Report
Research Team

WOOD Daily: EU Macro; EU Airlines; CDR PW; CIE PW; PL Utilities; TCS LI; WINE RO; FP RO

HEADLINES:
• Europe macro: Recovery Fund and budget to begin as scheduled
• Europe macro: ECB - recalibration of tools
• European airlines:EU publishes plans to maintain temporary basic air connectivity in case of no deal NEUTRAL
• CD Projekt: C2077 pre-orders above internal expectations, majority of glitches should be solvable NEUTRAL
• Ciech: CO2 allowance allocation for 2021-25 more favourable than expected POSITIVE
• Polish utilities: URE approves small power tariff hike
• TCS Group Holding: Tinkov family trust sells 10.7m of TCS shares in placing NEUTRAL
• Purcari Wineries: sells glass company for EUR 7.2m POSITIVE
• Fondul Proprietatea: court declares law suspending listings of SOEs for two years constitutional
Underlyings
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.

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

Fondul Proprietatea S.A. GDR (Reg S)

TBC Bank Joint Stock Co

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
Research Team

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