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DM BOŚ, Research Report – Polish Equities Monthly: March 2020

Polish Equities Monthly: March 2020

13 Days Later

Underlyings
11 Bit Studios S.A.

11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.

AB SA

AB Spolika Akcyjna is adistributor of IT and consumer electronics in the region of Central and Eastern Europe. Co. operating mainly in Poland, the Czech Republic and Slovakia is a strategic distribution partner for most of the world's manufacturers of new technologies, selling their products to more than 16 thousand business partners. Co.'s regular offer includes above 70 thousand products of more than seven hundred brands from all over the world. The business of Co. is split into: wholesale trade in computer, telecommunications, multimedia and electronic equipment; retail trade in computer hardware; and personal computer manufacturing.

Agora S.A.

Agora principally produces and sells newspapers and carries out the Internet activity. Co. is also engaged in the cinema segment through its subsidiaries, Helios S.A. and Next Film Sp. z o.o., and in the outdoor segment through its subsidiary, AMS S.A. Co. controls radio broadcasting companies and is a publisher in magazines, periodicals and books segment. Moreover, Co. and its subsidiaries provide printing services for external clients in printing houses belonging to Co. and its subsidiary, Agora Poligrafia Sp.z o.o. Co. is also engaged in TV segment by holding shares in Stopklatka S.A. Co. and its subsidiaries also engage in projects related to production and coproduction of movies.

ASBISc Enterprises

Asseco Poland SA

Asseco Poland is a provider of proprietary information technology ("IT") solutions which is based in Poland. Co. is engaged in provision of consulting on IT infrastructure, security solutions, human resources solutions, outsourcing services as well as fully comprehensive IT support. Co.'s profile includes software and computer hardware consultancy, production of software as well as supply of software and hardware. This category includes analysing, developing, and programming ready-to-use IT systems. In addition to IT services, Co. also sells goods including mainly computer hardware.

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.

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.

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.

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.

ComArch S.A.

Comarch is a producer of IT systems for key sectors of the economy: telecommunications, finances, public administration, large companies and the sector of small and medium-sized companies. A range of Co.'s product offering includes ERP-class and financial and accounting systems, CRM systems and loyalty software, sales support and electronic document exchange systems, knowledge management, Business Intelligence, security and protection of data and many other solutions. Apart from providing IT solutions to its customers, Co. is focused on professional customer service and on providing consulting, advisory and integration services as a uniform package.

Energa SA

Energa SA is a Poland-based company engaged in the electric power sector. It produces and distributes the electric power and participates in the electric power market in Northern and Central Poland. It divides its business into seven segments: Electricity Distribution consists of electricity distribution conducted by subsidiaries; Renewable Energy invests in renewable energy sources and produces electricity through hydro, wind and bio-energy plans; Baseload Power Plant consists of manufacturing and investment activities in the area of conventional power plants, service and repair activities related to the generation of electricity; Combined Heat and Power (CHP) includes manufacturing activity of power plants and the heat distribution; Sales is engaged in lighting services, trading of electrical energy and customer service; Services provides accounting, human resources (HR) and payroll services, among others; Other includes hotel and training centers, and transportation services.

Erbud SA

Erbud is a construction company in Poland. Co. performs services as a general contractor and a subcontractor which develops projects for private and public investors in retail, public utility, road engineering, power and residential construction sectors. Co. develops projects in Poland and abroad: in Germany, Belgium, Luxemburg and Holland.

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.

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.

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

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.

KGHM Polska Miedz S.A.

KGHM Polska Miedz is engaged in the mining of copper and non-ferrous metals ore; the excavation of gravel and sand; the production of copper, precious and non-ferrous metals; the production of salt; the casting of light and non-ferrous metals; the forging, pressing, stamping and roll forming of metal- powder metallurgy; waste management; wholesale based on direct payments or contracts; warehousing and storage of merchandise; holding management activities; geological and exploratory activities; general construction activities with respect to mining and production facilities; scheduled and non-scheduled air transport; telecommunication and IT services; and other activities.

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.

LSI Software SA

LSI Software Sa. LSI Software SA is a Poland-based company specialized in the design and provision of software solutions for the retail and hospitality sectors. Its portfolio of products includes Bastion ERP, a corporate management system; POSitive Retail, aimed at retail stores management; and POSitive Hospitality, designed for the management of hotels, restaurants and SPAs, among others. The Company is also a supplier of customer-tailored software solutions. It deals with all levels of software implementation, from the design, through installation, to system configuration, training and post-sale services. The Company holds a partnership with Microsoft for system environment and database implementation and with Long Range Systems for development of software solutions. It also provides building management systems (BMS) under the GIP brand name. The Company operates a number of subsidiaries, such as Softech Sp z o o and Przedsiebiorstwo Projektowo Wdrozeniowe GiP Sp z o o.

Marvipol Development SA

Marvipol Development SA. Marvipol Development SA is a Poland-based company. The company implements its own investment projects in the multi-family housing sector, covering the entire development process - starting with land acquisition, through design in cooperation with renowned architectural offices, to obtaining valid building permits, supervision of construction work, and forwarding of completed flats to clients and managing the whole object. The Company operates in two business areas: Property development, basic for the parent company and automotive activities in the field of import, sale, service and turnover of spare parts for Jaguar, Land Rover and Aston Martin cars.

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.

Mercator Medical SA

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.

Neuca SA

NEUCA is a wholesale distributor of pharmaceuticals in Poland. Co. distinguishes the following reporting operating segments: Pharmaceutical wholesale – core activities of the segment include wholesale of pharmaceutical products; Marketing services – core activities of the segment include marketing activities for entities from outside of the pharmaceutical market; Own brands – core activities of the segment include market launching of pharmaceutical products under Co.'s own brand; and IT services – core activities of the segment include IT operations.

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.

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.

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.

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

Voxel SA

Voxel SA is a Poland-based company active in the healthcare sector. It provides services in the fields of diagnostic imaging, teleradiology and outsourcing, as well as information technology (IT) systems for hospitals and diagnostic centers. As of December 31, 2011, the Company operated two subsidiaries, 95.24%-owned Alteris SA and wholly owned CDO Sp. z o.o. On November 7, 2012, the Company sold its entire stake in Centrum Diagnostyki i Terapii Onkologicznej Sp. z o.o.

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.

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