Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 21.10.2020

Conferences calendar … 2

Large-cap companies news … 3
mBank: 3Q20E results’ preview – revisiting legal risk costs
Alior: 3Q20E results’ preview – a welcome relief
Millennium: 3Q20E results’ preview – legal risk bites again
PKO BP: Updated MREL requirements
JSW: Bzie mine launch to be accelerated
Orange PL: Brand licensing agreement extended for 10 years
period – rate 1.6% of retail revenues remains unchanged
Orange PL: New data centre to be launched in 2021
Eurocash: Supervisory board member appointed

Small- and mid-cap companies news … 7
Puławy: 3Q20 results preview – poor adjusted EBITDA, reported
figures boosted by one-offs
Police: 3Q20 results preview – poor EBITDA on weak fertilizer
volumes
Asseco BS: MetLife OFE decreases its stake
Idea Bank: EGM accepts new issue
Budimex: New contract
Arctic Paper: New contract
Real Estate: Falling customer traffic and revenues of shopping
malls
COVID19: New cases and 7 days average trend

Poland: capital market calendar … 14

DM BOŚ Coverage Universe … 19

 

Underlyings
Alior Bank SA

Alior Bank is a universal lending and deposit-taking bank which renders services to individuals, legal persons and other entities which are Polish and foreign persons. Co.'s core activities include maintaining bank accounts, granting loans and advances, issuing banking securities and purchasing and selling foreign currency. Co. also conducts brokerage activities, consulting and financial agency services and renders other financial services.

Arctic Paper SA

Arctic Paper is an European producer of bulky book paper, offering the widest range of products in this segment and is a producer of high quality graphic paper in Europe. Co. produces many types of wood-free coated and uncoated paper, wood uncoated paper for printing houses, paper distributors, publishers of books and periodicals and advertising industry. The additional business activities of Co. subordinated to paper production are: production and sales of pulp; production of electric energy; transmission of electric energy; electricity distribution; heat production; heat distribution; logistics services; and paper distribution.

Asseco Business Solutions

Asseco Business Solutions designs and develops IT solutions for business. Co. offering includes: ERP solutions aimed to support business processes in medium and large enterprises, mobile applications (SFA) for the full management of mobile workforce (SReps), programs supporting HR operations, solutions supporting factoring transactions, commercial data exchange platforms (between the manufacturer and distributors), a suite of application for small business management (SMEs).

Bank Millennium SA

Bank Millennium provides various banking products and services to individual clients, small businesses, corporate, and public sector entities in Poland. Co. offers current account, custody account, and escrow account; standard deposits, negotiated deposits, millenet deposits, and automatic overnight deposits; debit and charge cards; funds management; professional cash services; and management of balances of current and auxiliary accounts. Co. also provides current account overdraft facility, real estate loans, revolving credits, working capital loans, investment loans, energy financing facility, sureties, line of guarantees, letters-of-credit, preferential loans, and bid bond guarantees.

Budimex S.A.

Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.

Eurocash S.A.

Eurocash, through its subsidiaries, is engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods). Through a range of distribution formats, Co. and its subsidiaries focus its business activities on the wholesale distribution to customers across the wholesale market segments, in particular, to stores throughout Poland such as retail stores, convenience stores at petrol stations, restaurants, hotels and cafeterias. Co. and its subsidiaries operate a range of distribution formats focused on supplying independent stores in Poland, which primarily include: Cash and Carry, Franchise Systems, and Distribution.

Idea Bank SA

Idea Bank SA is a Poland-based bank, which provides services to individual, as well as commercial customers. The Bank's activities are divided into five segments: Banking Activity, which includes savings accounts, sales financing, leasing, credit cards, debit cards, real estate credit, loans, and factoring, among others; Leasing, which offers sales financing services; Financial Intermediation, which comprises investment and tax advisory, distribution of financial and investment products, as well as real estate management, among others; Debt Recovery, which delivers collection of customer's debts; and Others. Furthermore, It provides an access to Idea Cloud, an online platform that facilitates the customers to manage their companies. The Bank is a parent of a range of entities, such as Idea Leasing SA, Tax Care SA, Idea Expert SA, Getin Leasing and Idea Money SA. It operates a number of branches in Poland.

Jastrzebska Spolka Weglowa S.A.

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.

MBANK SA

mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

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.

Zaklady Chemiczne Police

Zaklady Chemiczne Police SA is a Poland-based company that is engaged in the production of mineral fertilizers, titanium dioxide and chemicals. The Company divides its business activities into two main segments: Titanium White segment, which offers titanium dioxide pigments, used in the paints, plastics, rubber, textiles, ceramics and paper industries, and Mineral Fertilizers segment, which offers multi-component mineral fertilizers, and such nitrous fertilizer as urea, as well as ammonia, phosphoric and sulphuric acids, sodium fluosilicate, ferric sulphate II and distarpol. The Company operates through several subsidiaries and affiliates companies, such as PDH Polska SA or African Investment Group. The Company's majority stakeholder is the Polish State, which controls 59.43% of the shares.

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.

Analysts
Research Team

Other Reports on these Companies
Other Reports from BOS Brokerage

ResearchPool Subscriptions

Get the most out of your insights

Get in touch