WOOD Morning (30 April)
HEADLINES:* CCC: weak 1Q18 results, miss vs. the consensus, but better than we expected NEGATIVE
* NLMK: recommends large dividend for 1Q18, at 3.6% quarterly yield (15% annualised) POSITIVE
* Public Power Corporation: 4Q17 boosted by PSO one-off, weak cash generation NEGATIVE
* Electrica: real rate of return might be cut to 5% NEGATIVE
* Electrica: new board, more state representatives
* National Bank: VRS details POSITIVE
* OMV: signs new offshore agreement in UAE with ADNOC POSITIVE
* Gazprom: conference call takeaways POSITIVE
* Erdemir: 1Q18 conference call notes NEUTRAL
* Transgaz: dividend to be approved at another GM NEUTRAL
* Garanti: 1Q18 wrap up - ticks all the boxes, but overshadowed by increase in stage 2 loans
* Prime Car Management: 1Q18E preview - 5% qoq lower net income expected (due on 9 May)
* Wirtualna Polska: 1Q18E - strong quarter, 34% yoy adjusted EBITDA growth expected (due on 22 May) NEUTRAL
* Short News (RO macro, SIF2)
CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.
National Bank of Greece is a financial institution based in Greece. Co. maintains operations in the retail banking sector, with 509 branches and one premium banking branch, and 1,448 ATMs. Co. offers its customers a range of integrated financial services, including: corporate and investment banking; retail banking (including mortgage lending); leasing and factoring; stock brokerage and asset management; insurance; and real estate and consulting services. Co. is also involved in other businesses, including hotel and property management. Co. operates in Greece, U.K., South Eastern Europe which includes Bulgaria, Romania, Albania, Serbia, as well as, in Cyprus, Malta, Egypt and South Africa.
Prime Car Management Sa. Prime Car Management SA is a Poland-based company engaged in the passenger transportation industry. The Company operates on the car fleet management market. It specializes in leasing and car fleet management (CFM) services. The Company offers a full range of leasing products and CFM services, including full service leasing (FSL) and semi-FSL, fleet management and leasing (financial or operational). Prime Car Management SA is the parent company of a capital group, operating under the Masterlease brand. Masterlease Group's fleet, including leasing and CFM services, consists of over 23 000 vehicles. The Company operates in Poland through a countrywide sales network, including the headquarters in Gdansk and 16 branches.
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).
Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.
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.
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