Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 2.04.2020

Headlines

Large-cap companies news

Tauron: 4Q19 figures released –  EBITDA in line with the preliminary showing, bottom line pulled down by massive write-offs

PKN Orlen: Main PE3 unit finished in Unipetrol

PGNiG: LNG infrastructure unit in KÅ‚ajpeda operated by PGNiG

PKO BP: Higher collateral in mortgage lending

Kruk: Bond buyback program launched

Banks: Survey among companies on impact of the epidemic

Listed companies: 2 more months for releasing 1Q20 and FY19 financial reports

Banks: Leasing data for February

Banks: BIK data for the last two weeks

Banks: KNF publishes banking sector data

Banks: Lower weights for legacy FX mortgage lending?

Banks: More leeway in provisioning?

Banks: Changes in deposit rates

Banks: Suspension of loan repayments on the rise

Banks: Further adjustments to opening hours at branches

Non banking lenders: Suspension of loan repayments on the rise

Small- and mid-cap companies news

LiveChat: (i) 1Q20E US$ revenues – what to expect?; (ii) some thoughts on mid-term outlook (what might be the COVID-19 outbreak impact?)

Forte: The management outlook

Getin Holding: Management on outlook

Ten Square Games: March and 1Q20 revenues forecast. 1Q20 net profit may arrive at PLN 36-38 million

Votum: Over 1.5 thousand CHF mortgage lawsuits filed in 1Q20

Erbud: Closure of construction sites in Belgium prolonged by 2 weeks till April 19

Underlyings
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.

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.

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.

Kruk S.A.

Kruk SA. Kruk SA is a Poland-based company, which is engaged in the business support industry. The Company is a multi-operator, which offers loss prevention and debt collection services. The Company divides its business into two main operating segments: Debt Purchase, including acquisition of non-performing debt portfolios, and Debt Collection Outsourcing, offering fee-based collection of debt on client's behalf, focused on consumer and corporate loans. The Company provides services to financial institutions and large corporate customers. It manages receivables of banks, credit intermediaries, leasing companies and digital platform providers, among others. The Company's operating activities concentrate in a number of countries, such as Poland, Romania, Czech Republic, Slovakia and Spain. The Company's subsidiaries include Kruk Deutschland GmbH, Presco Investments Sarl and Espand Soluciones de Gestion y Recuperacion de Deuda SL, among others.

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

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.

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

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.

TAURON Polska Energia S.A.

Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

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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