Wood and Company - Ceska Zbrojovka Group (CZG) ... WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW

Report

Wood and Company

Research Team

WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW

HEADLINES:
• Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate NEUTRAL
• Colt CZ Group SE: 1H24 results – better than expected POSITIVE
• Orlen: discussing possible deals for Grupa Azoty’s polyolefins business NEUTRAL
• VIGO Photonics: signs a conditional agreement with the EIB for the financing of the HyperPIC project NEUTRAL
• KazMunayGas: begins construction of a polyethylene complex NEUTRAL
• Pepco Group: 4Q24E trading update preview (due on 26 September)

13/09/2024 1 EN

Underlyings

Ceska Zbrojovka Group

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CZ0009008942 Prague Stock Exchange Czech Republic

KazMunayGas NC JSC

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KZ1C00001122

Lamda Development S.A.

Lamda Development is a real estate development group based in Greece. Co.'s main activities comprise investment, development and maintenance of innovative real estate projects. Co. operates in Greece, as well as in other neighboring Balkan countries mainly Romania, Bulgaria, Serbia, Montenegro. Co.'s operations are organized along two business segments: Real Estate; and Marine Services. Co. is a subsidiary of Lamda Holdings.

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GRS245213004 Greece

PEPCO GROUP NV

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NL0015000AU7 Warsaw Stock Exchange United Kingdom

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.

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PLPKN0000018 Warsaw Stock Exchange Poland

Vigo System SA

Vigo System SA is a Poland-based company engaged in the production of detectors business sector. The Company is a manufacturer of standard and customized High Operating Temperature cadmium mercury telluride (HgCdTe) detectors. The Company's products are divided into three categories, including Infrared Detectors, Infrared Cameras and Measurement Equipment. The Company sells its products worldwide, including the United States, Canada, Finland and Australia, among others. It also cooperates and sells the products to NASA.

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PLVIGOS00015 Warsaw Stock Exchange Poland

Provider

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.

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Analysts

Research Team

Other Reports on these Companies

Wood and Company

WOOD Daily: ELPE GA; MOH GA; VGO PW; ALE PW; INPST NA; OPL PW; CPS PW; ING PW; MBK PW; HUG PW

HEADLINES: • Greek oil refiners: need a little time to shake things up (HELLENiQ Energy downgraded to HOLD, Motor Oil Hellas stays BUY) • VIGO Photonics: 3Q24 sales down 5% yoy, to PLN 15.7m NEGATIVE • Allegro: announces another change in CEO post NEGATIVE • InPost: acquisition of remaining 70% stake in Menzies for GBP 60m POSITIVE • Orange Polska: key takeaways from an interview with the CFO NEUTRAL • Polish media: TVN put on sale for PLN 5bn, according to Newsweek NEUTRAL • ING BSK: 3Q24E preview (due on 31 October) • mBank: 3Q24E preview (due on 31 October) • Huuuge Games: 3Q24E adjusted EB...

October 15, 2024 October 15, 2024 1 EN

Wood and Company

The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly red

EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).

October 2, 2024 October 2, 2024 1 EN

Eurobank Equities

Lamda Development | Unfolding Ellinikon value

A diversified business entity – Lamda Development is the company behind the Ellinikon re-generation project, which will turn the Athenian Riviera area into a new ‘smart-city’ destination. Alongside the Ellinikon development projects, Lamda operates a portfolio of assets, including four shopping malls, two yacht marinas, land plots and offices. The operating assets’ NAV is currently c€706m, while the Ellinikon assets under development, including the two Ellinikon malls, enjoy a NAV of c€692m (primarily land and development costs). Recalibrating for Lamda Malls in 2024 – Within 2024 Lamda res...

September 30, 2024 September 30, 2024 1 EN

WOOD Daily: MTELEKOM HB; SHO PW; THYAO TI; CCOLA TI; TOASO TI; AIRA LI; ISCTR TI; Zabka; JAHEZ AB; MBR PW; GPP PW; ADNOCDRI UH; CPS PW; WPL PW; INPST NA; ALE PW

HEADLINES: • Magyar Telekom: another record strong year ahead (stays BUY) • Shoper: 3Q24 adjusted EBITDA up 28% yoy, broadly as expected NEUTRAL • Turkish Airlines: 3Q24 – EBIT and EBITDA in line with our estimates, 4-5% above the consensus POSITIVE • Coca-Cola Icecek: weak results in 3Q24, revenue growth guidance lowered NEGATIVE • Tofas: highly weak set of results in 3Q24 NEGATIVE • Air Astana Group: 3Q24 in line with our estimates NEUTRAL • Isbank: 3Q24 highlights – core bank still loss making NEGATIVE • Zabka: 3Q24 – slowdown in growth and narrower gap over Biedronka • Jahez: 3Q24 conferen...

15h / 47m 15h / 47m 1 EN

Atinc Ozkan ... (+3)

Atinc Ozkan
Piotr Raciborski
CFA

Magyar Telekom: another record strong year ahead (stays BUY)

We reiterate our BUY on Magyar Telekom (MTELEKOM) and raise our price target (PT) to HUF 1,432/share (from HUF 969), 25% upside potential. Despite the share price rally (up 105% in the LTM), we still see MTELEKOM as an outstanding growth story in the TMT space, with an expected 2023-26E EBITDA CAGR of 15%. In our view, the growth it generates should be driven by CPI-linked price hikes and the abolition of the supplementary telco tax in 2025E, which should, on our estimates, add 11ppts to the 2025E EBITDA growth rate. Considering the strong FCF outlook, we expect MTELEKOM to stick to its curren...

16h / 48m 16h / 48m 1 EN

Research Team

Research Team

WOOD Daily: OTKAR TI; TPEIR GA; BRISA TI; ELM AB; JAHEZ AB; ALK MS; EME Macro/Strategy Weekly; MTELEKOM HB; CDR PW; TEN PW; The Rear-View Mirror; ARABIAND AB

HEADLINES: • Otokar: weak set of 3Q24 results NEGATIVE • Piraeus Financial Holdings: 3Q24 highlights – decent quarter, with revised guidance POSITIVE • Brisa: profitability should return in 4Q, on October price hikes NEUTRAL • Elm: strong 3Q24 financial results POSITIVE • Jahez: strong 3Q24 results POSITIVE • Alkaloid AD Skopje: strong 3Q24 sales and a qoq margin rebound POSITIVE • EME Macro/Strategy: macro all-in-one (28 October-3 November) • Magyar Telekom: reaches agreement with the trade unions NEUTRAL • CD Projekt: 2025-28 incentive scheme net profit condition 27% above our forecast NEUTR...

November 4, 2024 November 4, 2024 1 EN

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WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW

WOOD Daily: ELPE GA; MOH GA; VGO PW; ALE PW; INPST NA; OPL PW; CPS PW; ING PW; MBK PW; HUG PW

The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly red

Lamda Development | Unfolding Ellinikon value

WOOD Daily: MTELEKOM HB; SHO PW; THYAO TI; CCOLA TI; TOASO TI; AIRA LI; ISCTR TI; Zabka; JAHEZ AB; MBR PW; GPP PW; ADNOCDRI UH; CPS PW; WPL PW; INPST NA; ALE PW

Magyar Telekom: another record strong year ahead (stays BUY)

WOOD Daily: OTKAR TI; TPEIR GA; BRISA TI; ELM AB; JAHEZ AB; ALK MS; EME Macro/Strategy Weekly; MTELEKOM HB; CDR PW; TEN PW; The Rear-View Mirror; ARABIAND AB

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