Report
Research Team

WOOD Daily: TEN PW; SAR GA; CPS PW; ECH PW; HU Macro; HUG PW; EUR PW; PCF PW; SNP RO; EL RO; TEL RO

HEADLINES:
• Ten Square Games: 4Q22 adjusted EBITDA broadly as expected, 1Q23 trading update disappoints slightly NEUTRAL
• Sarantis: 2H22 results review - supportive sales, but persistent costs erode yoy profitability
• Cyfrowy Polsat: 4Q22 preliminary results review - weak quarter, in line with expectations NEUTRAL
• Echo Investment: 4Q22 - revaluation loss, opex and financing costs lower than we expected NEUTRAL
• Hungary macro: MNB pushes back against rate cut bets
• Huuuge Games: earnings call takeaways - 2023E adjusted EBITDA to improve significantly yoy POSITIVE
• Eurocash: takeaways from management meeting POSITIVE
• PCF Group: investment agreement regarding Krafton acquiring 10% stake in increased PCF capital POSITIVE
• OMV Petrom: required to pay additional EUR 117m in taxes for 2022
• Electrica: significant increase in tariffs proposed by the Energy Regulatory body NEUTRAL
• Transelectrica: 11% tariff increase proposed by the Energy Regulatory body NEUTRAL
Underlyings
C.N.T.E.E. Transelectrica

Cyfrowy Polsat SA

Echo Investment

Echo Investment is a real estate investment and development company based in Poland. Co.'s is engaged in operations in the real estate market, the design, construction and development of shopping and entertainment centers, hotels, office buildings, houses, blocks of flats and apartments. Co.'s operations are organized along three operating segments: Shopping and Entertaining Centers, Offices and Hotels and Residential. Co. also offers general contracting services for third party investors. Co. owns properties throughout Poland, including Szczecin, Poznan, Warsaw, Krakow and Kielce, among others, and abroad, including Ukraine, Romania and Hungary.

Eurocash S.A.

Eurocash, through its subsidiaries, is engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods). Through a range of distribution formats, Co. and its subsidiaries focus its business activities on the wholesale distribution to customers across the wholesale market segments, in particular, to stores throughout Poland such as retail stores, convenience stores at petrol stations, restaurants, hotels and cafeterias. Co. and its subsidiaries operate a range of distribution formats focused on supplying independent stores in Poland, which primarily include: Cash and Carry, Franchise Systems, and Distribution.

Gr. Sarantis S.A.

Co. is a consumer goods manufacturer and distributor engaged in operations in Greece. Co. produces consumer goods such as cosmetics, pharmaceuticals, households, pet products, car's accessories and apparel. Co. produces its own brand name of cosmetic products such as Prosar, Str8, BU99, Clochard, Carroten, Tokalon and others. Co.'s product portfolio also includes a range of international brands such as Estee Lauder, Clinique, Aramis, Donna Karen, Orlane, Montana Versace and others.

PCF Group SA

Petrom S.A.

Societatea Energetica Electrica

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

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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