Report
Research Team

WOOD Morning (1 February)

HEADLINES:
* Greek banks: EBA parameters provide more clarity
* Grivalia: 4Q17 - higher expenses drive miss on FFO (BVPS EUR 9.3; FFOPS EUR 0.37) NEGATIVE
* Garanti: 4Q17 wrap-up
* Akbank: 4Q17 wrap-up
* Forte: 4Q17 preliminary results - revenue erosion and continuous margin drop NEGATIVE
* CEZ: splitting business would generate CZK 65bn additional value POSITIVE
* CCC: departure of deputy CEO NEUTRAL
* CCC: e-obuwie expects 2018E sales of PLN 1bn NEUTRAL
* Nuclearelectrica: 2018 budget points to profits staying as strong as in 2017 NEUTRAL
* BZ WBK: takeaways from 4Q17 results meeting NEUTRAL
* Cyfrowy Polsat: main shareholder Solorz-Zak increases his stake in CPS POSITIVE
* Turkey: non-financials 4Q17E previews - year-on-year growth momentum remains
* Erdemir: 4Q17E financial results - another quarter of high EBITDA growth (due on 2 February) POSITIVE
* Severstal: 4Q financial results - EBITDA +20% qoq, but lower FCF & dividend qoq (due on 2 February) NEUTRAL
* Short News (GNB)
Underlyings
CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Cyfrowy Polsat SA

Grivalia Properties REIC

Grivalia Properties Real Estate Investment is an investment property group with a major portfolio in Greece and an expanding portfolio in Southeastern Europe. Co.'s business is leasing out investment property under operating leases and is classified as a real estate investment vehicle under Greek Law 2778/1999. Co.'s investment strategy, aims at increasing its revenues and returns and towards creating added value for its shareholders. Co. is seeking to achieve this goal through: analytical follow up and monitoring of the macro-economic indicators; active management of its portfolio of assets; continuous monitoring of the portfolio's risk and the efficient management.

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

Severstal (GDR)

Societatea Nationala Nuclearelectrica SA

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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