WOOD Morning (15 January)
HEADLINES:* Lukoil: to cancel majority of treasury stock, will launch buyback POSITIVE
* Anadolu Efes: strong volume growth, continued outperformance in Russia POSITIVE
* Coca-Cola Icecek: weak volume figures due to Pakistan NEGATIVE
* Gubretas: releases 2018E guidance and 2017 sales volumes POSITIVE
* Lotos: completion of ERFA project delayed NEGATIVE
* Pegasus Airlines: airplane skids off runway at Trabzon airport NEGATIVE
* Hungarian telecoms: Janos Lazar on Hungarian state mobile telco idea NEGATIVE
* Czech Republic: recap - Czech presidential elections (first round) and trouble for Babis
* Hungary macro: recap - inflation
* Romania macro: recap - inflation
* PGE: to book impairments of PLN 807m in 4Q17 NEUTRAL
* CEZ: CEO says CZK 65-70bn EBITDA between 2020-25E NEUTRAL
* Fondul Proprietatea: December NAV up 1.5% mom NEUTRAL
* EME Strategy: Polish mutual fund flows - one-year high inflows into Polish S/M funds
* Short News (GNB, RO politics)
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.
Coca-Cola Icecek is a bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. Co. focuses on the production, sales and distribution of sparkling and still beverages with The Coca-Cola Company (TCCC) trademarks. Co. has rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey. Co. also has the right to produce, sell and distribute Burn and Gladiator branded energy drinks throughout Turkey, as well as bottling and distribution rights in Turkey for Schweppes branded beverages.
Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.
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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