Cyfrowy Polsat SA

  • TickerCPS
  • ISINPLCFRPT00013
  • ExchangeWarsaw Stock Exchange
  • SectorMedia
  • CountryPoland
Research Team

WOOD Daily: VESBE TI; LPP PW; PL Banks; GPW PW; RICHT HB; PGE PW; WPL PW; CPS PW; Rear-View Mirror; ENJSA TI; MTSS RX; TPE PW

HEADLINES: • Vestel Beyaz: tailwinds continuing into 3Q (stays HOLD) • LPP: preliminary 2Q EBIT loss of PLN 40m on PLN 135m one-off; recurring recovery POSITIVE • Polish banks: July court rulings on FX mortgage loans clearly favour clients vs. banks NEGATIVE • Warsaw Stock Exchange: July trading update - equities volumes still strong POSITIVE • Richter: takeaways from the 2Q20 conference call NEUTRAL • PGE: plans to sell PGE Paliwa • Wirtualna Polska/Cyfrowy Polsat: WP TV audience share at 0.43%, while CPS at 24.25% in July 2020 NEUTRAL • The Rear-View Mirror - EME markets: equities back in ...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Research Team

WOOD Daily: SPL PW; YNDX US; AKBNK TI; TOASO TI; FROTO TI; BIZIM TI; WIZZ LN; SNP RO; OMV AV; GTC PW; AFLT RX; TRP RO; PL Utilities; PGE PW; CIE PW; GR6 BU; JSW PW; MTSS RX; OPL PW; ENG PW; PKN PW; ASELS TI; CPS PW

HEADLINES: • Santander Bank Polska: 2Q20 - strong delivery on costs, revenues under pressure • Yandex: 2Q20 results - softer ad market, but recovering swiftly • Akbank: 2Q20 highlights - in line, but earnings quality somewhat weak, new guidance • Tofas: 2Q20 results - all-time high PBT margin, guidance raised POSITIVE • Ford Otosan: 2Q20 results - beat on EBITDA, guidance raised, but reflected in the price already NEUTRAL • Bizim Toptan: 2Q20 in line with expectations NEUTRAL • Wizz Air: strong cash position maintained, strong momentum going into the summer NEUTRAL • OMV Petrom: 2Q20 resul...

Raiffeisen Centrobank Equity Daily 24.07.2020

 AT: AT&S - Again soaring data center revenue at Intel, but disappointing outlook and 7 nm chips delayed further (negative)  HR: Podravka - A potential buyer of LEDO plus (positive)  PL: Bank Millennium - 2Q conference call highlights (positive)  PL: Bank Millennium - Purchase of own shares (neutral)  PL: Cyfrowy Polsat - AGM confirms DPS of PLN 1 (neutral)  RO: Banca Transilvania, BRD-GSG - Private loans advanced by 0.4% mom in June, reversing the negative trend from the previous two months (neutral)  CEE Macro Daily

Sobiesław Pająk

Cyfrowy Polsat: 2Q20 results’ forecast – EBITDA down yoy by c. -10%, mainly on the back of slump in TV ad revenues and one-off costs related to COVID-19

Cyfrowy Polsat: 2Q20 results’ forecast – EBITDA down yoy by c. -10%, mainly on the back of slump in TV ad revenues and one-off costs related to COVID-19.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Buoyed by outperformance in the US, the MSCI ACWI is the only broad global index that has yet to make a lower low relative to the lows set in June. This deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and continued downside volatility in bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. • Additional bearish-leaning developments. In addition to the concerns we have highlighted over the past several weeks, new negative developments continue to plague the glob...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Raiffeisen Centrobank Equity Daily 24.07.2020

 AT: AT&S - Again soaring data center revenue at Intel, but disappointing outlook and 7 nm chips delayed further (negative)  HR: Podravka - A potential buyer of LEDO plus (positive)  PL: Bank Millennium - 2Q conference call highlights (positive)  PL: Bank Millennium - Purchase of own shares (neutral)  PL: Cyfrowy Polsat - AGM confirms DPS of PLN 1 (neutral)  RO: Banca Transilvania, BRD-GSG - Private loans advanced by 0.4% mom in June, reversing the negative trend from the previous two months (neutral)  CEE Macro Daily

Sobiesław Pająk

Cyfrowy Polsat: 2Q20 results’ forecast – EBITDA down yoy by c. -10%, mainly on the back of slump in TV ad revenues and one-off costs related to COVID-19

Cyfrowy Polsat: 2Q20 results’ forecast – EBITDA down yoy by c. -10%, mainly on the back of slump in TV ad revenues and one-off costs related to COVID-19.

Dominik Niszcz ...
  • Martyna Szymczykowska

Telecoms: Preferred cost advantage and high cash flow; Cyfrowy Polsat: Buy 31 PLN, Netia: Hold 4,1 PLN, Orange Polska: Hold 7 PLN, Play Communications: Buy 37,9 PLN.

We reinitiate coverage for the telecommunications sector with a Buy for Play and Cyfrowy Polsat, and a Hold for Netia and Orange Polska. We expect that the operators will use 5G to further gradually increase prices, while consolidation of mobile and fixed-line players may be one of the potential triggers next year (Play vs. Orange Polska). Less exposure to the business customer in the face of economic downturn, higher cost-effectiveness and higher recurring cash flows and dividend rates favours Play and CPS over OPL and Netia. We treat an increase in write-offs for receivables, a decrease in r...

Raiffeisen Centrobank Equity Daily 03.07.2020

AT: Atrium - 38.9% of shareholders chose to receive 2Q dividend as scrip dividend (neutral) ◾AT: UNIQA - Placement of senior notes of EUR 600 mn and subordinated notes of EUR 200 mn concluded (neutral) ◾PL: Cyfrowy Polsat - UOKiK gives the go ahead for Interia purchase (neutral) ◾PL: Santander Bank Polska - Securitisation agreement concluded with EIB (neutral) ◾RU: Detskiy Mir - AGM approved dividends of RUB 3 per share (neutral) ◾RU: Petropavlovsk - Temporary boards' mandate challenged at court (negative) ◾RU: Russian O&G statistics - Daily oil and condensate production decreased by 0.8% mom,...

Cyfrowy Polsat S.A.: Polsat's offer for Netia is credit positive

CORPORATES ISSUER COMMENT 11 December 2017 What is  Moody’s Credit Outlook ? Published every Monday and Thursday morning, Moody's Credit Outlook informs our research clients of the credit implications of current events. Contacts Alejandro Núñez +44.20.7772.1389 VP-Senior Analyst [email protected] Cyfrowy Polsat S.A. Polsat’s offer for Netia is credit positive From  Credit O

Cyfrowy Polsat S.A.: Polsat's offer for Netia strengthens its business with limited impact on leverage

CORPORATES ISSUER COMMENT 6 December 2017 Contacts Alejandro Núñez +44.20.7772.1389 VP-Senior Analyst [email protected] Peter Firth +44.20.7772.5222 Associate Managing Director [email protected] CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 Cyfrowy Polsat S.A. Polsat's offer for Netia strengthens its business with li

Cyfrowy Polsat S.A. - June 2017 (LTM): Peer Snapshot

Peer Snapshot: Cyfrowy Polsat S.A. - June 2017 (LTM) 18 October 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Jun-17

Cyfrowy Polsat S.A.: Update following affirmation of Ba2, outlook changed to positive

CORPORATES CREDIT OPINION 22 August 2017 Update RATINGS Cyfrowy Polsat S.A. Domicile Warsaw, Poland Long Term Rating Ba2 Type LT Corporate Family Ratings - Fgn Curr Outlook Positive Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Alejandro Núñez 44-20-7772-1389

Moody's changes Polsat's outlook to positive

Rating Action: Moody's changes Polsat's outlook to positive. Global Credit Research- 08 Aug 2017. London, 08 August 2017-- Moody's Investors Service has today changed to positive from stable the outlook on the ratings of Cyfrowy Polsat S.A..

Research Team

WOOD Daily: VESBE TI; LPP PW; PL Banks; GPW PW; RICHT HB; PGE PW; WPL PW; CPS PW; Rear-View Mirror; ENJSA TI; MTSS RX; TPE PW

HEADLINES: • Vestel Beyaz: tailwinds continuing into 3Q (stays HOLD) • LPP: preliminary 2Q EBIT loss of PLN 40m on PLN 135m one-off; recurring recovery POSITIVE • Polish banks: July court rulings on FX mortgage loans clearly favour clients vs. banks NEGATIVE • Warsaw Stock Exchange: July trading update - equities volumes still strong POSITIVE • Richter: takeaways from the 2Q20 conference call NEUTRAL • PGE: plans to sell PGE Paliwa • Wirtualna Polska/Cyfrowy Polsat: WP TV audience share at 0.43%, while CPS at 24.25% in July 2020 NEUTRAL • The Rear-View Mirror - EME markets: equities back in ...

Research Team

WOOD Daily: SPL PW; YNDX US; AKBNK TI; TOASO TI; FROTO TI; BIZIM TI; WIZZ LN; SNP RO; OMV AV; GTC PW; AFLT RX; TRP RO; PL Utilities; PGE PW; CIE PW; GR6 BU; JSW PW; MTSS RX; OPL PW; ENG PW; PKN PW; ASELS TI; CPS PW

HEADLINES: • Santander Bank Polska: 2Q20 - strong delivery on costs, revenues under pressure • Yandex: 2Q20 results - softer ad market, but recovering swiftly • Akbank: 2Q20 highlights - in line, but earnings quality somewhat weak, new guidance • Tofas: 2Q20 results - all-time high PBT margin, guidance raised POSITIVE • Ford Otosan: 2Q20 results - beat on EBITDA, guidance raised, but reflected in the price already NEUTRAL • Bizim Toptan: 2Q20 in line with expectations NEUTRAL • Wizz Air: strong cash position maintained, strong momentum going into the summer NEUTRAL • OMV Petrom: 2Q20 resul...

Research Team

WOOD Daily: YNDX US; HC CY; DOM PW; BELA GA; WIZZ LN; CGEO LN; CPS PW; PGE PW; CEE Telecoms

HEADLINES: • Yandex: yes, Beru (stays BUY) • Hellenic Bank: all you need is capital (stays BUY) • Dom Development: 2Q trading update POSITIVE • Jumbo: 1H20 sales down 17% yoy to EUR 279m • Wizz Air: carries more passengers than Ryanair in June NEUTRAL • Georgia Capital: GHG share exchange offer declared unconditional as to acceptances NEUTRAL • Cyfrowy Polsat: secures antimonopoly regulator approval to purchase Interia NEUTRAL • PGE: miners demanding Zloczew mine be built • CEE telecoms: Telenor splits retail and infrastructure business NEUTRAL • Short News (ATRS, AFLT)

Research Team

WOOD Daily: FINT SG; CCC PW; KOMB CP; EU Natural Gas; RO Politics; UKR Macro; RU Macro; EME Strategy – PL OFEs; LVC PW; TEN PW; BFT PW; CPS PW; WPL PW; DNP PW; GPW PW; Rear-View Mirror

HEADLINES: • Fintel Energija: small, but powerful (BUY - initiation of coverage) • CCC: mixed bag in 2Q20, potential capital increase at eobuwie NEUTRAL • Komercni Banka: Czech local press speculates that SocGen may sell Komercni NEUTRAL • European natural gas monthly: June 2020 NEUTRAL • Romanian politics: economic stimulus plan of EUR 100bn over 10 years POSITIVE • Ukraine macro: NBU governor resigns NEGATIVE • Russia macro: referendum results do not compromise further fiscal stimulus • EME Strategy: OFE reform likely postponed until 2021E NEGATIVE • LiveChat Software: key takeaways from P...

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

CYFROWY POLSAT SA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of CYFROWY POLSAT SA (PL), a company active in the Broadcasting & Entertainment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date May 29, 2020, the closing price was PLN 26.12 and its potential was estimated at PLN 28.88.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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