Report
Research Team
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DM BOŚ: Daily research report – date 23.01.2020

Headlines

Large-cap companies news

PGE: 4Q19 results’ forecast

Millennium: 4Q19 results’ forecast – a CHF litigation charges crush results

mBank: 4Q19 results’ forecast – a slump due to surge in provisions

Eurocash: 4Q19 results’ forecast

Cyfrowy Polsat: UOKiK’s fine

Banks: Mortgage sales boom

Small- and mid-cap companies news

PCC Rokita: 4Q19 results forecast

Budimex: 4Q19 results forecast – higher qoq profit margin on general construction expected

Forte: 4Q19 results’ preview

BSC Drukarnia: Mr. Szwark and Mr. Czysz sell their stakes to A&R Carton

Underlyings
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.

BSC Drukarnia Opakowan S.A.

Bsc Drukarnia Opakowan SA is a Poland-based company engaged in the packaging industry. It manufactures and distributes packaging products. Its product range is comprised of two lines: Pharmaceuticals and Fast Moving Consumer Goods. Its business is divided into two operational segments: carton packaging, as well as paper labels and leaflets and package printing services. BSC Drukarnia Opakowan SA operates two production plants in Poznan. The Company operates through wholly owned subsidiaries, such as BSC Pharmacenter Sp z o o and Posbau SA Budownictwo Uprzemyslowione.

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.

Cyfrowy Polsat SA

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.

Fabryki Mebli Forte Sa

Co. is engaged in the manufacturing of furniture including kitchen furniture, upholstered furniture, and systems furniture. Systems include wardrobes, cabinets, sideboards, desks, and beds for various rooms from bedrooms, studies and halls. Brand names include FORTE, FORTINO, CLASSICO, PROGRESS, PRIMA, FORTE FRUITS, DUBLET, KWADRA, LUNI and LIBRA.

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.

PCC Rokita SA

PCC Rokita SA is a Poland-based company engaged in the chemicals industry. It divides its business into three segments: Chemicals that includes manufacture of such products as polyols, comprising polyether polyols for the production of polyurethane polymers, among others; chloralkali, including chlorine and soda lye; chlorobenzene, such as monochlorobenzene, dichlorobenzene and technical hydrochloric acid; phosphorus derivates; and naphthalene derivates; Energy engaged in the production and distribution of electric and thermal energy, demineralized water and compressed air; and Other Activities composed of assembly and maintenance of industrial armature, technical monitoring and consulting services, waste management, among others.

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

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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