Attractively – i.e. cheaply – valued companies on the Warsaw Stock Exchange can still be found among both blue-chips and SMEs, assesses Krzysztof Cesarz, fund manager at Skarbiec Investment Fund Company (TFI).
“We believe that the domestic market is full of attractively, i.e. cheaply, valued companies. They can be found both in the blue chip segment and in the medium and small companies. Therefore, we are not surprised by the tender offer announced for Comarch SA. The company’s shares have grown by about 120% since March 2023, i.e. the bottom of the price, until the tender offer was announced. Despite this, the buyer offered a price of PLN 315 per share, i.e. a price above the market. Another example is the shares of Celon Pharma, which in July alone increased by over 74.6% after information about the very good results of the CPL’36 phase II clinical trial in the treatment of acute schizophrenia,” wrote Cesarz in the Society’s monthly analysis.
“Let’s not forget that the quality of listed issuers is also improving, and we have new debuts announced, e.g. Żabka, Diagnostyka or the Croatian grocery chain Studenac. Both the expected capitalization and the business profile of the aforementioned entities should increase interest in the Warsaw market, also among international investors,” he added.
Keeping in mind the ongoing Olympics and seeing the similarities between sports competition and the world of investment, one should be aware that in both cases the final result is always uncertain, the manager stressed.
“The Polish stock exchange continues to be supported by: projected economic growth, falling inflation, increased interest from international investors and cheaply valued companies. These factors create the so-called dream team, and as we know from previous Olympics, the dream team very rarely loses,” Cesarz summed up.
Skarbiec Holding is a group whose business activity is investment fund management (open-end investment funds, specialist open-end investment funds, closed-end investment funds) and financial instrument portfolio management services on request. Skarbiec Holding SA is the sole shareholder of Skarbiec TFI SA, which was established in 1997 as the fifth investment fund company in Poland and is one of the largest companies independent of any banking and financial group in Poland.
Source: ISBnews
