| Pulawy – Well Positioned Polish Fertilizer Co. – Trades Below Book - BUY |
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
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| Kernel - Agri-business Growth in CEE - BUY |
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.
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| NWR – A Cheap Play On Current Coal Price Hikes - BUY |
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.
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| PGE - Largest Polish Utility Set for Growth - BUY |
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.
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| Bogdanka - Polish Coal Co with Good Finacials and Position |
9/7/2010 |
This $800 mn market cap Polish coal mining co has a competitive cost structure and market position.
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| LPP - Polish Retailer Benefits from Recovery |
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.
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| Agora - Polish Media Co Waiting for Turnaround - HOLD |
7/15/2010 |
Agora - a Polish media conglomerate is fully valued as we wait for a turnaround in ad spending.
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| CCI - Largest Cinema Operator in CEE |
7/6/2010 |
Cinema City operates over 650 screens in Poland, Hungary, Czech Republic, Bulgaria and Romania. Strong growth and solid metrics.
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| PEP - Growth Stock in EE Alternative Energy - BUY |
6/10/2010 |
PEP is a leader in Polish alternative energy. Earnings growth and outlook are strong. BUY
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| 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.
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| Polimex - High-quality Exposure to Polish Growth - Archived |
5/3/2010 |
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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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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 |
| AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA – BUY - Archived |
5/12/2008 |
| AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA – BUY |
| KERNEL (KER.PW) – HOT NEWS FROM UKRAINIAN AGROBUSINESS - Archived |
4/30/2008 |
| KERNEL (KER.PW) – HOT NEWS FROM UKRAINIAN AGROBUSINESS |
| POLIMEX-MOSTOSTAL (PXM.PW) – ON THE EVE OF VAST INFRASTRUCTURAL INVESTMENTS – BUY - Archived |
4/25/2008 |
| POLIMEX-MOSTOSTAL (PXM.PW) – ON THE EVE OF VAST INFRASTRUCTURAL INVESTMENTS – BUY |
| KERNEL (KER.PW) – UKRAINIAN BOTTLED OIL PRODUCER AND GRAIN EXPORTER WORTH PURCHASING – BUY - Archived |
4/23/2008 |
| KERNEL (KER.PW) – UKRAINIAN BOTTLED OIL PRODUCER AND GRAIN EXPORTER WORTH PURCHASING – BUY |
| GLOBE TRADE CENTER (GTC.WA) – GROWING AND WELL DIVERSIFIED CEE DEVELOPER – BUY - Archived |
3/27/2008 |
| GLOBE TRADE CENTER (GTC.WA) – GROWING AND WELL DIVERSIFIED CEE DEVELOPER – BUY |
| NOBLE BANK (NBLA.WA) – PRIVATE BANKING ANDFINANCIAL INTERMEDIATION AS SOLID GROWTH PILLARS – BUY - Archived |
3/24/2008 |
| NOBLE BANK (NBLA.WA) – PRIVATE BANKING ANDFINANCIAL INTERMEDIATION AS SOLID GROWTH PILLARS – BUY |
| DUDA (DUD.PW) – POOR 4QFY07 RESULTS, STILL WAITING FOR THE TURN IN THE PIG CYCLE – BUY - Archived |
3/14/2008 |
| DUDA (DUD.PW) – POOR 4QFY07 RESULTS, STILL WAITING FOR THE TURN IN THE PIG CYCLE – BUY |
| MULTIMEDIA POLSKA (MMP.PW) – THE TRIPLE PLAY IN POLAND WITH GROWING SALE OF BUNDLED SERVICES – BUY - Archived |
3/12/2008 |
| MULTIMEDIA POLSKA (MMP.PW) – THE TRIPLE PLAY IN POLAND WITH GROWING SALE OF BUNDLED SERVICES – BUY |
| ORBIS (ORB.PW) – VALUATION CAPPED BY COSTLY CAPITAL EXPENDITURES – SELL - Archived |
2/15/2008 |
| ORBIS (ORB.PW) – VALUATION CAPPED BY COSTLY CAPITAL EXPENDITURES – SELL |
| Top Ideas for Poland Jan08: AMREST HOLDING NV – OUR EXPECTATIONS MATERIALIZED, FURTHER EXPANSION IN. - Archived |
1/29/2008 |
| Top Ideas for Poland Jan08: AMREST HOLDING NV – OUR EXPECTATIONS MATERIALIZED, FURTHER EXPANSION IN CEE AS THE MAIN VALUE DRIVER – BUY |
| Top Ideas for Poland Jan08: GLOBE TRADE CENTER (GTC) – REVISION OF CAPITALIZATION YIELDS... - Archived |
1/29/2008 |
| Top Ideas for Poland Jan08: GLOBE TRADE CENTER (GTC) – REVISION OF CAPITALIZATION YIELDS ASSUMPTIONS SUPPORTS OUR VALUATION – BUY |
| Top Ideas for Poland Jan08: BIOTON (BIO) – INSULIN REGISTRATION IN CHINA ALMOST COMPLETE – BUY - Archived |
1/29/2008 |
| Top Ideas for Poland Jan08: BIOTON (BIO) – INSULIN REGISTRATION IN CHINA ALMOST COMPLETE – BUY |
| ZM DUDA – FEEDING AT THE TROUGH – BUY - Archived |
1/9/2008 |
| ZM DUDA – FEEDING AT THE TROUGH – BUY |
| TVN – INTERNET AND TELESHOPPING; PREVAILING VALUE DRIVERS AGAINST FIERCE COMPETITION WHICH PULLS... - Archived |
12/20/2007 |
| TVN – INTERNET AND TELESHOPPING; PREVAILING VALUE DRIVERS AGAINST FIERCE COMPETITION WHICH PULLS DOWN TV AUDIENCE SHARE – BUY |
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