Report
Research Team

WOOD Daily: WPL PW; SHO PW; PBK RO; DIGI RO; DAT PW; TENERGY GA; EL RO; SNG RO; CPS PW; LKOD LI

HEADLINES:
• Wirtualna Polska: strong 1Q22, with adjusted EBITDA up 19% yoy, 7% above our estimate POSITIVE
• Shoper: 1Q22 results in line with preliminary guidance NEUTRAL
• Patria Bank: 1Q22 results review - strong NII offset by weaker other income and higher costs
• DIGI Communications: 1Q22 results - pro forma adjusted EBITDA up 9% yoy, in line with our estimate NEUTRAL
• DataWalk: preliminary 1Q22 results - sales up 21% yoy, to PLN 4.18m NEGATIVE
• Terna Energy: Investor Day highlights
• Electrica: takeaways from the 1Q22 earnings call
• Romgaz: takeaways from the 1Q22 earnings call
• Cyfrowy Polsat: planning to buy back up to 35m owns shares, at PLN 22.28/share NEUTRAL
• LUKOIL: Board postpones 2021 dividends NEUTRAL
• Short News (SNP, SNG, TGN, AST)
Underlyings
Cyfrowy Polsat SA

Datawalk SA

Datawalk SA Formerly known as Pilab SA. Datawalk SA, formerly known as Pilab SA, is a Poland-based a software publisher. The Company specializes in the area of data analysis, offering Business Intelligence solutions. It operates DataWalk, an agile analysis platform, which enables financial and insurance institutions to discover fraud attempts, combat money laundering, as well as analyze and monitor business processes, such as sales, claim adjustment and debt collection, among other applications. The Company operates through Datawalk Inc, its wholly-owned subsidiary based in the United States.

Digi Communications NV

Oil company LUKOIL PJSC Sponsored ADR

Patria Bank SA

Societatea Energetica Electrica

Societatea Nationala De Gaze Naturale ROMGAZ SA

Terna Energy S.A.

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.

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

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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