Mullets & money: An Eastern European Equities

We talk Gazprom and their big Petchem project, what it means for dividends, does it impact European Petchem companies, and will IMO finally bring its star dust to the refining sector.

After a prolonged hiatus, we are back, with Grzegorz Skowronski, a battle hardened veteran joining Jonathan Lamb as new co host. Our guest this week is Jakub Caithaml , our research colleague who shares with us his wisdom on the airline industry, and gives us the highlights of his note.

We interview OMV Petrom CEO, Christina Verchere. She shares her thoughts on what brought her to OMV Petrom, the experience she brings to the role and what she hopes to achieve. We talk Neptun, regulation, IMO and the retail business.

Raffaella May 2019 by Mullets & Money

On episode 26 of Mullets & Money, we are joined by special guest Omer Tetik, CEO of Romania's Banca Transilvania. Ioana, Stefan, and Jonathan share their takeaways from WOOD's Romania Conference. Jan explains how he ended up in the hospital thanks to a piece of chicken, and also ran into Gary Lineker. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Jan and Jonathan's special guest this week is Polymetal CEO, Vitaly Nessis. Andy Jones joins the boys to talk copper and gold and to lead the interview with Vitaly. Jonathan drills down on Romanian O&G. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Jan Thomson and Jonathan Lamb are back with episode 24 of Mullets and Money. Our special guest is Oliver Hughes, CEO of fintech pioneer extraordinaire, Tinkoff, who shares his views on the business, his vision and doing business in Russia. We talk gaming and get updates on Romania from Stefan Lungu before bringing Can Demir in to tell us why Sberbank is better than you think. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

On this week’s podcast episode Jan and Jonathan are joined by special guest, CEO Anton Titov of Russian shoe retailer Obuv Rossii to talk about their origin story and why shoes are different in Russia. WOOD Analyst Jakub Caithaml comes on to discuss Wizz Air and why he didn’t copy Jaromir Jagr’s mullet. To kick things off the guys go through the week’s biggest stories like Romania’s budget with WOOD Romania Analyst Stefan Lungu and iron ore price dynamics with WOOD Metals & Mining Analyst Andy Jones. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Our special guest this week is Raffaella Tenconi, WOOD's Senior Economist to talk about the 2019 global macro outlook. We also talk about Rosneft and their Venezuelan exposure with WOOD's Russian Oil & Gas Analyst, Ildar Davletshin. For good measure we also talk about the latest chapter of Poland's FX mortgage saga and Romgaz's SOCAR interest. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Our first episode of 2019 features Jan and Jonathan joined by Ioana Pop and Stefan Lungu from WOOD to talk the Romanian political situation and bank tax. At 18:38 They're joined by Pawel Wieprzowski to talk 2019 equity strategy and Jakub Mician joins them to talk Anadolu Efes and Ford Otosan at 25:31. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Our Holiday special mega episode featuring interviews with Albert Avetikov from Russian food retailer Lenta and Natasha Belyavskaya from Russian consumer electronics company M.Video. Jonathan and I also go over our takeaways from the conference and Jonathan goes into his view on Polish refiners. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

In our latest special we interview Asli Kilic Demirel from Anadolu Efes, WOOD consumer analyst Jakub Mician also joins us to talk about which consumer names stood out at the Prague conference. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

It's Day 1 of WOOD's Winter in Prague, their annual Emerging Europe equities conference and we have a recap of the days events plus an interview with Selim Kender, Chief Strategy Officer from DP Eurasia. If you like Pizza and hearing Andy, Jonathan, and Jan talk Emerging European companies it's worth a listen. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

In this episode we interview Mikhail Perestyuk from Globaltrans (at 16:40) and are joined by Markus Ulreich, WOOD's Austrian salesperson par excellence. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Polish Spec Sales Greg Skowronski joins us at the right time to talk about Poland showing its colours as a real emerging market despite the FTSE upgrade. We talk the Polish banking sector and all recent events. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Andy interviews Severstal's Head of Corporate Strategy, Maxim Semenovykh (second half) and Jonathan drills oils while Andy mines but doesn't whine, Jan tells us how he got beat up and his hair froze in Bismarck, North Dakota. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Andy interviews Severstal's Head of Corporate Strategy, Maxim Semenovykh (second half) and Jonathan drills oils while Andy mines but doesn't whine, Jan tells us how he got beat up and his hair froze in Bismarck, North Dakota. ****This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of WOOD & Company investment research. Neither WOOD & Company, the hosts, the guests nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of WOOD & Company, the hosts, and the guests, and WOOD & Company is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by WOOD & Company, the hosts or guests to that listener, nor to constitute such person a client of any WOOD & Company entity. The opinions of podcast participants should not be taken as investment or trading advice.****

Jonathan is out marketing, so I’m joined by Raffaella Tenconi our Senior Economist who talks to us about our quick descent to the end of the business cycle in Europe, scope of potential sanctions, and our favourite topic, what to do with Turkey.

Jonathan is out marketing, so I’m joined by Raffaella Tenconi our Senior Economist who talks to us about our quick descent to the end of the business cycle in Europe, scope of potential sanctions, and our favourite topic, what to do with Turkey.

Motor Oil Hellas' CFO Petros Tzannetakis explains how they're cleaning up with the dirtiest of products (bitumen) and why index inclusion is a game changer. Andy Jones explains why bringing a pellet gun to a steel industry fight may be a winner and re-iterates his view that KAZ got beaten up more than it deserved.