Report
Research Team

WOOD Daily: ETE GA; KTY PW; TNB MS; BNET RO; RO Macro; MOL HB; RICHT HB; PGE PW

HEADLINES:
• National Bank: 4Q20 - positive outlook, cheap valuation
• Kety: 4Q20 EBITDA 13% above preliminary forecast; DPS may be above the consensus POSITIVE
• NLB Banka: FY20 results review - weaker net income on higher-than-expected COR
• Bittnet Systems: 4Q20 results review - EBITDA 36% higher than preliminary numbers
• Romania macro: update on RON and yield forecasts
• MOL: proposes dividend of HUF 100/share
• Richter: positive opinion for Drovelis (novel OC) NEUTRAL
• PGE: state buying PGE EJ1 from PGE, Enea, KGHM and Tauron NEUTRAL
• Short News (CDR, CIE, FP)
Underlyings
Grupa Kety SA

Grupa Kety is an aluminum industry company based in Poland. Co.'s operations are organized in three business segments: Aluminum Extrusions, Aluminum Architectural Systems and Flexible Packaging. Co. offers aluminum extrusions in different shapes, bars, tubes and wires of aluminum and its alloys, which are used in the construction & building, advertising, indoor fittings, transportation, automotive industry, white goods, machinery engineering and electrical engineering. Co.'s Aluminum Architectural Systems produces aluminum joinery, realizing investment projects and selling systems. Co.'s flexible packaging segment offers packaging made of aluminum foil, films and paper.

MOL Nyrt

National Bank of Greece S.A. ADS

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

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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