Focus: initiating on Polyus with a BUY and a USD 54.8/GDR PT; Public Power Corporation – 1Q19 EBITDA loss on higher power, gas and CO2 costs; Gazprom – takeaways from the AGM; Transgaz announces delays in first phase of BRUA
HEADLINES:• Polyus: sector leading growth and yield (BUY - initiation of coverage)
• Public Power Corporation: 1Q19 EBITDA loss on higher power, gas and CO2 costs NEGATIVE
• Gazprom: takeaways from the AGM POSITIVE
• Transgaz: announces delays in first phase of BRUA NEGATIVE
• Novatek: brings fourth partner into Arctic LNG 2 POSITIVE
• PKN Orlen: signs major contract for fertiliser plant expansion
• MOL: subsidiary FGSZ agrees to purchase Slovakian-Hungarian gas interconnector
Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.
Public Power Corp. is a vertically intergrated electric utility engaged in electricity generation, transmission and distribution throughout Greece. At Dec 31 2014, Co. and its subsidiaries generated electricity in its own 62 power generating stations of Co. and from the additional stations which belong to its wholly owned subsidiary PPC Renewables S.A, facilitated the transmission of electricity through its own power lines of approximately 12,273 km and distributed electricity to consumers through its own distribution lines for Medium and Low voltage of 235,100 km which are managed by its wholly owned subsidiary Hellenic Distribution Network Operator (HEDNO S.A.) (Medium and Low voltage).
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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