Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 15.01.2020

Headlines

Large-cap companies news

Orange PL: 4Q19 results forecasts – EBITDAaL excl. real-estate disposal to show low single-digit yoy improvement

Play: Award shares to three board members

PGE: 450 MHz LTE communications network being considered to be built

Lotos: PLN 100 million to be spent on fuel terminal expansion in Piotrków Trybunalski

JSW: Supervisory board accepts cash withdrawal from stability fund

Millennium: SOKiK maintains PLN 20 million fine

mBank: Timeline for transaction revealed, initial bids to be filed before January 25

Banks: November results for the sector

Banks: Leasing to contract this year

Banks: Conflict of interest for Finance Minister?

Small- and mid-cap companies news

Asseco BS: 4Q19 financial results’ forecast, ST bias up to Overweight (on the back of (i) expected good quarterly showing, and (ii) nearing dividend proposal announcement)

Asseco SEE: 4Q19 results’ forecast – one more robust quarter?

Asbis: 4Q19 results forecasts – strong earnings expected

BAH: 4Q19 sales

Getin Holding: Green light from anti-monopoly office for divestment of Ukrainian arm

Bloober team: Insider buying

Artifex Mundi: 2019-2022 strategy update

Underlyings
Artifex Mundi SA

Artifex Mundi SA. Artifex Mundi SA is a Poland-based company engaged in the computer games development. The Company focuses on creating, publishing and distributing games for various platforms, such as Android, iOS, Windows, Mac, Linux, Xbox One and PlayStation 4. It specializes in developing the Hidden Object Puzzle Adventure (HOPA) game type, which is a combination of logic and adventure games. The Company's activities are divided into two areas: Premium games, which includes monetized games in the try-before-you-buy mode, and Free-to-play games, which offers free games. The Company's games portfolio comprises Nightmares from the Deep: The Cursed Heart, Abyss: The Wraiths of Eden and Time Mysteries: The Final Enigma, among others.

ASBISc Enterprises

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).

Asseco South Eastern Europe S.A.

Asseco South Eastern Europe is engaged in holding operations which involve investments in new IT sector companies in South Eastern Europe and Turkey, as well as management of companies that have been already incorporated into Co. in that region. Co. is also a provider of services and software for voice automation solutions, payment systems and mobile communication systems. Co. is a provider of IT solutions, authentication solutions and online payment settlement systems, while it also delivers and performs maintenance of ATMs and POS terminals, and provides integration and implementation services for IT systems and hardware.

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.

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.

British Automotive Holding

British Automotive Holding SA is a Poland-based holding company. The Company is dominating Company of the Capital Group, consisted of the General Importer of Jaguar Land Rover, Direct Dealer Aston Martin and Dealer Companies. Through its subsidiaries the Company is active in the Polish market and conducts import and distribution of new cars, spare parts and accessories, as well as comprehensive service support for the Jaguar, Land Rover brands and Aston Martin.

Getin Holding

Getin Holding is a financial group based in Poland. Co. is engaged in investing in the area of banking and other financial services (brokerage, advising, leasing) in Poland and in the Russian market. Co. invests in companies with a high development potential, operating in the sector of financial services for private customers and micro and small enterprises. Co.'s target is to make further investments and takeovers in this sector, mainly in Poland, but also in Central and Eastern Europe. Co. focuses on fast growing, high-margin market sectors such as: retail banking, leasing, financial intermediation and insurance intermediation.

Grupa LOTOS S.A.

Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.

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.

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.

Play Communications SA

Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.

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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