement Co. SA

Titan Cement Co. and, its subsidiaries (collectively, the Group) are engaged in the production, trade and distribution of a range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the U.S. The Group operates in 14 countries in Europe, North America and the Eastern Mediterranean and is organized in the following four operating (geographic) segments: Greece and Western Europe, North America, South East Europe, and Eastern Mediterranean.

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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