Trigon Brokerage House

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Trigon is the leading investment bank in CEE. In 2017&2018 Trigon has been awarded as the Poland’s Best Investment Bank by Euromoney.

 

Trigon has been active on the Polish market from the very beginning and we have so far provided advisory services in transactions amounting to USD 19bn.

 

Our equity team has been voted as The Best Equity Team on the Polish market in 2017 by institutional investors. We provide our clients with the widest coverage of the Polish stocks and aim to present the best in class local expertise. Our equity research team is compose of 10 analysts solely focused on the Polish market.

Dominik Niszcz ... (+2)
  • Dominik Niszcz
  • Martyna Szymczykowska
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TPS Orange Polska S...
NET Netia Holdings ... ... (+4)

Telecoms: Preferred cost advantage and high cash flow; Cyfrowy Polsat:...

We reinitiate coverage for the telecommunications sector with a Buy for Play and Cyfrowy Polsat, and a Hold for Netia and Orange Polska. We expect that the operators will use 5G to further gradually increase prices, while consolidation of mobile and fixed-line players may be one of the potential triggers next year (Play vs. Orange Polska). Less exposure to the business customer in the face of economic downturn, higher cost-effectiveness and higher recurring cash flows and dividend rates favours ...

TPS ORANGE POLSKA S.A.
NET NETIA HOLDINGS S.A.
CPS CYFROWY POLSAT SA
PLY PLAY COMMUNICATIONS SA
07/06/20 July 6, 2020 80 EN
Grzegorz Kujawski
  • Grzegorz Kujawski
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LPP LPP S.A.
CCC CCC SA

Clothing retail: New order: Pure players, the VFM segment and global s...

We resume issuing recommendations for the 2 largest Polish clothing and footwear retailers. In both cases the forecast update has resulted in reduced valuations compared to their pre-pandemic level. COVID-19 has accelerated the transformation of trade and increased the significance of e-commerce, which both companies will benefit from, provided that they are able to optimize their stationary chain. However, in our view the pandemic is also an additional catalyst of changes in shopping habits and...

07/01/20 July 1, 2020 33 EN
Michat Kozak
  • Michat Kozak
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CIE CIECH S.A.

CIECH: Accelerated normalization of the soda cycle

In our opinion, the faster normalization of the soda cycle, which sends soda volumes and prices down, will – alongside weak 2Q20 and 3Q20 – constitute a more important factor for the stock price than the announced stock buy-back programme, for which we do not see any room this year. We perceive the drop in soda ash prices in China and the US last week to 5- and 9-year minima, respectively, as a significant warning signal for the annual contracting for 2021, which is crucial for Ciech. News a...

06/05/20 June 5, 2020 14 EN
Kacper Kopron
  • Kacper Kopron
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TEN Ten Square Game...

Ten Square Games Fishing Clash breaks yet another record

Fishing Clash continues to grow dynamically for another month in a row. Sensor Tower’s estimates say that the game earned USD 7m in April (we expected about USD 5–6m) net of platform fees, which in our view may translate into reported revenues of around PLN 40.5m (+28% m/m). According to our forecasts, the m/m growth dynamics have been the highest since June 2018 and record-breaking over the entire lifecycle of the game in nominal terms: PLN +8.8m m/m. In our previous analyses, we indicated ...

TEN TEN SQUARE GAMES
05/04/20 May 4, 2020 10 EN
Maciej Marcinowski
  • Maciej Marcinowski
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BRE MBANK SA
PEO BANK POLSKA KAS... ... (+9)

Polish Banks: Sector on the edge

We maintain our negative attitude towards the banking sector. Despite a drop in the WIG Banks index already by 45% this year and its clear relative weakness compared to the WIG index (-25pp), we think that the banks will remain under pressure. This is the sector which reflects the economic situation most closely, which will impact it negatively in light of the upcoming recession. In our opinion, not all risks have been fully discounted yet. We assume that the emerging weak macro figures, the tem...

BRE MBANK SA
PEO BANK POLSKA KASA OPIEKI SA
BNP BNP PARIBAS SA CLASS A
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
ALR ALIOR BANK SA
04/27/20 April 27, 2020 70 EN

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