reports
- Łukasz Prokopiuk
- Research Team
DM BOŚ: Daily research report – date 21.10.2020
Conferences calendar … 2 Large-cap companies news … 3mBank: 3Q20E results’ preview – revisiting legal risk costsAlior: 3Q20E results’ preview – a welcome reliefMillennium: 3Q20E results’ preview – legal risk bites againPKO BP: Updated MREL requirementsJSW: Bzie mine launch to be acceleratedOrange PL: Brand licensing agreement extended for 10 yearsperiod – rate 1.6% of retail revenues remains unchangedOrange PL: New data centre to be launched in 2021Eurocash: Supervisory board member appointed ...
- Research Team
DM BOŚ: Daily research report – date 14.07.2020
Headlines Conferences calendar … 2 Large-cap companies news … 3 JSW: Operating figures for 2Q20 revealed Azoty, PuÅ‚awy, Police: 2Q20 results preview PZU: TUW unit goes in line with sales plan PKN Orlen, Lotos: Green light for the merger with Lotos to be granted today? Utilities: URE refuses G-tariff increase Investment funds: Inflows continue in June Banks: Recovery plans to happen more often Banks: Macroprudential authority lower risk weight for corporate exposures Banks: New EU Cou...
- Łukasz Prokopiuk
- Research Team
DM BOŚ: Daily research report – date 8.04.2020
Headlines Large-cap companies news Azoty, PuÅ‚awy, Police: 4Q19 results revealed; Azoty’s adjusted EBITDA broadly in line with expectations, poor results of PuÅ‚awy, very good cash flow triggered by extensive us of factoring Alior: Management on outlook PKN Orlen: No changes in planned capex despite impact of COVID-19, update on acquisitions PGE: 1Q20 results publication date changed PKO BP: 1Q20 financial report to come later Banks: Unified credit vacation offering? Insurers: Impact of ...
PKO PKO BANK POLSKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ZAP ZAKLADY AZOTOWE PULAWY S.A.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
JWC JW CONSTRUCTION HOLDING SA
BAH BRITISH AUTOMOTIVE HOLDING
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PCE ZAKLADY CHEMICZNE POLICE
ERB ERBUD SA
ATT GRUPA AZOTY SPOLKA AKCYJNA
BLO BLOOBER TEAM SA
ALR ALIOR BANK SA
MRC MERCATOR MEDICAL
PLW PLAYWAY SA
- Łukasz Prokopiuk
Azoty, Puławy, Police: 4Q19 results revealed; Azoty’s adjusted EBIT...
Event: 4Q19 results revealed; Azoty’s adjusted EBITDA broadly in line with expectations, poor results of PuÅ‚awy, very good cash flow triggered by extensive us of factoring. Today before the session Azoty, PuÅ‚awy and Police published its 4Q19 financial report.
- Research Team
DM BOŚ: Daily research report – date 20.01.2020
Headlines Large-cap companies news Play: 4Q19 results’ forecast + what may be the impact of the upcoming release of management’s FY20 guidance? Dino: 4Q19 results’ forecasts – strong profits expected Azoty, PuÅ‚awy, Police: 4Q19 results preview – poor EBITDA on weak fertilizer volumes Lotos: Refining production slate for December revealed JSW: Operating figures for 4Q19 revealed Alior: Changes in the management board Alior: Management board member on strategy Banks: Delays in CHF mortga...
AGO AGORA S.A.
NET NETIA HOLDINGS S.A.
ZAP ZAKLADY AZOTOWE PULAWY S.A.
DOM DOM DEVELOPMENT SA
BAH BRITISH AUTOMOTIVE HOLDING
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
CMP COMP SAFE SUPPORT S.A.
LTS GRUPA LOTOS S.A.
PCE ZAKLADY CHEMICZNE POLICE
ATT GRUPA AZOTY SPOLKA AKCYJNA
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
MRC MERCATOR MEDICAL
PLY PLAY COMMUNICATIONS SA
DNP DINO POLSKA S.A.
TEN TEN SQUARE GAMES
- Łukasz Prokopiuk
- Research Team
DM BOŚ: Daily research report – date 10.01.2020
Headlines Large-cap companies news Orange PL: PLN 116 million deal with Poczta Polska signed PGNiG: Condition for purchase of Duva project from Pandion Energy fulfilled PGNiG: New management board elected PGNiG, JSW: Agreement for the utilization of methane in the Budryk mine PKO BP: Leasing arm strategy envisages market share gains Handlowy: MREL requirements from BFG Small- and mid-cap companies news Medicalgorithmics: The number of claims Budimex: Best offer for S5 expressway Polic...
- Research Team
DM BOŚ: Daily research report – date 16.12.2019
Headlines Large-cap companies news Lotos, Azoty, Police: Lotos to participate in the PDH project PGNiG: Final Arbitrage against Gazprom verdict in February-March PGNiG, Tauron: No Government plans to merge PGNiG with Tauron? PKN Orlen: PLN 8-10 billion capex per annum? PKN Orlen: Moody’s rating perspective lowered to negative PKN Orlen: Hydrogen tanking station to be built in Poland in 2021. JSW: PLN 2 billion capex spent in 2019 Banks: State owned firms participate in mBank sale Banks...
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LTS GRUPA LOTOS S.A.
PCE ZAKLADY CHEMICZNE POLICE
ECH ECHO INVESTMENT
MCR MERCOR SA
ATT GRUPA AZOTY SPOLKA AKCYJNA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
EGS ERGIS SA
- Research Team
DM BOŚ: Daily research report – date 10.12.2019
Headlines Large-cap companies news Pekao: Management on outlook Azoty, Police: 40% of issue rights utilized Kruk: Purchases of bad debt Banks: Contradictory case law on FX mortgages litigation Telecommunications services: Poland launches consultations ahead of 3.6 GHz frequency band auction Small- and mid-cap companies news Inter Cars: Weak sales in November 2019 Polnord: OFE PZU goes below 5% ownership threshold Erbud: New contract
- Research Team
DM BOŚ: Daily research report – date 9.12.2019
Headlines Large-cap companies news Lotos: Mr. M. Bonca replaced by Mr. J. Wittstock Azoty, Police, Lotos: Letter of intent regarding financing of PDH project extended till December 13 Pekao: Implications of mBank takeover Banks: KNF to outline criteria for management board members Banks: Financial state owned companies under new tutelage? Banks: Leasing market contracts in 1-3Q19 Small- and mid-cap companies news Famur: State Treasury to obtain 5.5 million shares in the planned SPO Pol...
- Research Team
Polish Equities Monthly: December 2019; 2020 equity strategy: At a cri...
Polish Equities Monthly: December 2019 2020 equity strategy At a critical junction The US equity market is, in our view, at a crossroads at the moment. Whereas some of the economic leading indicators (UST curve, industrial production, ISM manufacturing PMI, US corporate profit margins), historically doing decent job in signaling stock market peaks, explicitly imply risk of looming change in the cyclical trend in US equities, the other key ones (ISM non-manufacturing PMI, trend in initial jobl...
PEO BANK POLSKA KASA OPIEKI SA
RON RONSON EUROPE
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
UNI UNIBEP S.A.
FTE FABRYKI MEBLI FORTE SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
CMR COMARCH S.A.
RFK FABRYKA KOTLOW RAFAKO S.A.
VRG VRG SA
SNK STOMIL SANOK S.A.
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PND POLNORD S.A.
AGO AGORA S.A.
NET NETIA HOLDINGS S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ZAP ZAKLADY AZOTOWE PULAWY S.A.
NEU NEUCA SA
CCC CCC SA
CIE CIECH S.A.
LEN LENA LIGHTING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
JWC JW CONSTRUCTION HOLDING SA
ASB ASBISC ENTERPRISES
ABS ASSECO BUSINESS SOLUTIONS
BAH BRITISH AUTOMOTIVE HOLDING
ASE ASSECO SOUTH EASTERN EUROPE S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
CMP COMP SAFE SUPPORT S.A.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
DCR DECORA
PCE ZAKLADY CHEMICZNE POLICE
OEX OEX SA
ECH ECHO INVESTMENT
FMF FAMUR SA
ABE AB SA
LSI LSI SOFTWARE SA
ETL EUROTEL SA
ERB ERBUD SA
MCR MERCOR SA
CIA CI GAMES SA
TRK TRAKCJA POLSKA SA
CPS CYFROWY POLSAT SA
ATT GRUPA AZOTY SPOLKA AKCYJNA
VIN GIELDA PRAW MAJATKOWYCH VINDEXUS S.A.
ATC ARCTIC PAPER SA
FRO FERRO S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
VOX VOXEL SA
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
PCR PCC ROKITA SA
MRC MERCATOR MEDICAL
KGL KORPORACJA KGL SA
PLY PLAY COMMUNICATIONS SA
TOW TOWER INVESTMENTS SA
CLN CELON PHARMA SA
DNP DINO POLSKA S.A.
BSC BSC DRUKARNIA OPAKOWAN S.A.
PLW PLAYWAY SA
TOA TOYA SA
TEN TEN SQUARE GAMES
UNT UNIMOT SA
ENE CENTRUM MEDYCZNE ENEL-MED SA
MVP MARVIPOL DEVELOPMENT SA
- Łukasz Prokopiuk
Police – 3Q19E results’ preview
We remain negative towards the equities of the Company (Sell, Underweight, 12M EFV of PLN 12.2 per share) mainly on the back of disappointing results in 2019, but above all as a consequence of the planned major stock issue. The planned stock issue negatively affects our valuation. We assume Police will execute the planned stock issue this year in accordance with EGM proposals. We assume Police will gather PLN 1.1 billion from Azoty and other investors by issuing the additional 110 million sh...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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