Ipopema podniosła rekomendacje dla Cyfrowego Polsatu oraz Play Communications do "kupuj"

W raporcie oszacowano wartość godziwą akcji Cyfrowego Polsatu na 33 zł (co implikuje 27 proc. potencjału wzrostu, Play Communications na 35 zł (co implikuje 24 proc. wzrostu)
"W sektorze naszymi top pickami są Cyfrowy Polsat i Play Communications z uwagi na ich solidną powtarzalną generację gotówki i poprawiające się trendy w przychodach. Preferujemy Cyfrowy Polsat i Play Communications od Orange Polska, gdzie spodziewamy się presji na generacje gotówki ze strony dalszych nakładów na sieć FTTH" - napisano.
Ipopema podtrzymała rekomendację "trzymaj" dla Orange Polska, ustalając wartość godziwą spółki na 7,50 zł na akcję, co implikuje 6 proc. potencjału wzrostu oraz rekomendację "kupuj" dla Netii, ustalając wartość godziwą spółki na 5,10 zł na akcję, co implikuje 15 proc. potencjału wzrostu.
Pierwsze rozpowszechnianie raportu, którego autorem jest Marcin Nowak, nastąpiło 9 sierpnia o godzinie 8.06.

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  • Załącznik nr: 1

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    Polish Telecoms
    This document has been prepared by IPOPEMA Securities S.A. with its regi stered seat in Warsaw, Próżna 9, 00-107 Warsaw, Poland, entered into the Register of Entrepreneurs of the
    National Court Register maintained by the District Court for the City of Warsaw, XI I Commercial Division of the Nation al Court Register under entry number KRS 0000230737, the initi al
    capital and paid capital in the amount of PLN 2.993.783 ,60, NIP 5272468122, www.ipopema.pl. IPOPEMA Securities S.A. is s uperv ised by the Polish Financial Supervision Authority
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    IPOPEMA Securities S.A. prepared this document with the preservation of all adequate diligence, thoroughness and reliability on the basis of publicly available information which
    IPOPEMA Securities S.A. believes to be reliable. The sources of data are primarily: Bloomberg, Reuters, EPFR, Polska Agenc ja Prasowa, WSE, Główny Urząd Statystyczny, Narodowy
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    instruments or other financial instruments related to the company 's financial instruments.

    On the order of the Warsaw Stock Exchange S.A. ("WSE"), IPOPEMA Secu rities S.A. creates an alytical materials for the following companies: AC S.A., Capital Park S.A., Mirbud S.A., PKB
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    IPOPEMA Securities S.A. uses a number of valuation methodologies in cluding discounted cash flows models (such as discounted o perating earnings or dividend discount model), and
    earnings and cash-flow based models, which are often related t o comparisons with selected peer companies. Cash flow models encapsulate the cash streams forecast to flow to a
    company, and are widely used in the investment industry. Peer comparis ons factor in amongst other factors, differential growth rates, and indicate how expensive one company might
    appear relative to a chosen comparator. The subjective opini ons of the report’s author or authors, formed by their knowledge and experience, play a significant role in the valuation.
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    different opinions. The strength of the earnings and cash flo w based models is the closer attention to a company on a standalone basis, and tying the valuation to its f undamental
    value. The weakness of such method is the number of assumptions , which need to be adopted and resulting sensitivity to t hose assumptions. The peer comparisons methods are less
    dependent on the analyst’s judgment as to the individual parameters, however the problem with this method appears when the peer comparator is over- or undervalued. Moreover,
    leading multiples (based o n the future earnings, book values, operating profit or cash flows) inclu de an analyst’s estimate of those values.

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    Recommendations issued by IPOPEMA Securities S.A. they are valid for a period of 12 months from the date of issue, unless the y are updated during this period. IPOPEMA Securities
    S.A. updates the issued recommendations depending on the market si tuation and subjective analysts' assessment.

    List of all recommendations regarding any financial instr ument or issuer that have been disseminated within the last 12 month s by IPOPEMA Securities S.A. is available on the website
    https://www.ipopemasecurities.pl/analizy-i-rekomendacje,p162 .
    The date and the time stated on the front page is the da te of the preparation of this document. The price used thr oughout the recommendation to calculate adequate ratios is the
    “last” price stated on the front page of this document.

    The definitions of terms used in the document include:
    NII – Net interest income – interest income minus interest expense.
    Net F&C – Net fee and commission income – fee and commission income minus fee and commission expense.
    LLP – loan loss provisions – an expense set aside as an allowance for bad loans.
    NPL –non-performing loan –loans that are in default or close to be in default.
    Cost/Income – operating expenses divided by total banking revenue.

    Polish Telecoms
    ROE –return on equity – net income (or adjusted net income) divided by the average shareholder s’ equity.
    ROA – return on assets – net income (or adjusted net income) divided by the average assets.
    EBIT – earnings before interests and tax.
    EBITDA – earnings before interests, tax, depreciation and amortization.
    EPS – earnings per share – the net income (or adjusted net income divided by the number of shares out standing.
    P/E – price to earnings ratio – price divided by earnings per share.
    PEG – P/E ratio divided by the annual EPS growth, usually over a certain per iod of time.
    CAGR – compound annual growth rate.
    BVPS – book value per share, the book value of the Company’s equity divided by th e number of shares outstanding.
    P/BV – price to book value - price divided by the BVPS.
    DPS – dividend per share – dividend of a given year divided by the number of shares outstanding.
    DY – dividend yield – dividend of a given year divided by the current price.
    DDM – dividend discount model – a fundamental method of valuation based on the assumption that t he value of stock equals the sum of all discounted future div idends.
    FV – Fair Value, calculated based on valuation methods outlined in th e document.

    The author of this document has no conflict of interest wit h the company that is the subject of this document. The point of view expressed in the do cument reflects the personal
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    on general financial performance of IPOPEMA Securities S.A.
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    IPOPEMA Securities S.A. does not guarantee achieving the investor’s investment obj ective, the performance of company or prospective prices referred to herein.

    When applying ratings for companies following criteria are used wi th regards to the difference between IPOPEMA’s FV and company’s price at the date o f recommendation:

    Rating Difference between FV and price at recommendation
    Buy Above 10% Hold In between (and including) -10% and 10% Sell Below -10%

    IPOPEMA Research - Distribution by rating category (April 1 – June 30, 2020)
    Number %
    Buy 23 55% Hold 11 26% Sell 8 19%
    Total 42 100%
    Rating History – Cyfrowy Polsat
    Date Recommendation Fair Value Price at recommendation Author 07/06/2018 BUY PLN 28.00 PLN 24.9 8 Marcin Nowak
    09/01/2019 BUY PLN 26.20 (adjusted on
    28/06/2019 to PLN 25.27 by PLN 0.93 DPS PLN 22.40 Marcin Nowak
    12/08/2019 HOLD PLN 28.10 PLN 28.80 Marcin Nowak 09/09/2020 BUY PLN 33.00 PLN 26.00 Marcin Nowak
    Rating History – Orange Polska
    Date Recommendation Fair Value Price at recommendation Author 07/06//2018 SELL PLN 4.35 PLN 5.07 Marcin Nowak 09/01/2019 SELL PLN 4.40 PLN 5.13 Marcin Nowak 12/08/2019 HOLD PLN 6.15 PLN 6.38 Marcin Nowak 09/09/2020 HOLD PLN 7.50 PLN 7.085 Marcin Nowak
    Rating History – Play Communications
    Date Recommendation Fair Value Price at recommendation Author 07/06/2018 SELL PLN 20.00 PLN 25.98 Marcin Nowak 16/08/2018 HOLD PLN 19.30 PLN 20.38 Marcin Nowak
    09/01/2019 SELL PLN 15.50 (adjusted on 30/04/2019 to PLN 14.05 by PLN 1.45 DPS PLN 19.66 Marcin Nowak
    12/08/2019 SELL PLN 26.20 (adjusted on
    30/04/2020 to PLN 24.55 by
    PLN 1.65 DPS PLN 29.96 Marcin Nowak
    09/09/2020 BUY PLN 35.00 PLN 28.12 Marcin Nowak
    Rating History – Netia
    Date Recommendation Fair Value Price at recommendation Author 07/06/2018 HOLD PLN 5.10 PLN 4.95 Marcin Nowak 09/01/2019 HOLD PLN 5.25 PLN 5.15 Marcin Nowak 12/08/2019 BUY PLN 5.35 PLN 4.60 Marcin Nowak 09/09/2020 BUY PLN 5.10 PLN 4.45 Marcin Nowak

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Nazwa:Play Communications SA
Adres: 4/6, rue du Fort Bourbon L1249 Luksemburg
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