reports
- Adrian Kowollik
- Adrian Kowollik
- Adrian Kowollik
Voxel S.A.: 1 director
A director at Voxel S.A. sold 2,000 shares at 52.609PLN and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
- Adrian Kowollik
- Adrian Kowollik
- Adrian Kowollik
- Sylwia Jaśkiewicz
- Sylwia Jaśkiewicz
- Sylwia Jaśkiewicz
- Research Team
DM BOŚ: Daily research report – date 26.06.2020
Headlines Conferences calendar … 2 Large-cap companies news … 3 CCC: Strategy update/ Sustainability strategy LPP: The Company’s management outlook; possible significant write-offs in 2Q20/21 CD Projekt: Positive previews after hands-on events. CD Projekt: Nigt City Wire: new trailer, new mechanic, Netflix show announced. PGNiG, PKN Orlen: Extension of gas contract PKN Orlen: Orlen China to be created in 2H20 Eurocash: Frisco purchase finalized PGE: 100 MW new windfarm launched Teleco...
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
GTN GETIN HOLDING
LPP LPP S.A.
CCC CCC SA
JWC JW CONSTRUCTION HOLDING SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CAR INTER CARS S.A.
EUR EUROCASH S.A.
LSI LSI SOFTWARE SA
VOX VOXEL SA
TOR TORPOL SA
KGL KORPORACJA KGL SA
- Sylwia Jaśkiewicz
Voxel: 1Q20 financials vs. forecasts
On June 25, after the market close, the Company revealed its 1Q20 financial results which exhibit a huge impact of the COVID-19 pandemic, albeit the reported operating results are better than our expectations (PLN 6.7 million of gain on the bargain purchase of Scanix). Nevertheless while adjusted they underperformed. Accordingly, we downgrade both our LT fundamental Buy recommendation and ST relative Overweight rating for the Company to Hold and Neutral, respectively, and remove Voxel’s shares ...
- Research Team
Polish Equities Monthly: July 2020 Worlds apart
Polish Equities Monthly: July 2020 Worlds apart Nasdaq Composite at its all-time high (and +11.7% ytd) and S&P500 a tad in the positive territory from the ytd RoR perspective – that was the world of the stock market just a few days ago. It hardly reconciled not only with realistic, in our view, scenarios for the economic recovery (discussed in our previous Monthly research report, 6/2020/MR(59), dated May 19), but also with the mathematics of changes in the U.S. earnings expectations (the abru...
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
SNK STOMIL SANOK S.A.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
NEU NEUCA SA
CIE CIECH S.A.
BAH BRITISH AUTOMOTIVE HOLDING
ASE ASSECO SOUTH EASTERN EUROPE S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ECH ECHO INVESTMENT
ABE AB SA
ERB ERBUD SA
CPS CYFROWY POLSAT SA
FRO FERRO S.A.
11B 11 BIT STUDIOS S.A.
VOX VOXEL SA
MRC MERCATOR MEDICAL
TOR TORPOL SA
PLY PLAY COMMUNICATIONS SA
CLN CELON PHARMA SA
DNP DINO POLSKA S.A.
TEN TEN SQUARE GAMES
UNT UNIMOT SA
- Sylwia Jaśkiewicz
Voxel
4Q19 financial results On March 22, after the market close, Voxel released its 4Q19 financial results which are quite in line with our expectations as far as EBITDA is concerned, though slightly lower as regards NI mainly due to a one-off (PLN 0.5 million) and higher financial costs than we assumed (one-time valuation/a writeoff for loans and receivables in the amount of PLN 1.1 million).
- Research Team
DM BOŚ: Daily research report – date 24.03.2020
Headlines Large-cap companies news Asseco Poland: (i) 4Q19 results released – no surprises (strong subs, weak parent), (ii) backlog (strong), (iii) dividend proposal (tad lower yoy) KGHM: Production and sale volumes for February CCC: Postponement of debt payment; suspension of factoring payment Tauron: Planned joint investments with PFR in renewables projects Telecommunications services: 5G tender on track Banks: Watchdog urges for more leeway in assessing the impact of the pandemic on re...
- Research Team
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
CMR COMARCH S.A.
VRG VRG SA
KGH KGHM POLSKA MIEDZ S.A.
AGO AGORA S.A.
NET NETIA HOLDINGS S.A.
LPP LPP S.A.
NEU NEUCA SA
ASB ASBISC ENTERPRISES
BAH BRITISH AUTOMOTIVE HOLDING
ASE ASSECO SOUTH EASTERN EUROPE S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
CAR INTER CARS S.A.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ABE AB SA
LSI LSI SOFTWARE SA
ERB ERBUD SA
CIA CI GAMES SA
11B 11 BIT STUDIOS S.A.
VOX VOXEL SA
ICD ENERGA SA
PLY PLAY COMMUNICATIONS SA
BSC BSC DRUKARNIA OPAKOWAN S.A.
PLW PLAYWAY SA
MVP MARVIPOL DEVELOPMENT SA
MERCATOR MEDICAL SA
- 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
- Jakub Viscardi
- Łukasz Prokopiuk
- Maciej Wewiórski
- Michał Sobolewski
- Sobiesław Pająk
- Sylwia Jaśkiewicz
- Tomasz Rodak
- Wojciech Romanowski
DM BOŚ: Daily research report – date 26.11.2019
Headlines Large-cap companies news Lotos, Azoty: Negotiations of PDH financing close to an end? Tauron: Potential buyer(s) for Tauron CiepÅ‚o mBank: Leasing of PV installation to SMEs Banks: BFG contribution in 2020 Pension funds: PPK participation at 40%? Banks: Additions discussion round on OFE pension funds Small- and mid-cap companies news Forte: 3Q19 results released – net profit weaker than we expected; 4.3x net debt/adj EBITDA Forte: Plan for the fifth furniture factory construc...
- Jakub Viscardi
- Łukasz Prokopiuk
- Maciej Wewiórski
- Michał Sobolewski
- Sobiesław Pająk
- Sylwia Jaśkiewicz
- Tomasz Rodak
- Wojciech Romanowski
Polish Equities Monthly: November 2019 – 2020 equity strategy previe...
With the turn of the year closing near, one is tempted to figure out the next year’s outlook. How long the current synchronized slow-down in growth for the key countries/ regions may last? How persistent may be the recent dovish twist in main central banks’ policy bias? 30% of the world’s sovereign debt outstanding stock has negative yield – does it really matter? Are there any material risks to the stability of global financial system? What’s the priority of president Trump (apart from his re-e...
UNI UNIBEP S.A.
CMR COMARCH S.A.
VRG VRG SA
SNK STOMIL SANOK S.A.
KGH KGHM POLSKA MIEDZ S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
NEU NEUCA SA
ASB ASBISC ENTERPRISES
BAH BRITISH AUTOMOTIVE HOLDING
ASE ASSECO SOUTH EASTERN EUROPE S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
CAR INTER CARS S.A.
LTS GRUPA LOTOS S.A.
ABE AB SA
LSI LSI SOFTWARE SA
CIA CI GAMES SA
11B 11 BIT STUDIOS S.A.
VOX VOXEL SA
PLY PLAY COMMUNICATIONS SA
BSC BSC DRUKARNIA OPAKOWAN S.A.
TEN TEN SQUARE GAMES
UNT UNIMOT SA
F51 THE FARM 51 GROUP SA
VVD VIVID GAMES SA
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