Report
Research Team

WOOD Daily: EL RO; GTC PW; SAR GA; PL Macro; RO Macro; HU Macro; CPS PW; FP RO; DIGI RO; EUR PW

HEADLINES:
• Electrica: 3Q22 net profit jumps to RON 709m, in line with our expectations
• GTC: 3Q22 in line, FFO slightly ahead of last year's level, LTV at 44% NEUTRAL
• Sarantis: 9M22 - sales up 10% yoy, erosion in profitability due to high cost environment
• Poland macro: 3Q GDP rebounds
• Romania macro: on track to stand out next year
• Hungary macro: downturn likely to have commenced
• Cyfrowy Polsat: key takeaways from the 3Q22 earnings call NEUTRAL
• Fondul Proprietatea: takeaways from the 3Q22 earnings call, and GMS resolutions NEUTRAL
• DIGI Communications: key takeaways from the 3Q22 earnings call NEUTRAL
• DIGI Communication: Romanian 5G auction concluded; operators to pay EUR 432.6m total for frequencies NEUTRAL
• Eurocash: tax optimisation efforts NEUTRAL
Underlyings
Cyfrowy Polsat SA

Digi Communications NV

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.

Fondul Proprietatea S.A. GDR (Reg S)

Globe Trade Centre S.A.

Globe Trade Centre is the parent company of the capital group, Globe Trade Centre (the Group). The Group is engaged in the development and rental of office and retail space and the development and sale of residential units. The Group is a real estate company in Central and Eastern Europe and South-eastern Europe, operating in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, and Slovakia. Additionally, it co-owns land in Ukraine and Russia and operates in the Czech Republic. The Group's portfolio comprises: completed office buildings and office parks as well as retail and entertainment centres; residential projects; and undeveloped plots of land and suspended projects.

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.

Societatea Energetica Electrica

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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