Report
Cyfrowy Polsat : Waiting for the clear(er) sky - diversification costs money, time and focus
Cyfrowy Polsat has become a diversified corporation, adding real estate and clean energy to its core TMT business (90% of revenues) in 2022 and 2023 respectively. While these additions open new avenues for growth, they have resulted in one of the highest leverage levels in the TMT sector and led to a dividend cut in 2023. The new clean energy venture required significant upfront capital expenditure and now appears to fall short of initial management expectations. In addition, family dispute at the shareholder level is another factor contributing to uncertainty in the investment case. We initiate coverage with a target price of PLN 15 and a Neutral rating.
Underlying
Cyfrowy Polsat SA
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bojan Djurickovic
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