Report
Research Team

WOOD Daily: NLB Group (stays BUY), ROSN LI, MAIL LI, BNET RO, EL RO, FP RO, WINE RO, DIGI RO, M RO, SNN RO, TEL RO, RO macro, PL macro, PKN PW, HTO GA, PPC GA, RBI AV, SOKM TI, GARAN TI, WIZZ LN, DOM PW, KAP LI, GDEV US

HEADLINES:
• NLB Group: More to go (stays BUY)
• Rosneft: 3Q21 results and conference call takeaways POSITIVE
• VK: Sberbank to divest its indirect stake in VK
• Bittnet Systems: 3Q21 results review - record strong EBITDA and net profit, inflated by one-offs POSITIVE
• Electrica: net loss in 3Q21 on weaker distribution and supply results than expected NEGATIVE
• Fondul Proprietatea: Hidroelectrica 3Q21 net profit up 91% yoy
• Purcari Wineries: strong 3Q21, boosted partially by one-offs POSITIVE
• DIGI Communications: key takeaways from the 3Q21 earnings call NEUTRAL
• MedLife: takeaways from the 3Q21 call
• Nuclearelectrica: key takeaways from 3Q21 results conference call
• Transelectrica: takeaways from the 3Q21 results conference call
• Romania macro: political negotiations continue
• Poland macro: robust 3Q21 GDP
• PKN Orlen: receives an extension to the deadline to sell the Grupa Lotos assets
• OTE: 3Q21 results review - pro-forma adj. EBITDA up 2% yoy, in line with our estimates POSITIVE
• OTE: key takeaways from the 3Q21 earnings call NEUTRAL
• Public Power Corporation: FTSE increases the weight of PPC in its indices POSITIVE
• Raiffeisen Bank: divests its operations in Bulgaria
• SOK Marketler Ticaret: Getir to buy a stake in the company POSITIVE
• Garanti: BBVA to make a voluntary tender offer to buy the remaining 50.2% stake in Garanti
• Wizz Air: orders 102 new A321s in a framework of a larger Indigo order for 225 jets
• Dom Development: 3Q21 - another strong quarter, we see upside to our full-year figures POSITIVE
• Kazatomprom: Takeaways from the call with the new CEO POSITIVE
• Nexters: thoughts ahead of the 3Q21E results (due on 17 November) NEUTRAL
Underlyings
Bittnet Systems

C.N.T.E.E. Transelectrica

Digi Communications NV

Dom Development SA

Dom Development is engaged in the construction and sale of residential real estate in Poland.

Fondul Proprietatea S.A. GDR (Reg S)

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

Mail.ru Group Ltd. Sponsored GDR

Mail.Ru Group is an Internet company based in the Russian Federation. Co. operates the email service [email protected] and two IM networks in Russia - Mail.Ru Agent and ICQ. Co. operates two Russian-language online social networking sites: Moi [email protected] and Odnoklassniki.ru, and owns a strategic minority equity stake in the social network Vkontakte. Co. is also engaged in developing projects in E-commerce and operating more than 40 thematic vertical sites, targeting various user categories. Co. is also Russia's predominant online games company. Co. maintains a portfolio of online games which includes 34 MMO games and over 30 games for social networking sites.

Med Life

National Atomic Company Kazatomprom

NEXTERS INC

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

Public Power Corporation S.A.

Public Power Corp. is a vertically intergrated electric utility engaged in electricity generation, transmission and distribution throughout Greece. At Dec 31 2014, Co. and its subsidiaries generated electricity in its own 62 power generating stations of Co. and from the additional stations which belong to its wholly owned subsidiary PPC Renewables S.A, facilitated the transmission of electricity through its own power lines of approximately 12,273 km and distributed electricity to consumers through its own distribution lines for Medium and Low voltage of 235,100 km which are managed by its wholly owned subsidiary Hellenic Distribution Network Operator (HEDNO S.A.) (Medium and Low voltage).

Purcari Wineries PCL

Raiffeisen Bank International AG

Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million

Rosneft Oil Co. Sponsored GDR RegS

Societatea Energetica Electrica

Societatea Nationala Nuclearelectrica SA

Sok Marketler Ticaret AS

Sok Marketler Ticaret AS. Sok Marketler Ticaret AS, located in Istanbul, Turkey, owns and operates grocery stores. It sells Amigo, Crown, Deren, Evin, Karmen, Lio, Peki, Piyale and Tempo brands. The Company was founded in 1995.

Turkiye Garanti Bankasi Anonim Sirketi

Turkiye Garanti Bankasi is a private banking group based in Turkey. Co. operates as an integrated financial services group in every segment of the sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with subsidiaries in pension and life insurance, leasing, factoring, brokerage, and asset management. Co. provides a range of financial services to 13 million customers through a distribution network of 994 domestic branches; 6 foreign branches in Cyprus, Luxembourg and Malta; 3 international representative offices in London, Dusseldorf and Shanghai with more than 4,152 ATMs, a Call Center and internet.

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

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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