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Country:
Poland
Capital:
Warsaw
Currency:
zloty (PLN)
Riedel Research Coverage by Region
Poland

Recent Reports

Wielton - From East to West - BUY 3/22/2017

Wielton is Poland’s largest semi-trailers and trailers producer, and one of the top 5

producers in Europe. Customers in transport, construction, production and

distribution companies in both domestic and foreign markets. In 2015A exports

generated ~44% of Group revenues. The Company manufactures more than 60

different types of transport vehicles grouped into 10 categories.

PKP Cargo - Major Rail Transport Player In Europe Set To Benefit From Increased Trade And Coal - BUY 10/9/2015

PKP Cargo - 2nd Lgst Rail Transport Co in Europe Provides Exposure to Trade and Growth - BUY

Duon - Major Beneficiary of Energy Market Liberalization in Poland - BUY - Archived 6/5/2015

Duon - Gas and Electric Markets in Poland are Changing - Company Set To Benefit - BUY

CCC - Polish Retailer Expands into High Cost Markets and Sacrifices Margins for Growth - SELL - Archived 11/4/2014

CCC - Margin and Cash Flow Pressures Will Hurt the Stock - SELL

Stock Spirits - Premier CEE Spirits Co Hammered By Polish Excise Duty Hike - SELL - Archived 8/26/2014

Stock Spirits - London-listed CEE Spirits Co Too Dependent on Fickle Polish Market - SELL

KETY - Polish Aluminium Co a Solid Play on Continued Eurozone Recovery - Archived 7/9/2014

KETY - Aluminium Co Supported by Strong Growth in Europe and Poland - BUY

KETY - Polish Aluminium Co Provides Attractive Exposure to Recovery in Europe - Archived 12/2/2013
Kety - Aluminum Co Exposed to Polish and Europe Growth - Fully Valued - Buy on Weakness
New World (0825.HK) - Signs of Strength in a Weak Industry - Shares Oversold - BUY - Archived 10/2/2013
Relative Strength in Chinese Dept Stores - Shares Oversold - 25%+ Upside - BUY
Bogdanka -Strong Coal Demand and Solid Long-term Plan Drive Growth and Margins - BUY - Archived 8/27/2013
Solid #2 in Polish Coal Has Growth Plan to Drive Leverage
Kernel - Poland-listed Ukraine Agro Play - Solid Growth - BUY - Archived 6/11/2013
Record harvest will boost profits - dividend announcement imminent - BUY
Synthos - Weak Auto Market in the Short-Term, Rubber Oversupply in the Mid-Term - SELL - Archived 4/16/2013
Polich Chem Co. Faces Industry Headwinds and Overvaluation - SELL
PZU - Beneficiary of Strong Growth in Polish Insurance Market - BUY - Archived 3/8/2013
PZU - Leading Polish Insurance Co with Solid Growth and High DivYld - BUY
Synthos - Largest Chemicals Co in Poland Sees Strong Growth and Upsdie - BUY - Archived 11/15/2012
Synthos S.A. is one of the largest chemicals company in Poland and is the only Polish manufacturer of synthetic rubber and polystyrene. We believe the company is set to benefit from organic growth and a shift into high margin products.
TPSA - High Dividend Yield For Tough Times - Archived 3/5/2012
TPSA is Poland's leading telecom provider, we regard the stock as being at fair value. After taking into consideration the very high dividend yield (nearly 9%) we issue a Buy recommendation.
Pulawy – Well Positioned Polish Fertilizer Co. – Trades Below Book - BUY - Archived 11/1/2011
Leader in Polish fertilizers sector and among Polish twenty largest exporters. Posted 58% YoY revenue growth to PL 887.6 mn in 4QFY10/11. We regard Pulawy's stock as undervalued and initiate coverage with a BUY
Kernel - Agri-business Growth in CEE - BUY - Archived 7/14/2011
Largest agricultural company in Ukraine. Option agreement to acquire controlling stake in Ukrros will result in synergies, additional cash flow and drive future growth.
NWR – A Cheap Play On Current Coal Price Hikes - BUY - Archived 6/16/2011
Leading coke and hard coal producer in Central Europe posts 17.1% YoY revenue growth driven by favorable market conditions and increased coal and coke prices.
PGE - Largest Polish Utility Set for Growth - BUY - Archived 9/22/2010
PGE shares have underperformed the market recently. We believe sentiment is going to change as the market recognizes the solid outlook for the company.
Bogdanka - Polish Coal Co with Good Finacials and Position - Archived 9/7/2010
This $800 mn market cap Polish coal mining co has a competitive cost structure and market position.
LPP - Polish Retailer Benefits from Recovery - Archived 8/9/2010
LPP is a leading Polish retailer and distributor of clothing to various market segments.  We believe the company is set to benefit from improving consumer confidence in Poland.
Agora - Polish Media Co Waiting for Turnaround - HOLD - Archived 7/15/2010
Agora - a Polish media conglomerate is fully valued as we wait for a turnaround in ad spending.
CCI - Largest Cinema Operator in CEE - Archived 7/6/2010
Cinema City operates over 650 screens in Poland, Hungary, Czech Republic, Bulgaria and Romania.  Strong growth and solid metrics.
PEP - Growth Stock in EE Alternative Energy - BUY - Archived 6/10/2010
PEP is a leader in Polish alternative energy.  Earnings growth and outlook are strong. BUY
TPSA - Polish Telco Faces Financial Pressure - HOLD - Archived 5/18/2010
TPSA is the largest telco in Poland.  Competitive pressures and declines in legacy fixed-line business is hurting the company.  Dividend cuts are possible.
Polimex - High-quality Exposure to Polish Growth - Archived 5/3/2010

Polimex Mostostal (MOSD.WA / PXM PW) is one of the leading and most diversified players in the Polish engineering and construction market, active in power engineering, environmental protection, chemical, petrochemical, industrial, housing and general construction.
 


CEDC - Overpaying for Russian Vodka - SELL - Archived 4/13/2010
CEDC is a well-run and well-positioned company but the current valuation is simply too high to be justified.  CEDC (CEDC.US/CDC PW) is the largest producer of vodka in the world and CEE’s largest integrated spirit beverages business, with 274.5 million liters produced and sold in 2009.
CYFROWY POLSAT (CPSM.WA) – HEALTHY CASH FLOW SOURCE WITH AN UPSIDE IN TRIPLE PLAY - BUY - Archived 3/4/2010
Cyfrowy Polsat (CPSM.WA / CPS PW) is the largest, per subscriber base, paid TV DTH satellite platform in Poland with around 3.2 mn subscribers as of the end of 2009.

EUROCASH – A FINE FMCG BUSINESS, YET TOO EXPENSIVE – HOLD - Archived 2/8/2010
Eurocash (ERCS.WA / EUR PW) is the leader in wholesale distribution of the FMCG in Poland, with a business portfolio including discount cash & carry, active distribution of tobacco and impulse products, as well as retail franchise systems.

GLOBE TRADE CENTER (GTC.WA / GTC PW) – RESISTING THE STORM – BUY ON WEAKNESS - Archived 1/19/2010
GTC (GTCE.WA / GTC PW) is an active player in the CEE real estate market, operating as a property developer in the three main segments of the real estate market which are: office, retail and residential property.

PGE – A DECENT COMBINATION OF VALUE AND GROWTH IN THE POLISH ENERGY SECTOR – BUY ON WEAKNESS - Archived 12/15/2009
PGE (PGEA PW) is the leading vertically integrated power producer and supplier in Poland, with installed capacity of 12.4 GW and annual electricity generation of 56 TWh.

KGHM POLSKA MIEDZ S.A. (KGHM) -- UNCERTAIN FUTURE AFTER RAPID RALLY - SELL - Archived 5/1/2009
KGHM is one of the largest integrated producers of refined copper and silver from its own ore deposits. The company additionally holds large stakes in the telecom industry via its 20% stake in Polkomtel mobile operator and 100% stake in Telefonia Dialog fixed line operator.
POLIMEX-MOSTOSTAL (PXM PW / MOSD.WA) – RISKY EXPOSURE TO THE STEEL PRODUCTION SEGMENT – HOLD - Archived 10/14/2008
Polimex-Mostostal S.A. is one of the leading and most diversified players in the Polish construction market. Polimex operates in four segments, which include power engineering, general construction, chemical and steel production sectors.
NEW WORLD RESOURCES (NWRS.WA / NWR LN) – STRONG LEVERAGE ON QUALITY COAL AND COKE – BUY - Archived 9/19/2008
New World Resources is a Czech coal mining company (four established mines) and coke producer (two coking plants) with 419 mn tons of proved and probable saleable reserves
MULTIMEDIA POLSKA (MMPA.PW) – TRIPLE PLAY IN POLAND WITH GROWING SALE OF BUNDLED SERVICES – BUY - Archived 9/10/2008
Multimedia Polska (MMP.PW) is the third largest cable TV operator in Poland and the prime company participating in the consolidation of the dispersed Polish cable television market.
TELEKOMUNIKACJA POLSKA – CASH COW STRUGGLING AGAINST THE WATCHDOG AND COMPETITORS – HOLD - Archived 9/2/2008
Initiate coverage of Telekomunikacja Polska with a HOLD rating and a share target price of PLN22.77, giving an 1% downside potential to the current market price.
AMREST N.V. (AMMR.WA) – SLIGHT UNDERPERFORMANCE ON 2QFY08 FIGURES BUT A LARGE ACQUISITION AHEAD – BU - Archived 9/2/2008
In 1HFY08 AmRest posted 39.2% YOY increase in revenues mainly caused by the addition of new restaurants (Russian division) and like-for-like improvement (mainly due to Polish restaurants). Also in 2QFY08, revenues grew by 41.4% YOY for the same reasons they did in 1HFY08.
AMREST HOLDING N.V. – LEADING DINING OPERATOR IN CEE WITH GROWTH POTENTIAL – BUY - Archived 7/14/2008
AMREST HOLDING N.V. – LEADING DINING OPERATOR IN CEE WITH GROWTH POTENTIAL – BUY
CERSANIT (CST PW) – SOLID CERAMIC GROUND – BUY - Archived 6/10/2008
CERSANIT (CST PW) – SOLID CERAMIC GROUND – BUY
POLISH ENERGY PARTNERS (PEP.PW) – DEVELOPMENT WITH THE WIND – BUY - Archived 5/30/2008
POLISH ENERGY PARTNERS (PEP.PW) – DEVELOPMENT WITH THE WIND – BUY
AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA, BUT NOT AT ANY PRICE – HOLD - Archived 5/21/2008
AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA, BUT NOT AT ANY PRICE – HOLD
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Coverage

Agora (AGOD.WA) Add to my Watch List
AmRest Holdings NV (EAT.WA) Add to my Watch List
Asseco Poland S.A. (ACP.WA) Add to my Watch List
Bank Pekao SA (PEKAO) Add to my Watch List
Bioton (BIO.WA) Add to my Watch List
Bogdanka (LWBA.WA) Add to my Watch List
BRE Bank S.A. (BRE PW) Add to my Watch List
CCC (CCC.WA) Add to my Watch List
Central European Distribution Corp (CEDC) Add to my Watch List
Cersanit (CST PW) Add to my Watch List
Cinema City (CCIY.WA) Add to my Watch List
Cyfrowy Polsat (CPSM.WA) Add to my Watch List
Dom Development SA (DOM PW) Add to my Watch List
Duon (DUOP.WA) Add to my Watch List
ElstarOil (ELSA.WA) Add to my Watch List
Eurocash (ERCS.WA) Add to my Watch List
Getin Holding (GNT PW) Add to my Watch List
Globe Trade Centre S.A. (GTCE.WA) Add to my Watch List
Grupa Kety SA (KETY.WA) Add to my Watch List
ING Bank Slaski SA (ING) Add to my Watch List
JW Construction (JWC) Add to my Watch List
Kernel Holding (KER.PW) Add to my Watch List
KGHM Polska Miedz SA (KGHM.WA) Add to my Watch List
LPP (LPPP.WA) Add to my Watch List
Multimedia Polska (MMP.WA) Add to my Watch List
New World Resources (NWRS.WA) Add to my Watch List
NG2 (NG2) Add to my Watch List
Noble Bank (NBL.WA) Add to my Watch List
Orbis Group (ORB.PW) Add to my Watch List
PKP Cargo (PKP) Add to my Watch List
Polimex-Mostostal S.A (MOSD.WA) Add to my Watch List
Polish Energy Partners (PEPP.WA) Add to my Watch List
Polska Grupa Energetyczna (PGE) (PGEA.PW) Add to my Watch List
Powszechna Kasa Oszczednosci Bank Polski SA (PKO BP SA) Add to my Watch List
Powszechny Zaklad Ubezpieczen SA (PZU.WA) Add to my Watch List
Sfinks (SFNK.WA) Add to my Watch List
Stock Spirits (STCK.L) Add to my Watch List
Synthos SA (SNS.WA) Add to my Watch List
Telekomunikacja Polska S.A. (TPSA.WA) Add to my Watch List
TVN S.A. (TVN.WA) Add to my Watch List
Wielton (WLTP.WA) Add to my Watch List
XXI Century Investments (XXIC) Add to my Watch List
ZAKLADY AZOTOWE PULAWY S.A. (PULW.WA) Add to my Watch List
ZM Duda (DUD PW) Add to my Watch List