Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 24.01.2020

Headlines

Large-cap companies news

Tauron: 4Q19 results’ forecast

PGNiG: Analysis of possible scenarios concerning Arbitrage against Gazprom

Dino: PLN 0.1 million UOKiK penalty

Pekao: CEO confirms targets

PKO BP: Supervisory board resigns

PZU: inPZU AuM

Banks: Countersuits to have limited success?

Small- and mid-cap companies news

Agora: 4Q19 results’ forecast – moderate growth from high base?

Enel-Med: 4Q19 financials’ forecast

Bloober team: New product in Observer franchise – first stage of works completed

Polnord: Another lawsuit

Ciech: New supervisory board member

Votum: Votum on business targets

Underlyings
Agora S.A.

Agora principally produces and sells newspapers and carries out the Internet activity. Co. is also engaged in the cinema segment through its subsidiaries, Helios S.A. and Next Film Sp. z o.o., and in the outdoor segment through its subsidiary, AMS S.A. Co. controls radio broadcasting companies and is a publisher in magazines, periodicals and books segment. Moreover, Co. and its subsidiaries provide printing services for external clients in printing houses belonging to Co. and its subsidiary, Agora Poligrafia Sp.z o.o. Co. is also engaged in TV segment by holding shares in Stopklatka S.A. Co. and its subsidiaries also engage in projects related to production and coproduction of movies.

BANK POLSKA KASA OPIEKI SA

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.

BLOOBER TEAM SA

Bloober Team SA is a Poland-based company primarily engaged in video games development. The Company focuses on designing and publishing games for consoles and mobile devices. Its projects range includes multi- and single-player games, which stories are placed in imaginary world. The Company's portfolio comprises a number of game titles, such as Layers Of Fear, BRAWL, Medium and Scopophobia. The Company sells games online via digital distribution network. Its video games are created for PlayStation, Xbox, Android system and Steam platform. The Company operates through iFun4all Sp z oo, iPlacement Sp z oo and Neuro Code Sp z oo, Digital Games Services Sp z oo and WFH Games Sp z oo, among others.

CENTRUM MEDYCZNE ENEL-MED SA

Centrum Medyczne Enel-Med SA is a Poland-based company that provides medical services. The Company provides medical care for individuals or families, as well as medical care for entire companies. Among the Company's services are specialist consultations, dental services, imaging diagnostics, rehabilitation, psychological centre, ophthalmological outpatient clinic, hypertensiology clinic, apnea diagnostics and treatment outpatient clinic, insomnia treatment clinic, sarcoidosis outpatient clinic, aesthetic medicine and others. Its centers are located in Warsaw, Poznan, Lodz and other Polish cities. The Company's divisions and diagnostic laboratories are located in Warsaw, Lublin, Mielec and Poznan, among others. The Company's subsidiaries include Enel Invest Sp z o o and Enelbud Sp z o o.

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

PKO Bank Polski S.A.

PKO Bank Polski is a universal commercial bank offering services to both domestic and foreign retail, corporate and other clients. Co. is licensed to hold foreign exchange and currencies and sell/buy them, as well as perform a full range of foreign exchange services; open and hold bank accounts abroad and to deposit foreign exchange in these accounts. In addition, Co. conducts activities relating to leasing, factoring, electronic settlements via payment cards, as well as renders other financial services. As of Dec 31 2009, Co. had total assets of Zl156,478,685,000 and total deposit of Zl124,628,562,000. Co. operates in the Republic of Poland, Ukraine and Sweden.

Polnord S.A.

Polnord is a holding company. Through its subsidiaries, the core business of Co. is construction and sale of residential and commercial property. Co.'s activities include construction; manufacturing of carpenter's works and woodwork for the construction industry; manufacturing sanitary ware, concrete and plaster products; manufacturing metal construction elements; wholesale of construction material, sanitary equipment, metal articles as well as hydraulic and heating equipment; wholesale of chemical equipment; export of construction services; real estate maintenance; activities relative to architecture and engineering; and lease of machines and construction equipment.

Polskie Gornictwo Naftowe i Gazownictwo SA

Polskie Gornictwo Naftowe I Gazownictwo SA Polish Oil & Gas Co (PGNiG) is an integrated natural gas company based in Poland. Co.'s core activity covers exploration and production of natural gas and crude oil as well as import, storage, trade and distribution of gas and liquid fuels. Co.'s scope of activity includes gas trading and commercial support, as well as operation, maintenance and expansion of its distribution system. Co.'s distribution networks comprises over 100 thousand kilometers of gas pipelines (high, upper-medium, medium and low pressure), which cover primarily industrialized and urbanized areas of the country.

Powszechny Zaklad Ubezpieczen Spolka Akcyjna

Powszechny Zaklad Ubezpieczen is an insurance group based in Poland. Co. is engaged in offering a broad range of insurance and financial products. Co. pursues three main lines of business: Property and Casualty Insurance, offered by PZU; Life Insurance, offered by PZU Zycie; and Open-end Pension Funds, offered by PTE PZU, the manager of OFE PZU Zlota Jesien. Co. maintains a network of sales and service outlets including 500 outlets throughout Poland, including 243 shared outlets (common for PZU and PZU Zycie), 137 outlets of PZU Zycie and 120 outlets of PZU. Co.'s business is focused on the Polish market but it also conducts insurance business in the Lithuanian and Ukrainian markets.

TAURON Polska Energia S.A.

Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.

Votum S.A.

VOTUM SA is a Poland-based company that offers assistance in claims for damages. It specializes in the proceedings concerning the claims related to damage to persons covered by the system of mandatory insurance. The services provided by the Company include: determining the perpetrator of the accident, preliminary legal assessment of the third party liability, statute of limitations for claims, the scope of damage subject to compensation and obtaining the compensation. As of December 31, 2011, the Company formed a capital group, which was comprised of: VOTUM Centrum Odskodnenia as, located in Slovenia; VOTUM Centrum Odskodneni as, located in the Czech Republic; Kancelaria Adwokatow i Radcow Prawnych A. Lebek i Wspolnicy Spolka Komandytowa, and VOTUM-RehaPlus SA. On May 8, 2013, the Company established its new subsidiary, Votum Connect SA. On October 25, 2013, it acquired 74% stake in Vidshkoduvannya Sp z o o, Ukraine.

Provider
BOS Brokerage
BOS Brokerage

BOS Brokerage, with over 20-year experience, offers brokerage services on the Polish capital market to satisfy numerous needs of institutional and retail investors.

Our comprehensive offer includes brokerage services on both the stock exchange and the forex market as well as brokerage services on the energy market, debt and equity issues, distribution of investment funds and assets management.

BOS Brokerage analytical team belongs to the most appreciated and acclaimed on the market. According to Parkiet daily’s poll (as of January 7, 2019), DM BOŚ equity research team was selected by institutional investors as the third best in Poland. Moreover, the team members won several individual best analysts awards, including Sobiesław Pająk – IT (best analyst), media/telco (ranked 2.), strategy (ranked 4.), Tomasz Rodak – video games (best analyst), overall ranked 5., Łukasz Prokopiuk – chemicals (ranked 2.), mining (ranked 3.), Maciej Wewiórski – real estate (ranked 3.).

In August 2017 Parkiet daily indicated DM BOŚ recommendations as the most accurate over 12 months and according to the Puls Biznesu daily (as of April 11, 2017) DM BOŚ research team was the most prolific on the Polish market and issued the biggest number of recommendations (247) in the years 2014-2016.

The analysts handle over 80 companies listed on the Warsaw Stock Exchange.

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