reports
- Research Team
WOOD Flash – Coverage discontinued
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
Kernel Holding S.A.: 1 director
A director at Kernel Holding S.A. bought 1,200,000 shares at 1.875USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
- Research Team
WOOD Daily: ING PW; PEO PW; ALE PW; TPEIR GA; ONE RO; TL Macro; PKN PW...
HEADLINES: • ING BSK: books miss in 2Q22, long-term outlook untouched, weak short-term headline earnings NEGATIVE • Bank Pekao: weaker-than-expected 2Q22 headline EPS, but results include lots of one-off charges NEGATIVE • Allegro: 2Q22 preliminary results in line for core business, but Mall Group disappoints NEGATIVE • Piraeus Bank: solid 2Q22, extreme discount vs. peers POSITIVE • ONE United Properties: raises EUR 52m in capital increase, vs. c.EUR 90m target, priced at 2.2x P/B POSITIVE • Tur...
MOL MOL NYRT
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
AST ASTARTA HOLDING
MGROS MIGROS TICARET A.S
TPEIR PIRAEUS BANK SA
LTS GRUPA LOTOS S.A.
11B 11 BIT STUDIOS S.A.
SOKM SOK MARKETLER TICARET AS
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ALR ALRO SLATINA
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Morning (30 May 2022)
HEADLINES: • Benefit Systems: regaining power post-pandemic (stays BUY) • National Bank: 1Q22 - another strong quarter, on track to meet guidance POSITIVE • S Immo: solid 1Q22 numbers, AGM to vote on removal of voting rights cap on 1 June 2022 NEUTRAL • Polish banks: ZBP's estimates on potential cost of credit holidays • Polish banks: 1Q22 - big drops in retail mortgage market • Orange Polska: key takeaways from PAP interview with CEO NEUTRAL • Astarta Holding/Kernel: coverage under review
- Research Team
- Research Team
WOOD Daily: COG PW; HU Macro; ALPHA GA; KER PW; AEGN GA; PPC GA; CDR P...
HEADLINES: • Cognor Holding: record results could serve as re-rating trigger (BUY - initiation of coverage) • Hungary macro: taxes and budget consolidation • Alpha Bank: strong 1Q22 numbers, with upside risk for FY22E estimates POSITIVE • Kernel: 3Q22 EBITDA materially below our estimates, amid weak farming segment result NEGATIVE • Aegean Airlines: 1Q22 - small beat, fare levels exceed expectations, summer outlook encouraging POSITIVE • Public Power Corporation: 1Q22 earnings in line, still ...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
COG COGNOR HOLDING SA
AUG1L AGROWILL GROUP AB
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
SKK SIRMA GROUP HOLDING JSC
OGZD GAZPROM (GDR)
ALPHA ALPHA BANK
SHO SHOPER
- Research Team
WOOD Daily: PZU PW; PKO PW; TBCG LN; GTC PW; NRP NA; CIE PW; AST PW; D...
HEADLINES: • PZU: 1Q22 - investment result holds up better than expected on equities and costs under control POSITIVE • PKO BP: 1Q22 results review - solid results • TBC Bank: 1Q22 highlights - good quarter • GTC: 1Q22 - results in line, DPS proposal of PLN 0.28 (a 5% yield) NEUTRAL • NEPI Rockcastle: 1Q22 - tenants' sales edging above 2019 levels NEUTRAL • Ciech: 2022-24E strategy - high EBITDA target, solid cash generation, regular dividends POSITIVE • Astarta: 1Q22 conference call takeaways...
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
TBCB TBC BANK JOINT STOCK CO
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
19XX NEPI ROCKCASTLE PLC
ALG ALLEGRO.EU SA
ALR ALRO SLATINA
4IG 4IG NYRT
- Research Team
WOOD Daily: KCEL KZ; HSBK LI; AST PW; CEE Macro; PL Banks; WPL PW; SHO...
HEADLINES: • Kcell: attractively-valued frontier exposure (upgraded to BUY) • Halyk Savings Bank: 1Q22 highlights - trading income gives a boost, but still a good start • Astarta Holding: 1Q22 results weaker than expected, but leverage remains low NEUTRAL • CEE macro: strong, above-consensus growth in 1Q • Polish banks: government clears draft bill on mortgagors' aid measures; next step - parliament NEGATIVE • Wirtualna Polska: key takeaways from the 1Q22 earnings call POSITIVE • Shoper: post...
- Research Team
The Rear-View Mirror – EME markets: Turkish equities gain 13.3%, other...
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
PCO PEPCO GROUP NV
KCEL KCELL JSC
- Research Team
WOOD Daily: EME Macro/Strategy – RU; EBS AV; KRU PW; TKFEN TI; TCELL T...
HEADLINES: • EME Macro/Strategy: Russia can live (but not thrive) without EU gas payments • Erste Bank: strong start to 2022 with the 1Q22 delivery POSITIVE • Kruk: publishes detailed 1Q22 - solid trends, but supported by positive revaluations, as suspected NEUTRAL • Tekfen Holding: 1Q22 results - another major miss NEGATIVE • Turkcell: 1Q22 results in line, except a 10% NI miss; FY22E guidance maintained NEUTRAL • Enerjisa Enerji: 1Q22 results review - mixed, but FY guidance revised up NEUTRA...
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
OMV OMV AG
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
TKFEN TEKFEN HOLDING
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
KMB KOMERCIJALNA BANKA AD SKOPJE
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
OGZD GAZPROM (GDR)
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KCEL KCELL JSC
- Research Team
WOOD Daily: PGN PW; ALR PW; ASELS TI; OTKAR TI; ZB CZ; TRP RO; DAT PW;...
HEADLINES: • PGNiG: Russia halts the flow of gas to Poland NEGATIVE • Alior Bank: disappointing 1Q22 delivery NEGATIVE • Aselsan: 1Q22 results - top-down beat, but management's guidance unchanged POSITIVE • Otokar: 1Q22 results - broadly in line, 12% NI beat POSITIVE • Zagreb Stock Exchange: 1Q22 results review - strong results, on high volumes traded in the quarter POSITIVE • TeraPlast: strong sales growth reported for 1Q22 POSITIVE • DataWalk: FY21 numbers fully in line with the preliminaries ...
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TPS ORANGE POLSKA S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TRP TERAPLAST
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
ZB-R-A ZAGREBACKA BURZA DD
INPST INPOST S.A.
- Research Team
WOOD Daily: EL RO; TEL RO; TGN RO; SPL PW; MIL PW; PL Banks; GARAN TI;...
HEADLINES: • Romanian utilities: for those willing to wait (Electrica stays BUY, Transgaz stays HOLD, Transelectrica upgraded to HOLD) • Santander Bank Polska: 1Q22 results review - strong beat vs. expectations on low provisions • Bank Millennium: 1Q22 results review - results in line with expectations • Polish banks: government proposals to aid mortgagors may hit Polish banks' 2022-23E earnings NEGATIVE • Garanti: 1Q22 highlights NEUTRAL • Orange Polska: 1Q22 results - EBITDAaL up 2% yoy, in ...
KER KERNEL HOLDING S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCOLA COCA-COLA ICECEK A.S.
MGROS MIGROS TICARET A.S
POLY POLYMETAL INTERNATIONAL PLC
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BNET BITTNET SYSTEMS
PLZL POLYUS (GDR)
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SOKM SOK MARKETLER TICARET AS
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
KSPI KASPI KZ
- Research Team
WOOD Daily: PCF PW; HB CY; SHO PW; KER PW; PGN PW; FP RO; PETG SV; MNO...
HEADLINES: • PCF Group: adjusted EBITDA in line with our forecast; Outriders Worldslayer release at end-June NEUTRAL • Hellenic Bank: FY21 - moving in the right direction • Shoper: management call takeaways - 2022E to focus on growth, rather than margins NEUTRAL • Kernel: 3Q22 trading update NEUTRAL • PGNiG: operating estimates for 1Q22E, no major surprises • Fondul Proprietatea: State could consider offer of new shares in Hidroelectrica after Fondul's offer NEUTRAL • Petrol Group: AGM appro...
PETG PETROL D.D.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
HB HELLENIC BANK LTD.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
PCF PCF GROUP SA
SHO SHOPER
- Research Team
WOOD Daily: INPST NA; CIE PW; PBK RO; AST PW; CCC PW; LPP PW; SHO PW; ...
HEADLINES: • InPost: e-commerce growth at courier multiples (upgraded to BUY) • Ciech: bumpy road, but got there finally (stays BUY) • Patria Bank: profitability set to grow, but valuation remains fair (stays HOLD) • Astarta Holding: 1Q22 trading update - strong volumes, despite the war POSITIVE • CCC: final 4Q21 results above prelims, mainly on one-off POSITIVE • LPP: 4Q21 slightly below prelims on war-related write-downs; no surprises in FY22E guidance NEUTRAL • Shoper: 4Q21 broadly in line...
ACP ASSECO POLAND SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CIE CIECH S.A.
AST ASTARTA HOLDING
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TRP TERAPLAST
PBK PATRIA BANK SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
INPST INPOST S.A.
SHO SHOPER
PCO PEPCO GROUP NV
- Research Team
WOOD Daily: Polish financials (PZU PW, PEO PW stay BUY; ALR PW upgrade...
HEADLINES: • Polish financials: PZU - higher rates and for longer (stays BUY); Bank Pekao - standing firm against the headwinds (stays BUY); Alior Bank - too cheap to ignore (upgraded to BUY) • Romania macro: the government announces a support package for both individuals and companies • Fondul Proprietatea: end-March NAV could be at least 5% higher mom • Famur: 4Q21 EBITDA 16% below market expectations NEGATIVE • LPP: FY22E rollout plans raised to 500k sqm POSITIVE • Inter Cars: CFO says tha...
- Research Team
WOOD Daily: CAR PW, AST PW, RU macro, HB CY, EEG1T ET, previews
HEADLINES: • Inter Cars: strong March sales, despite ailing Ukrainian business POSITIVE • Astarta: 4Q21 EBITDA slightly above our forecast NEUTRAL • Russia macro: the CBR cuts the key rate by 300bp in an unscheduled meeting last Friday • Hellenic Bank: NPE portfolio sale • Ekspress Grupp: proposes a share buyback programme • Orange Polska: 1Q22E - 2% adjusted EBITDAaL increase expected (due on 25 April) • STS Group: 4Q21E results preview - 25% yoy EBITDA drop from a high base (due on 27 Apri...
- Research Team
WOOD Daily: GTC PW; PPC GA; RO Macro; TGN RO; WINE RO; PGE PW; KER PW;...
HEADLINES: • GTC: solid results, in line with expectations, FFO I reaches EUR 74m for the year POSITIVE • Public Power Corporation: meets FY21 targets, guiding for flat FY22E recurring EBITDA • Romania macro: monetary tightening cycle continues • Transgaz: proposes RON 14.82 DPS (6.9% dividend yield), reflecting 93% dividend payout ratio POSITIVE • Purcari Wineries: calls GMS to approve RON 0.51 DPS, share buyback and share capital increase • PGE: Polish state agrees to buy up to PLN 3.2bn of...
- Research Team
The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: ADKO AV; HUGE PW; KER PW; EXAE GA; ALR RO; FP RO; POLY LN
HEADLINES: • Addiko Bank: outlook remains good, despite increased risks (stays BUY) • Huuuge Games: 4Q21 adjusted EBITDA 6% above our expectations and 8% ahead of the consensus POSITIVE • Kernel: 2Q22 results slightly better than expected, balance sheet position remains strong POSITIVE • Athens Exchange Group: 4Q21 results review - a softer quarter • Alro: takeaways from the FY21 earnings call • Fondul Proprietatea: Ministry of Energy confirms agreement on Hidroelectrica GMS to approve listin...
- Research Team
WOOD Daily: BFT PW; TEN PW; WIZZ LN; KER PW; WINE RO; EL RO
HEADLINES: • Benefit Systems: call takeaways - sound card base recovery & normalising activity, but SG&A pressure NEUTRAL • Ten Square Games: blocks its games in Russia and Belarus NEGATIVE • Wizz Air: expects to fly slightly lower capacity in 1H FY23E, commences hedging NEUTRAL • Kernel: update on current operations • Purcari Wineries: management assesses risk of war spilling over into Moldova as extremely remote • Electrica: sues regulator for recognition of a price below the market for grid...
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