Focus: reinitiating on Nostrum Oil & Gas with a BUY and a GBp 404 PT; Greece macro – refreshingly boring?; Immofinanz’s 4Q17 – predictably weak, but positive underlying momentum driven by growing occupancy
HEADLINES:* Nostrum Oil & Gas: starting a new chapter (BUY - reinitiation of coverage)
* Greece macro: refreshingly boring?
* Immofinanz: 4Q17 - predictably weak, but positive underlying momentum driven by growing occupancy NEUTRAL
* Dom Development: sells 848 units in 1Q18, up 5% yoy NEUTRAL
* PKP Cargo: agreement for locomotive renovation with Newag NEUTRAL
* The Rear-View Mirror - CEE markets: Romanian index the top performer in March
Immofinanz is a real estate company, based in Austria, that invests in private and commercial properties. Co.'s main activities are the rental and management of its portfolio as well as development projects and portfolio optimized sale. Co.'s activities are concentrated on prime properties in four core segments: retail, office, logistics and residential. The diversification of risk is supported by Co.'s portfolio in eight core countries: projects in Austria and Germany form the basis for investments in Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. Co.'s properties include apartments, hotels, offices, retail outlets and garages.
PKP Cargo SA is a Poland-based company active in the transportation sector. The Company's main activity is domestic and international transport of goods by rail and provision of logistic services in the field of railway cargo transport services. The Company divides its services into six divisions: Transport, offering rail transport carried out by PKP Cargo, road transport and ferry transport; Intermodal, providing intermodal rail transport; Forwarding, services carried out by Trade Trans, Cargosped and PKP Cargo International; Terminals, offering service of reloading terminals; Sidings, providing railway sidings; and Rolling Stock, which provides repairs of the rolling stock. It operates through Advanced World Transport BV (AWT).
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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