Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 16.09.2020

Headlines

Conferences calendar … 2

Large-cap companies news … 3

PGE: 2Q20 results released – EBITDA in line with the preliminary showing

CD Projekt: Resale update; 48.2% of resale target achieved

Banks: Loosening of mortgage lending policies at banks

Real-estate: Office tenants on working space plans

Small- and mid-cap companies news … 5

Votum: 2Q20 results overview

Netia: NN OFE above 5% threshold

CI Games: SGWC2 marketing campaign launched; trailer revealed; the game will debut on December 2020 or in 1Q21

Poland: capital market calendar … 6

DM BOŚ Coverage Universe … 10

Underlyings
CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

CI Games SA

CI Games SA, formerly City Interactive SA, is a Poland-based company engaged in the computer games industry. It specializes in the production and distribution of various computer and console games. The Company is a publisher and representative of foreign producers as well. The Company's product portfolio includes such games as logical, adventure, sport, car races, shooters and simulators, as well as games for women. The Company operates through ten branches located domestically and abroad. The Company operates a number of subsidiaries, including City Interactive Germany GmbH, City Interactive USA Inc, Business Area Sp z o o, among others. On September 2, 2014, the Company received approval from the Ministry of Finance in Canada to liquidate the Company's subsidiary, City Interactive Canada Inc.

Netia Holdings S.A.

Netia Holdings is a fixed-line telecommunication operator based in Poland. Co. provides voice telephony and data transmission services. These services include switched, fixed-line voice telephone services (long-distance and fixed-to-mobile services), Integrated Services Digital Network, Voice over Internet Protocol, voice mail, dial-up and fixed-access Internet, leased lines and frame relay and MPLS services. Co. also offers wholesale services (including wholesale termination of inbound traffic, ducts, dark fiber and co-location), services based upon intelligent networks (free phone, split charge and premium rate services) and provides broadband Internet access with ADSL technology.

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.

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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