mBank

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Set up in 1986, mBank (originally BRE – Export Development Bank) is Poland’s 4th largest universal banking group in terms of total assets and 5th by net loans and deposits at the end of June 2019. mBank has one of the oldest brokerages in Poland – we have been providing brokerage services since 1991 - and the biggest, serving about 300 ths clients.

We provide all brokerage services available in the Polish capital market (i.e. Warsaw Stock Exchange, non-public markets and forex) in a way that meets the expectations of all groups of investors, both individual and institutional. Participating in the dynamic growth of the Polish capital market since its inception, we have acquired competences and experience needed to provide the highest quality of service and we have won the trust and satisfaction of our Clients.

Over the past decade, mBank's Equity Research Team has been consistently ranked among the top research teams in Parkiet's annual institutional investor surveys (Parkiet is Poland's leading daily business newspaper). mBank analysts provide coverage on an extensive list of companies, mainly in Poland but also elsewhere in the CEE region: Austria, Czechia, Portugal, Ukraine and Hungary. 

Clients get access to a comprehensive selection of research products including daily market insights, monthly roundups, macroeconomic views, industry- and company- specific analyses, investing strategies, earnings comments, etc.

We give our institutional clients numerous opportunities to connect with industry professionals, top executives, and leading analysts:

  • Get direct access to senior management teams at listed companies (over 30 meetings in 2018),
  • Engage in our many industry events, featuring listed Polish and global firms (in 2018, we hosted sector-themed conferences around industrials, chemical companies, telecoms, retail, and financials, and co-hosted a Best of Poland investors' with Commerzbank and the Warsaw Stock Exchange),
  • Stay informed through an array of enlightening discussion panels, workshops, and briefing sessions with regulatory officials.
Janusz Pięta ... (+2)
  • Janusz Pięta
  • Paweł Szpigiel
PREMIUM
GPP GRUPA PRACUJ DA

Grupa Pracuj - Made to Monetize HR Market Growth

Grupa Pracuj ("Grupa Pracuj" or the "Company") is a leading online HR platform in Poland and Ukraine with a well-established market position. The Company has a large base of loyal customers from Poland and Ukraine. Grupa Pracuj operates in a rapidly-growing recruitment market (with 2019-30E CAGR at 11% in Poland and 18% in Ukraine). Its online employment marketplace, pracuj.pl, is the job platform of first choice for many and a widely recognized brand that, over the years, has gained the trust o...

01/27/22 January 27, 2022 53 EN
Michał Konarski ... (+2)
  • Michał Konarski
  • Mikołaj Lemańczyk
PREMIUM
PEO BANK POLSKA KAS...
EBS Erste Group Ban... ... (+13)

Banks - Scaling New Peaks

We maintain a bullish view on our entire CEE banking universe though this time the line-up shows more variety in terms of expected returns. In our view, the tightening cycle rippling across the region is far from over, and the hikes still to come will trigger more revisions to analysts’ forecasts around mid-2022. The tightening has yet to be fully reflected in bank valuations and earnings expectations, but the adjustments this time are not likely to be as rapid as the 2021 rally, when the marke...

PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
OTP OTP BANK NYRT
BNP BNP PARIBAS BANK POLSKA
ALR ALIOR BANK SA
MONET MONETA MONEY BANK AS
01/13/22 January 13, 2022 75 EN
Kamil Kliszcz ... (+2)
  • Kamil Kliszcz
  • Piotr Poniatowski
PREMIUM
STH STS HOLDING SA

STS Holding - Bet on the Champion

STS Holding (“STS” or the “Company”) is Poland’s #1 sports betting company with a market share of 46% (28% #2 player). As an omni-channel sportsbook operator, STS generates 82% of its revenue from online channel, with 68% provided by its mobile app. The STS sportsbook offers a complete range of wagering from classic prematch and live odds to more innovative features (i.a. e-sport, virtual sports, and bets on live dealer games) that represent a fast-growing share of total sales (12% in 2020 vs. 6...

01/12/22 January 12, 2022 43 EN
Paweł Szpigiel
  • Paweł Szpigiel
PREMIUM
ALG ALLEGRO.EU SA

Allegro - Investors Grow Too Bearish

Orange Polska (“Orange”) has undergone a successful transformation that enables it to grow earnings (with 9M’21 eEBITDAaL up 5.3% y/y) and generate relatively high free cash flow yield (2021E/2022E FCFE Yield = 9.0%/8.1%) while maintaining low debt (1.5x EBITDA ex. IFRS 16 as of 30 Sep. ‘21). The fact that high-speed broadband represents 66% of all connections supplied by Orange (of this, close to 42% are fiber connections), combined with consistent pricing adjustments, represent another source ...

12/16/21 December 16, 2021 6 EN
Paweł Szpigiel
  • Paweł Szpigiel
PREMIUM
TPS Orange Polska S...

Orange Polska - More Upside After Business Rebirth, Mast Sale

Orange Polska (“Orange”) has undergone a successful transformation that enables it to grow earnings (with 9M’21 eEBITDAaL up 5.3% y/y) and generate relatively high free cash flow yield (2021E/2022E FCFE Yield = 9.0%/8.1%) while maintaining low debt (1.5x EBITDA ex. IFRS 16 as of 30 Sep. ‘21). The fact that high-speed broadband represents 66% of all connections supplied by Orange (of this, close to 42% are fiber connections), combined with consistent pricing adjustments, represent another source ...

TPS ORANGE POLSKA S.A.
12/15/21 December 15, 2021 6 EN
Janusz Pięta ... (+2)
  • Janusz Pięta
  • Paweł Szpigiel
PREMIUM
GPP GRUPA PRACUJ DA

Grupa Pracuj - Made to Monetize HR Market Growth

Grupa Pracuj ("Grupa Pracuj" or the "Company") is a leading online HR platform in Poland and Ukraine with a well-established market position. The Company has a large base of loyal customers from Poland and Ukraine. Grupa Pracuj operates in a rapidly-growing recruitment market (with 2019-30E CAGR at 11% in Poland and 18% in Ukraine). Its online employment marketplace, pracuj.pl, is the job platform of first choice for many and a widely recognized brand that, over the years, has gained the trust o...

01/27/22 January 27, 2022 53 EN
Michał Konarski ... (+2)
  • Michał Konarski
  • Mikołaj Lemańczyk
PREMIUM
PEO BANK POLSKA KAS...
EBS Erste Group Ban... ... (+13)

Banks - Scaling New Peaks

We maintain a bullish view on our entire CEE banking universe though this time the line-up shows more variety in terms of expected returns. In our view, the tightening cycle rippling across the region is far from over, and the hikes still to come will trigger more revisions to analysts’ forecasts around mid-2022. The tightening has yet to be fully reflected in bank valuations and earnings expectations, but the adjustments this time are not likely to be as rapid as the 2021 rally, when the marke...

PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
OTP OTP BANK NYRT
BNP BNP PARIBAS BANK POLSKA
ALR ALIOR BANK SA
MONET MONETA MONEY BANK AS
01/13/22 January 13, 2022 75 EN
Kamil Kliszcz ... (+2)
  • Kamil Kliszcz
  • Piotr Poniatowski
PREMIUM
STH STS HOLDING SA

STS Holding - Bet on the Champion

STS Holding (“STS” or the “Company”) is Poland’s #1 sports betting company with a market share of 46% (28% #2 player). As an omni-channel sportsbook operator, STS generates 82% of its revenue from online channel, with 68% provided by its mobile app. The STS sportsbook offers a complete range of wagering from classic prematch and live odds to more innovative features (i.a. e-sport, virtual sports, and bets on live dealer games) that represent a fast-growing share of total sales (12% in 2020 vs. 6...

01/12/22 January 12, 2022 43 EN
Paweł Szpigiel
  • Paweł Szpigiel
PREMIUM
ALG ALLEGRO.EU SA

Allegro - Investors Grow Too Bearish

Orange Polska (“Orange”) has undergone a successful transformation that enables it to grow earnings (with 9M’21 eEBITDAaL up 5.3% y/y) and generate relatively high free cash flow yield (2021E/2022E FCFE Yield = 9.0%/8.1%) while maintaining low debt (1.5x EBITDA ex. IFRS 16 as of 30 Sep. ‘21). The fact that high-speed broadband represents 66% of all connections supplied by Orange (of this, close to 42% are fiber connections), combined with consistent pricing adjustments, represent another source ...

12/16/21 December 16, 2021 6 EN
Paweł Szpigiel
  • Paweł Szpigiel
PREMIUM
TPS Orange Polska S...

Orange Polska - More Upside After Business Rebirth, Mast Sale

Orange Polska (“Orange”) has undergone a successful transformation that enables it to grow earnings (with 9M’21 eEBITDAaL up 5.3% y/y) and generate relatively high free cash flow yield (2021E/2022E FCFE Yield = 9.0%/8.1%) while maintaining low debt (1.5x EBITDA ex. IFRS 16 as of 30 Sep. ‘21). The fact that high-speed broadband represents 66% of all connections supplied by Orange (of this, close to 42% are fiber connections), combined with consistent pricing adjustments, represent another source ...

TPS ORANGE POLSKA S.A.
12/15/21 December 15, 2021 6 EN

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