Focus: update on our Russian Oil and Gas coverage universe (Gazprom, Lukoil, Novatek, Rosneft, Surgutneftegas and Tatneft); initiating on Terna Energy with a BUY and a EUR 6.90 PT; Greece macro – the new safe haven in the Eurozone
HEADLINES:* Russian Oil and Gas: still plenty of value (Gazprom, Lukoil, Novatek, Rosneft, Surgutneftegas and Tatneft)
* Terna Energy: blessed child of Aeolus (BUY - initiation of coverage)
* Greece macro: the new safe haven in the Eurozone
* Richter: Romanian distribution licence suspended, impact on FY18E EBIT at 0.5% NEGATIVE
* Transelectrica: ANRE proposal to update tariffs NEUTRAL
* CCC: PLN 210m bonds refinancing NEUTRAL
* Getin Noble Bank: sells stake in Noble Securities to Leszek Czarnecki NEUTRAL
* EME Strategy: Argentina and Saudi Arabia in EM = USD 3bn outflows from EME
* Short News (PEO, ALR, CEZ, RBI, SAB1L, TGN, RO politics)
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.
Getin Noble Bank SA is a Poland-based universal bank. The Company divides its activity into three segments: Banking, providing banking services and operating in the area of accepting cash deposits, running deposit and other bank accounts, granting loans, issuing and confirming bank guarantees, issuing bank securities, checque and bill of exchange operations and operations related to warrants, issuing payment cards, among others; Financial Intermediary, providing services related to financial intermediation, loans, deposits, savings, investment intermediation; Asset and Fund Management, placing cash collected by means of public offering of unit fund, advising, managing securities portfolios, creating and managing investment funds, as well as providing rental services and property management. It is the parent company of Getin Noble Bank SA Capital Group and operates through subsidiaries, including Noble Funds TFI SA, Noble Concierge Sp z o o, Getin Leasing, among others.
Terna Energy is a vertically organized renewable energy sources group based in Greece. Co. is mainly engaged in the energy and construction sector. Co. is active in Wind Energy, as well as Hydroelectric Projects, Solar PV and Integrated Management of Waste to Energy and Biomass Projects. Co. is also engaged in the research for the operation and construction of projects related to other renewable energy sources (RES). Co. maintains a class 6 contractor certificate and its activity in the construction sector relates to the construction of private and public projects as a main contractor or subcontractor or through joint ventures.
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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