Globe Trade Centre S.A.

Globe Trade Centre is the parent company of the capital group, Globe Trade Centre (the Group). The Group is engaged in the development and rental of office and retail space and the development and sale of residential units. The Group is a real estate company in Central and Eastern Europe and South-eastern Europe, operating in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, and Slovakia. Additionally, it co-owns land in Ukraine and Russia and operates in the Czech Republic. The Group's portfolio comprises: completed office buildings and office parks as well as retail and entertainment centres; residential projects; and undeveloped plots of land and suspended projects.
  • TickerGTC
  • ISINPLGTC0000037
  • ExchangeWarsaw Stock Exchange
  • SectorReal Estate Investment & Services
  • CountryPoland
Research Team

DM BOŚ: Daily research report – date 2.07.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 CCC: 2Q20 preliminary figures below our expectations; huge provisions/write-offs in 2H20E to improve the Group’s future profitability; needed additional capital at eobuwie.pl Cyfrowy Polsat: Disposal of cell tower infrastructure contemplated Orange PL: 5G services launched PGE: Turów completion likely to be delayed PKO BP: Leasing aftermarket to be launched today Pekao: Sale of DI Xelion Pension funds: Pension fund reform to happen next year Funds flow: Capital flows in June to emerging markets rebuild Banks: Cash loans...

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...

Research Team

WOOD Daily: EME Strategy – MSCI; YNDX US; HU Macro; RU IT; DNP PW; SPI AV; OPL PW; EL RO; MOEX RX; GTC PW; LPP PW

HEADLINES: • EME Strategy: MSCI 2020 Annual Market Review - Iceland joins MSCI FM; Turkey on MSCI's radar • Yandex: to issue USD 800m of new shares, strong 2Q guidance • Hungary macro: MNB cuts intensified deflationary risks • Russian IT: sector tax cuts POSITIVE • Dino: PLN 160m investment into two new distribution centres POSITIVE • S Immo: most properties open again NEUTRAL • Orange Polska: renegotiates social agreement with trade unions NEUTRAL • Electrica: announces acquisition of small solar park NEUTRAL • Moscow Exchange: first evening session on the equity market NEUTRAL • GTC: Opti...

Research Team

DM BOŚ: Daily research report – date 24.06.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 KGHM: Production and sale volumes for May Orange PL: Social agreement with trade unions signed - basic salary increases in 2020 reduced from 3.5% to 1.0% Dino: PLN 160 million on two new distribution centres PKO BP: Return of early repaid consumer loans PZU: 1H20 financial report to come later Banks: Volume data for May Banks: BIK releases data for May sales of non-banking lenders Banks: April data shows growth in payments in arrears Banks: CEOs statements from Banking Forum conference Banks: Rising numbers of CHF borr...

Jakub Caithaml

WOOD Flash – GTC: dismisses CEO Thomas Kurzmann, replacement yet to be announced

GTC has announced that it has dismissed acting CEO Thomas Kurzmann. According to our understanding, the new investor, a fund linked to the National Bank of Hungary, has not yet announced a new candidate for the position. In our view, Thomas Kurzmann has been instrumental in the transformation GTC has undergone since Lone Star purchased a controlling stake. He sold out of the various legacy non-performing properties and land plots, raised capital successfully and restarted the development pipeline. During his tenure, the FFO increased, from around EUR 15m in 2013 to around EUR 70m last year. Th...

A director bought 55,000 shares at 9.638PLN and

A director at Globe Trade Centre Sa bought 55,000 shares at 9.638PLN and the significance rating of the trade was 63/100. 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 clearly showing Close periods where trading activity is restricted under listing rules. The ...

Research Team

DM BOŚ: Daily research report – date 2.07.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 CCC: 2Q20 preliminary figures below our expectations; huge provisions/write-offs in 2H20E to improve the Group’s future profitability; needed additional capital at eobuwie.pl Cyfrowy Polsat: Disposal of cell tower infrastructure contemplated Orange PL: 5G services launched PGE: Turów completion likely to be delayed PKO BP: Leasing aftermarket to be launched today Pekao: Sale of DI Xelion Pension funds: Pension fund reform to happen next year Funds flow: Capital flows in June to emerging markets rebuild Banks: Cash loans...

Research Team

DM BOŚ: Daily research report – date 24.06.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 KGHM: Production and sale volumes for May Orange PL: Social agreement with trade unions signed - basic salary increases in 2020 reduced from 3.5% to 1.0% Dino: PLN 160 million on two new distribution centres PKO BP: Return of early repaid consumer loans PZU: 1H20 financial report to come later Banks: Volume data for May Banks: BIK releases data for May sales of non-banking lenders Banks: April data shows growth in payments in arrears Banks: CEOs statements from Banking Forum conference Banks: Rising numbers of CHF borr...

Jakub Caithaml

WOOD Flash – GTC: dismisses CEO Thomas Kurzmann, replacement yet to be announced

GTC has announced that it has dismissed acting CEO Thomas Kurzmann. According to our understanding, the new investor, a fund linked to the National Bank of Hungary, has not yet announced a new candidate for the position. In our view, Thomas Kurzmann has been instrumental in the transformation GTC has undergone since Lone Star purchased a controlling stake. He sold out of the various legacy non-performing properties and land plots, raised capital successfully and restarted the development pipeline. During his tenure, the FFO increased, from around EUR 15m in 2013 to around EUR 70m last year. Th...

Research Team

DM BOŚ: Daily research report – date 23.06.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 ING BSK: CEO on outlook Santander : AGM voted on no payouts Banks: Number of courts proceeding in FX mortgage borrowers on the rise Banks: AGM at Pesa to vote on continuation of activity Banks: CEOs on outlook Banks: Getin Bank lands the top post in a PB competition Small- and mid-cap companies news … 5 GTC: Management board changes BNP PL: New supervisory board candidate CI Games: Sniper Ghost Warrior Contracts 2 premiere in 4Q20 LiveChat: 1Q20 results publication date changed Poland: capital market calendar … 7 DM...

Research Team

The Rear-View Mirror – EME markets: Markets rebound from March’s meltdown, all indices in the black

EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, where the BUX index rebounded 8.6%. The Turkish ISE30 Index showed a healthy advance of 5.4%, while the Roma...

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...

Research Team

WOOD Daily: EME Strategy – MSCI; YNDX US; HU Macro; RU IT; DNP PW; SPI AV; OPL PW; EL RO; MOEX RX; GTC PW; LPP PW

HEADLINES: • EME Strategy: MSCI 2020 Annual Market Review - Iceland joins MSCI FM; Turkey on MSCI's radar • Yandex: to issue USD 800m of new shares, strong 2Q guidance • Hungary macro: MNB cuts intensified deflationary risks • Russian IT: sector tax cuts POSITIVE • Dino: PLN 160m investment into two new distribution centres POSITIVE • S Immo: most properties open again NEUTRAL • Orange Polska: renegotiates social agreement with trade unions NEUTRAL • Electrica: announces acquisition of small solar park NEUTRAL • Moscow Exchange: first evening session on the equity market NEUTRAL • GTC: Opti...

Research Team

WOOD Daily: PGN PW; PL Banks; GTC PW; GPW PW; KTY PW

HEADLINES: • PGNiG: one day, my price will come (stays HOLD) • Polish banks: facing new wave of FX mortgage lawsuits NEGATIVE • GTC: dismisses CEO Thomas Kurzmann, nominates Robert Snow as new CEO NEGATIVE • Warsaw Stock Exchange: AGM approves PLN 2.40/share dividend (5.8% dividend yield) NEUTRAL • Kety: Chinese aluminium producer enters bankruptcy proceedings NEUTRAL • Short News (SPL)

Research Team

WOOD Daily: RO Strategy; GTC PW; DOM PW; HU Macro; RU Macro; WINE RO; IIA AV; KER PW; CAR PW; PL Telecoms; CDR PW

HEADLINES: • Romania strategy: early diagnosis • GTC: Optimum Ventures (a fund linked to Hungary's central bank foundations), to buy Lone Star's 61.5% stake • Dom Development: suspends dividend, shores up cash, moves AGM to August • Hungary macro: second fiscal package announced • Russia macro: inflation update • Purcari Wineries: proposes buyback programme and share capital increase • Immofinanz: pushes AGM (and dividend decision) to October (from May) NEUTRAL • Kernel: Ukraine government - no plans to add new export restrictions on food POSITIVE • Inter Cars: March sales down by 12.7% ...

Research Team

WOOD Daily: QIWI US; RO Politics; FIVE LI; JSW PW; TPE PW; MYTIL GA; TITC GA; GTC PW; SNG RO; GSPARK HB; DIGI RO; TEN PW

HEADLINES: • QIWI: the play that goes wrong (stays BUY) • Romanian politics: fiscal measures might see postponement of utility bills and rents • X5: 4Q19 results - better than Magnit's, net profit affected by one-off impairments and tax accruals NEUTRAL • JSW: 4Q19 results - 3% EBITDA margin, FCF still negative, but marginally better than expected NEUTRAL • Tauron: 4Q19 prelims - 15% EBITDA beat, strong generation, weak mining POSITIVE • Mytilineos: FY19 results - outlook uncertain, but well-placed to weather the storm • Titan Cement: 4Q19 results - revenues in line with our estimates, we...

GLOBE TRADE CENTRE SA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of GLOBE TRADE CENTRE SA (PL), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 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 December 6, 2019, the closing price was PLN 9.60 and its potential was estimated at PLN 10.52.

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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