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

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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: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

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November 19, 2024 November 19, 2024 1 EN

Wood and Company

WOOD Flash – Lamda Development: 3Q24 – in line, NAV stable

Lamda's 3Q24 was largely in line with our expectations. We are seeing a continuing strong performance from the existing malls and marinas, while the recently-announced land sales at the Ellinikon should start to pull the NAV upwards over the coming months. The visible progress in the development of the Ellinikon, coupled with the NAV uplift ahead, should help the momentum of the stock, in our view. The key risks we see are related to potential delays and construction cost overruns, as well as demand (considering the high price level across the Ellinikon project).

November 18, 2024 November 18, 2024 1 EN

WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

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Raffaella Tenconi

EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout

In the current macroeconomic environment, characterised by declining EUR interest rates, slower Eurozone growth, and significant expected policy rate cuts across the Eurozone, we have decided to flag the high dividend stocks across our coverage universe. With the yields on the 10-year US Treasury now higher than the S&P 500 earnings yield, equity risk premiums have narrowed substantially in the US. EME companies are increasingly attractive, as they transition to a phase of excess capital distribution, supported by converging macro and corporate governance standards with developed markets. We h...

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Can Yurtcan ... (+2)

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Akcansa: recovery on the horizon (stays BUY)

We maintain our BUY rating on Akcansa, with an updated 12M price target (PT) of TRY 216.2, which offers 39% upside vs. the current price. Although we have reduced our PT by 9%, mostly as a result of 2024E’s higher-than-expected inflationary environment, we remain positive on the name and believe that its solid business model, together with supportive domestic demand and slowing inflation, should support its business performance in 2025E and 2026E. The company is trading at 5.4x 2025E EV/EBITDA, on our estimates, a 24% discount vs. its global cement peers.

8h / 35m 8h / 35m 1 EN

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

WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

WOOD Daily: AEGN GA; GTC PW; AQ RO; GEV CP; HSBK LI; BFT PW; MOH GA; KMGZ KZ; VGO PW

WOOD Flash – Lamda Development: 3Q24 – in line, NAV stable

WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout

Akcansa: recovery on the horizon (stays BUY)

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