Jastrzebska Spolka Weglowa Spolka Akcyjna

Jastrzebska Spolka Weglowa is a producer of type 35 coking coal (“orthocoking coal” according to Polish Standard). The main line of Co.'s business is also the mining and sales of steam coal. Co. is also central for selling all coal derivative products, i.e. coke and hydrocarbons produced by coking plants owned by the JSW S.A. Capital Group. The mining area is located in the Upper Silesian Coal Basin. The principal clients for Co.'s products are located primarily in Poland, Germany, Austria, the Czech Republic, Slovakia, and also India and Brazil.
  • TickerJSW
  • ISINPLJSW0000015
  • ExchangeWarsaw Stock Exchange
  • SectorMining
  • CountryPoland
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...

Research Team

DM BOŚ: Daily research report – date 16.07.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 Bogdanka: 2Q20 preliminary results revealed; below our expectations due to poor sale volumes Unimot: Sales for June revealed JSW: PLN 1.75 billion of anti-crisis shield compensation to be obtained? JSW: Asset impairments in 2Q20 likely to be booked due to COVID-19 PKN Orlen, Lotos: PLN 1-2 billion synergy effects per annum based purely on mutual crude oil purchases? PGE: CEO on the Company’s outlook mBank: Withdrawal of the appeal against stopping service debt on overpaid loans Millennium: Answer to the question raised o...

Research Team

WOOD Daily: LVC PW; GTC PW; KTY PW; PL Banks; MBK PW; UKR Macro; PGE PW; JSW PW

HEADLINES: • LiveChat Software: 1Q20-21 (calendar 2Q20) preliminary results - USD 10.4m sales (up 31.3% yoy) POSITIVE • GTC: expects to write off around 3% of portfolio value in 1H20E results NEUTRAL • Kety: management recommends DPS of PLN 30.7 (7% dividend yield, 100% payout ratio) POSITIVE • Polish banks: Financial Stability Committee to recommend more risk weights cuts on real estate loans • mBank: loses class action lawsuit related to FX mortgages NEUTRAL • Ukraine macro: Shevchenko nominated as NBU governor NEGATIVE • PGE: CEO talks to the press • JSW: announces impairments and financi...

Research Team

WOOD Daily: PL Politics; PL Macro; RU Macro; TL Macro; JSW PW; CDR PW; JMT PL

HEADLINES: • Polish politics: President Andrzej Duda re-elected for a second term NEUTRAL • Poland macro: Duda wins second mandate • Russia macro: fiscal prudence to the fore again • Turkey macro: current account widens to -1.1% • JSW: 2Q20 trading update - significant drop in coal sales and production NEGATIVE • CD Projekt: Ubisoft sets release date two days before Cyberpunk • Jeronimo Martins: 2Q20E results preview - 15% yoy EBITDA drop expected (due on 29 July) NEUTRAL • Short News (OPL)

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

DM BOŚ: Daily research report – date 16.07.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 Bogdanka: 2Q20 preliminary results revealed; below our expectations due to poor sale volumes Unimot: Sales for June revealed JSW: PLN 1.75 billion of anti-crisis shield compensation to be obtained? JSW: Asset impairments in 2Q20 likely to be booked due to COVID-19 PKN Orlen, Lotos: PLN 1-2 billion synergy effects per annum based purely on mutual crude oil purchases? PGE: CEO on the Company’s outlook mBank: Withdrawal of the appeal against stopping service debt on overpaid loans Millennium: Answer to the question raised o...

Research Team

DM BOŚ: Daily research report – date 14.07.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 JSW: Operating figures for 2Q20 revealed Azoty, Puławy, Police: 2Q20 results preview PZU: TUW unit goes in line with sales plan PKN Orlen, Lotos: Green light for the merger with Lotos to be granted today? Utilities: URE refuses G-tariff increase Investment funds: Inflows continue in June Banks: Recovery plans to happen more often Banks: Macroprudential authority lower risk weight for corporate exposures Banks: New EU Court of Justice request in FX mortgage cases Small- and mid-cap companies news … 7 Mercor: Value of o...

Research Team

DM BOŚ: Daily research report – date 10.07.2020

Headlines Conferences calendar … 2 Large-cap companies news … 3 PKN Orlen, Lotos: European Commission to demand unacceptable requirements for merger? PGNiG: Another arbitrage against Gazporm possible? KGHM: Photovoltaic farm to be built in Legnica copper refinery JSW: Force majeure called off mBank: Court dismisses mBank appeal Millennium: Customers and financial ombudsman against the Bank and TU Europa Banks: Pricelists at banks on the rise Banks: Attorney general lodges a complaint about the commission for early repayment of the housing loan Banks: Financial ombudsman joins CHF-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: LVC PW; GTC PW; KTY PW; PL Banks; MBK PW; UKR Macro; PGE PW; JSW PW

HEADLINES: • LiveChat Software: 1Q20-21 (calendar 2Q20) preliminary results - USD 10.4m sales (up 31.3% yoy) POSITIVE • GTC: expects to write off around 3% of portfolio value in 1H20E results NEUTRAL • Kety: management recommends DPS of PLN 30.7 (7% dividend yield, 100% payout ratio) POSITIVE • Polish banks: Financial Stability Committee to recommend more risk weights cuts on real estate loans • mBank: loses class action lawsuit related to FX mortgages NEUTRAL • Ukraine macro: Shevchenko nominated as NBU governor NEGATIVE • PGE: CEO talks to the press • JSW: announces impairments and financi...

Research Team

WOOD Daily: PL Politics; PL Macro; RU Macro; TL Macro; JSW PW; CDR PW; JMT PL

HEADLINES: • Polish politics: President Andrzej Duda re-elected for a second term NEUTRAL • Poland macro: Duda wins second mandate • Russia macro: fiscal prudence to the fore again • Turkey macro: current account widens to -1.1% • JSW: 2Q20 trading update - significant drop in coal sales and production NEGATIVE • CD Projekt: Ubisoft sets release date two days before Cyberpunk • Jeronimo Martins: 2Q20E results preview - 15% yoy EBITDA drop expected (due on 29 July) NEUTRAL • Short News (OPL)

Research Team

WOOD Daily: NLBR SV; TUPRS TI; JSW PW; AYGAZ TI; PGN PW; TL Macro; KRKG SV; PL Banks; ALR PW; PEO PW; CIE PW; TEN PW

HEADLINES: • NLB Group: too cheap to ignore (stays BUY) • Tupras: 1Q20 results - TRY 2.3bn net loss NEGATIVE • JSW: 1Q20 financial results - FCF losses increase rapidly • Aygaz: 1Q20 results review NEUTRAL • PGNiG: 1Q20 estimates - better than expected • Turkey macro: MPC reduces key policy rate • Krka: takeaways from the 1Q20 conference call POSITIVE • Polish banks: working on credit holiday guidelines, while parliament discussing legislation • Alior Bank: AGM appoints new supervisory board members • Bank Pekao: presents candidates for the supervisory board • Ciech: recruits ex-Solvay...

Research Team

WOOD Daily: MOEX RX; VAKBN TI; ISCTR TI; MIL PW; ENG PW; DNP PW; PLZL LI; JSW PW; CPS PW; CAR PW; CEZ CP

HEADLINES: • Moscow Exchange: profit (and dividend) taking after the rally (downgraded to HOLD) • Vakifbank: rights issue a real possibility and reporting may become convoluted in next two quarters • Isbank: 1Q20 - nothing to write home about, similar trends vs. peers NEUTRAL • Bank Millennium: 1Q20 results - misses expectations on provisioning charges spike NEGATIVE • Energa: additional impairment losses and RES settlement NEUTRAL • Dino: CEO resigns NEGATIVE • Polyus: reports COVID-19 infections at Olimpiada mine NEGATIVE • JSW: coronavirus at Pniowek mine NEGATIVE • Cyfrowy Polsat: launch...

JSW SA sees an upgrade to Slightly Negative thanks to a better star rating, but the title remains unattractive

The independent financial analyst theScreener just awarded an improved star rating to JSW SA (PL), active in the Coal industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis date May 1, 2020, the closing price was PLN 13.69 and its target price was estimated at PLN 8.85.

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