Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 16.06.2020

Headlines

Conferences calendar … 2

Large-cap companies news … 3

PGNiG: Compensation from Gazprom to arrive on July 1

LPP, CCC, VRG: PFR support

Pekao: Supervisory board to select new CRO and head of audit today?

Banks: Macro-prudential board on COVID19 related risks

Banks: ZBP on banks’ problems

Banks: Head of PFR on the banking sector consolidation

Banks: Unification of approach to credit risk

Funds flows: IZFiA data on mutual funds sales

Small- and mid-cap companies news … 6

Eurotel: 1Q20 results released – EBITDA broadly in line, NP pulled down by revaluation of lease liabilities (IFRS 16)

Mercator: Contracts worth PLN 86 million with Unispace Health Limited during last 4 quarters signed

Mercor: Value of orders collected in May

Playway: Dividend payment of PLN 9.46 DPS approved by AGM

Unibep: The dividend

Poland: capital market calendar … 9

DM BOÅš Coverage Universe … 13

Underlyings
CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

Eurotel SA

Eurotel SA is a Poland-based company active in telecommunications sector. It acts as an authorized dealer of the products of Polish mobile telephony operators, T-Mobile (formerly ERA) and Play. It operates a network of points of sale, offering such products as mobile phones and accessories, wireless connection services, prepaid card services and customer-tailored packages. Eurotel SA operates also a network of approximately 400 electronic terminals for the prepaid recharges of mobiles phones for such network operators as Heyah, Tak Tak, Pop, SIMPLUS, Sami Swoi and Play. In addition, it is an authorized partner for an operator of the satellite television, Telewizja Nowej Generacji n. On December 20, 2013, the Company acquired a business under Apple Premium Reseller (APR) agreement with Apple Inc, comprised of four APR sales points.

LPP S.A.

LPP SA Gdansk is clothing manufacturing group based in Poland. Co. is engaged in the design and distribution of clothing. Co.'s headquarters is located in Gdan'sk, including designing resources for all its brands. Co.'s stores offer its customer products that include jackets, shirts, sweaters, dresses, skirts, trousers, jeans, underwear and garment products. Co. also sells promotion clothing under a special selected brand. Co.'s product offering is addressed to a variety of customers for whom separate brands and chain stores are set up. Co. launches clothing under such brand names as: RESERVED, CROPP, MOHITO, HOUSE, and PROMOSTARS.

Mercator Medical

Mercator Medical SA is a Poland-based company engaged in medical supplies industry. The Company manufactures medical gloves and distributes disposable medical materials. It produces medical, latex, synthetic, surgical, diagnostic sterile, examination and protective and household gloves. Its dressing products line includes gauze dressing products, non-woven fabric dressing, medical adhesive tapes, surgical dressing, among others. In addition, the Company provides drapes such as bed sheets, sets, as well as apparel, including caps, masks, gowns, among others. It operates through subsidiaries: Mercator Medical Kft, Mercator Medical srl, Merkator Medikal TOB, Mercator Medical (Thailand) Ltd and VIVOFT LLP.

Mercor SA

Mercor SA is a Poland-based company engaged in the production and sale of fire protection systems. It is structured into four product divisions, including fire doors and partitions offering steel fire doors, timber fire doors, profiled fire doors and partitions, as well as steel sliding gates; smoke and heat exhaust ventilation systems providing such solutions as roof lights with integrated smoke vents and window-based smoke exhaust systems; fire ventilation systems focused on production of fire dampers, smoke exhaust fans; fire-proof solutions for buildings with intumescing coating systems Pyroplast and fire protection boards system Vermiculux. The Company operates through subsidiaries, based in Poland, the Czech Republic, Ukraine, Romania, Spain, Slovakia and the Russian Federation. It is active through Dunamenti Tuzvedelem Ipari Szolgaltato es Kereskedelmi Zrt.

Playway SA

Playway SA. Playway SA is a Poland-based company engaged in the computer games development. The Company's activities are divided into two business segments: Computer games and Mobile games. The Computer games division focuses on creating and distributing games for Windows and Mac operating systems. Its game titles include Hard West, Car Mechanic Simulator, Professional Farmer 2014 and Ancient Space, among others. The Mobile games division produces and publishes games, such as Car Mechanic Simulator 2014 Mobile, Cook It Up and Diner Mania, for mobile devices with Android and iOS operating systems. In addition, it develops games for consoles, including PlayStation (PS) and Xbox. The Company distributes its products mainly through online platforms, such as Steam, App Store and Google Play. The Company controls a number of subsidiaries, such as CreativeForge Games SA, Madmind Studio Sp z oo, Atomic Jelly Sp z oo and Fishing Games Sp z oo.

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.

UNIBEP S.A.

Unibep SA is a Poland-based company engaged in the residential, commercial and general construction industry, including public procurement. The Company is a dominant entity of the UNIBEP Group. One of the Group's pillars of operations in Poland is the residential construction sector, in which Warsaw agglomeration belongs to the Company's main scopes of operations. Export activities of the Company focus on Eastern markets and on the Norway market through its branch Unihouse. It operates several subsidiaries, including Unex Constructions Sp z o o, Budrex-Kobi Sp z o o, Unidevelopment Sp o o, Unibep Lwow Sp z o o, based in Ukraine, and StroilMP Sp z o o, based in the Russian Federation, among others, as well as three affiliates.

VRG SA

VRG SA, formerly VISTULA GROUP SA, is a Poland-based holding that specializes in the design, manufacturing and distribution of men's clothing and accessories. The Company operates in two business segments: Apparel and Jewelry. The Company's brand portfolio consists of Vistula, a men's fashion brand, which also includes Lantier and Vistula Red tailoring collections, Bytom, a men's fashion and tailoring brand, Wolczanka, a fashion and tailoring brand specializing in dress shirts, which also includes the Lambert collection, Deni Cler Milano, a women's fashion brand, and W.Kruk, which specializes in jewelry, as well as retailing of watches from Swiss manufacturers, such as Rolex, Omega and Tag Heuer, among others. The Company's own retail chain comprises more than 400 stores across Poland, as well as online stores for each brand.

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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