Wirtualna Polska : Diving into new oceans, anchored by the sh(c)ore
We initiate coverage on Wirtualna Polska with an Outperform rating and a target price of PLN 82. We believe investors will increasingly recognize the company’s evolution from a challenged advertising-driven model into a dominant CEE online travel player. By integrating Invia Group, the company is unlocking the dynamic package travel market, blending post-integration synergies with a localised OTA approach to drive growth. While the Advertising & Subscription segment has been under macroeconomic pressure and experiencing weakening advertiser sentiment for brand campaign spending, a turnaround is on the horizon by trading "viewability" for deep engagement and leveraging the popularity of Audioteka.Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.
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.
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