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Re 82/2014/RP (183) October 21, 2014 Analyst: Michał Sobolewski, CFA, FRM [email protected], +48 (22) 504 33

Pekao

Sector: Financials – banks Fundamental rating: Sell (→) Market relative: Neutral (→) Price: PLN 182.5 12M EFV: PLN 152.5 (↓)

Stock performance

Guide to adjusted profits No factors necessitating adjustments

200

Key data

195

190 185 180 175 170

165 160 WIG

155

PEKAO

150

10.2014

09.2014

08.2014

07.2014

06.2014

05.2014

04.2014

03.2014

02.2014

01.2014

12.2013

11.2013

2.0 1.5 1.0 0.5 0.0

10.2013

Volume (m)

Market Cap.: US$ 14,521 m Reuters code: PEO.WA Av. daily turnover: US$ 22.347 m Free float: 50% 12M range: PLN 166.0-201.5

Source: Bloomberg

Consolidated, IFRS Net interest income

PLN m

2013 4,443.9

2014E 4,441.3

2015E 4,441.7

2016E 4,724.7

F&C income Total income Earnings bef. provisions Net Income EPS EPS yoy chng. BVPS P/BV

PLN m PLN m PLN m PLN m PLN % PLN x

2,131.7 7,461.9 4,031.9 2,767.3 10.54 -5 89.2 2.0

2,078.7 7,244.6 3,809.8 2,669.9 10.17 -4 89.4 2.0

2,091.0 7,305.5 3,905.0 2,688.2 10.24 1 89.5 2.0

2,138.1 7,651.0 4,233.5 2,901.3 11.05 8 90.3 2.0

P/E ROE/ (P/BV) Gross dividend yield DPS Number of shares

x % % PLN million

17.3 5.8 4.6 8.4 262.5

17.9 5.6 5.5 10.0 262.5

17.8 5.6 5.6 10.2 262.5

16.5 6.1 5.6 10.2 262.5

Source: Company, DM BOŚ SA estimates

Quarterly results corner; 3Q14E results preview 3Q14E results – first cracks on the income side to appear. We expect Pekao’s 3Q14 results - the financial report will be released on November 10, before the session - to show first signs of strain on the core income, which however should be partially offset by tight cost discipline and falling loan-loss provisions. What is more, given the favorable bond market environment, we see a scope for help from higher investment and bond trading gains. Overall, we anticipate to see still decent quarterly results, with the bottom line of PLN 696 million (2% higher qoq and 7% growth yoy). Income side – other income stronger, NII and fees to come under strain. We forecast total income to show a limited, -1% qoq, contraction at the Bank. The key positive should be other income as we think that falling yields should be conducive to profit taking and the Bank will book above-average contribution of investment and financial income in 3Q14. In result, we assume other income to stand at PLN 200 million and show 15% qoq dynamics. Unfortunately, we believe that the core income is to show the opposite tendency. Considering NII, we see a small decrease on the back of shrinking margin (higher competition coupled with falling market rates), which will not be fully offset by the expanding portfolio. We project PLN 1,116 million to be booked under NII. Fees and commissions will include lower interchange contribution resulting in visibly weaker banking fees. Consequently, we would expect the F&C income to reach PLN 515 million (2% qoq decrease). Overall, our forecast for the total income stands at PLN 1.8 billion (1% decrease qoq, flat yoy). Cost side – discipline maintained. We would expect the cost side to bring improvement given relentless focus at the Bank on this line. Overall, we forecast that the general and administrative expenses in 3Q14 will amount to PLN -850 million (2% down both qoq and yoy).

Upcoming events 1. 2. 3. 4. 5.

Release of 3Q14 financial results: November 10, 2014 Interchange fee cuts (cap at 0.5%) in force: 2H14 Asset Quality Review results – October 26, 2014 Potential further interchange cuts – 2015 New bancassurance recommendation in force: 2015

Catalysts

Risk factors

1. Macroeconomic environment – stronger than expected GDP acceleration 2. MPC policy stance – reversal of loose monetary policy 3. Declining pressures from cost of funding (falling competition on retail deposit market) 4. New business development (acquisition of corporate customers, consumer finance growth) 5. Maintaining the above average loan book quality 6. Cost base optimization 7. Repayment of FX mortgage book – lowers exposure to FX volatility and reliance on swap financing 8. Potential M&As – efficiency and profitability gains, surplus capital deployment

1. Slower than expected loanbook growth 2. Growth of consumer finance portfolio sales impacting overall riskiness of the portfolio 3. Aging of the mortgage book resulting in the deteriorating quality 4. Sharp PLN depreciation resulting in: (i) higher default rates in CHF denominated mortgage portfolio and (ii) refinancing needs 5. Higher reliance on more costly wholesale market (higher share of long-term funding as recommended by the watchdog) 6. Higher competition among banks after BZ WBK and Kredyt Bank merger 7. Sluggish demand for consumer loans 8. Changes to pension fund law – lower contribution of subsidiary 9. Banking levy introduction – higher than expected rate, potential of higher charges in the future 10. Changes to bancassurance regulations – higher cost of doing business, lower revenues 11. Interchange fee income – EU legislation forcing additional cut interchange 12. Financial transaction tax introduction (impacting bond, equity and derivative trading and offering) 13. Tighter regulatory requirements: (i) higher CAR expectations (currently at 12%), (ii) Basel III liquidity standards, (iii) countercyclical capital buffers impacting growth potential and dividend payouts, (iv) additional capital requirements for systemically important banks

Provisions – slightly higher. We think that the cost of risk is likely to display improvement, given the good macroeconomic backdrop. Consequently, we assume 3Q14 cost of risk of 0.5%, and believe that the loan-loss provisions will amount to PLN -137 million (4% lower qoq).

Pekao

3Q14E showing – so far successful effort to thwart pressure on the core income. As a result of the above tendencies, we forecast that the quarterly bottom line will amount to PLN 696 million (up by 2% qoq). All in all, we expect to see weaker core income, which will be offset by a combination of better cost discipline coupled with some fixed-income gains.

Financial forecasts Changes to financial forecasts. We update our financial projections for Pekao, incorporating: (i) the actual 1-2Q14 performance, (ii) a downward revision to net interest income stemming from our current expectations of longer period of low interest rates (additional 25 bps cut, with hikes in late 2016, what is more we assume that lower rates are persistent reality), (iii) a downward adjustment to fee income chiefly on the back of lower banking fees (lower interchange starting next year, migration of customers to internet channels and slower bancassurance growth), (iv) more upbeat stance on contribution of investment and trading income to other income, (v) lower impairment charges this and next year given recent favorable performance and (vi) fine-tuned forecasts for other P&L lines. Bottom line impact. The aforementioned changes negatively impact the bottom line in 2015E and 2016E, which decreases by 7% and 19%, respectively. The stronger impact in 2016E stems from our assumptions of lack of significant interest rate hikes. For details of the changes to our forecasts for Pekao, please see Figure 2.

Valuation Fair P/E and P/BV approach. We implement our standard methodology based on the average of the target fair P/E and target P/BV-implied residual values, which after discounting and adding the definite period (2015E-2018E) dividends yield our assessment of the banks’ fundamental EFVs. Our assumptions behind the valuation model are as follows:

hhthe risk-free rate – for the definite period in our forecast horizon, we assume the risk-free rate equal to 3.0% and the flat 4.5% rate thereafter (i.e. for the residual period),

hhin the case of all the banks from our coverage universe, we

hhbeta assumption for the Bank remains at 1.0, hhlong-term sustainable ROE, used for the calculation of the residual value, is the average of forecast ROE in the explicit forecast period 2014E-2018E. 12M EFV down to PLN 152.5 per share. Our 12M EFV for Pekao decreases by 10% to PLN 152.5 per share (from PLN 168.7 previously) on the back of changed financial forecast for the Bank partially offset by valuation horizon forward shift and declining risk-free rates. Peer comparison. As far as the local peers go, Pekao trades with visible premium to the forward multiples based average. We deem this justified, bearing in mind the above average quality of assets stemming from conservative approach towards risk, large capital buffer and above average efficiency.

Investment story and recommendation Fundamental recommendation – Sell maintained. We reiterate our LT fundamental Sell rating for the stock as we continue to see it as overvalued at the current market prices. In our view, nearest quarters will bring intensifying pressure on the net profit among largest banks in the Polish banking sector and Pekao is not an exception here. What is more, it seems that the environment of ultra-low interest rates will persist over the mid-term and this is a variable particularly sensitive for the largest players with large retail presence. Although lower level of interest rates should be conductive for accelerating loan sales and higher loanbook growth, we think that at the current market development stage the double digit growth rates are not feasible. Lastly, the large capital buffer the Company may boast is an handy option for takeover, yet we doubt whether exercise will be possible anytime soon given watchdog stance. Meanwhile, the market will probably not regard extra cushion as the special advantage during macroeconomic upswing. This rationale underpins our decision to maintain our fundamental rating for the stock. Market-relative recommendation remains at Neutral. In the peer-relative context, which is a short-term view on the stock, we maintain our Neutral recommendation, as we do not think that the 3Q14E results at Pekao will come as a surprise – we expect performance in line with that of the broad sector.

assume the standard 5.0% equity risk premium,

2

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Pekao

Please note that the figures have been removed from this publication intentionally.

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3

BASIC DEFINITIONS A/R turnover (in days) = 365/(sales/average A/R)) Inventory turnover (in days) = 365/(COGS/average inventory)) A/P turnover (in days) = 365/(COGS/average A/P)) Current ratio = ((current assets – ST deferred assets)/current liabilities) Quick ratio = ((current assets – ST deferred assets – inventory)/current liabilities) Interest coverage = (pre-tax profit before extraordinary items + interest payable/interest payable) Gross margin = gross profit on sales/sales EBITDA margin = EBITDA/sales EBIT margin = EBIT/sales Pre-tax margin = pre-tax profit/sales Net margin = net profit/sales ROE = net profit/average equity ROA = (net income + interest payable)/average assets EV = market capitalization + interest bearing debt – cash and equivalents EPS = net profit/ no. of shares outstanding CE = net profit + depreciation Dividend yield (gross) = pre-tax DPS/stock market price Cash sales = accrual sales corrected for the change in A/R Cash operating expenses = accrual operating expenses corrected for the changes in inventories and A/P, depreciation, cash taxes and changes in the deferred taxes DM BOŚ S.A. generally values the covered non bank companies via two methods: comparative method and DCF method (discounted cash flows). The advantage of the former is the fact that it incorporates the current market assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the valuation benchmark may be mispriced. The advantage of the DCF method is its independence from the current market valuation of the comparable companies. The weakness of this method is its high sensitivity to undertaken assumptions, especially those related to the residual value calculation. Please note that we also resort to other valuation techniques (e.g. NAV-, DDM- or SOTP-based), should it prove appropriate in a given case.

Banks Net Interest Margin (NIM) = net interest income/average assets NIM Adjusted = (net interest income adjusted for SWAPs)/average assets Non interest income = fees&commissions + result on financial operations (trading gains) + FX gains Interest Spread = (interest income/average interest earning assets)/ (interest cost/average interest bearing liabilities) Cost/Income = (general costs + depreciation + other operating costs)/ (profit on banking activity + other operating income) ROE = net profit/average equity ROA = net income/average assets Non performing loans (NPL) = loans in ‘substandard’, ‘doubtful’ and ‘lost’ categories NPL coverrage ratio = loan loss provisions/NPL Net provision charge = provisions created – provisions released DM BOŚ S.A. generally values the covered banks via two methods: comparative method and fundamental target fair P/E and target fair P/BV multiples method. The advantage of the former is the fact that it incorporates the current market assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the valuation benchmark may be mispriced. The advantage of the fundamental target fair P/E and target fair P/BV multiples method is its independence of the current market valuation of the comparable companies. The weakness of this method is its high sensitivity to undertaken assumptions, especially those related to the residual value calculation. Assumptions used in valuation can change, influencing thereby the level of the valuation. Among the most important assumptions are: GDP growth, forecasted level of inflation, changes in interest rates and currency prices, employment level and change in wages, demand on the analysed company products, raw material prices, competition, standing of the main customers and suppliers, legislation changes, etc. Changes in the environment of the analysed company are monitored by analysts involved in the preparation of the recommendation, estimated, incorporated in valuation and published in the recommendation whenever needed.

KEY TO INVESTMENT RANKINGS This is a guide to expected price performance in absolute terms over the next 12 months: Buy – fundamentally undervalued (upside to 12M EFV in excess of the cost of equity) + catalysts which should close the valuation gap identified; Hold – either (i) fairly priced, or (ii) fundamentally undervalued/overvalued but lacks catalysts which could close the valuation gap; Sell – fundamentally overvalued (12M EFV < current share price + 1-year cost of equity) + catalysts which should close the valuation gap identified. This is a guide to expected relative price performance: Overweight – expected to perform better than the benchmark (WIG) over the next quarter in relative terms Neutral – expected to perform in line with the benchmark (WIG) over the next quarter in relative terms Underweight – expected to perform worse than the benchmark (WIG) over the next quarter in relative terms The recommendation tracker presents the performance of DM BOŚ S.A.’s recommendations. A recommendation expires on the day it is altered or on the day 12 months after its issuance, whichever comes first. Relative performance compares the rate of return on a given recommended stock in the period of the recommendation’s validity (i.e. from the date of issuance to the date of alteration or – in case of maintained recommendations – from the date of issuance to the current date) in a relation to the rate of return on the benchmark in this time period. The WIG index constitutes the benchmark. For recommendations that expire by an alteration or are maintained, the ending values used to calculate their absolute and relative performance are: the stock closing price on the day the recommendation expires/ is maintained and the closing value of the benchmark on that date. For recommendations that expire via a passage of time, the ending values used to calculate their absolute and relative performance are: the average of the stock closing prices for the day the recommendation elapses and four directly preceding sessions and the average of the benchmark’s closing values for the day the recommendation expires and four directly preceding sessions. Distribution of DM BOŚ's current recommendations Numbers Percentage

Buy 36 41%

Hold 33 38%

Sell 14 16%

Suspended 5 6%

Under revision 0 0%

Distribution of DM BOŚ's current market relative recommended weightings Numbers Percentage

Overweight 30 34%

Neutral 34 39%

Underweight 19 22%

Suspended 5 6%

Under revision 0 0%

Distribution of DM BOŚ's current recommendations for companies that were within the last 12 months DM BOŚ's or IDM's customers in investment banking Numbers Percentage

Buy 4 40%

Hold 4 40%

Sell 1 10%

Suspended 1 10%

Under revision 0 0%

Distribution of DM BOŚ's current market relative recommended weightings for the companies that were within the last 12 months DM BOŚ's or IDM's customers in investment banking Numbers Percentage

Overweight 2 20%

Neutral 6 60%

Underweight 1 10%

Suspended 1 10%

Under revision 0 0%

LT fundamental recommendation tracker Recommendation Handlowy Hold Buy Hold Sell Hold Sell Hold Hold -

→ → → → → → → → → → → → → → → ↑ → → → → → ↓ → → → → → → → → → → → → → → → → ↓ → → → ↑ → → → → ↓ → → → → → ↑ → → → → → → → → → → → → → → → → → → → → → → → → → → → → →

Issue date

Reiteration date

Expiry date

Performance

Relative performance

Price at issue/ reiteration (PLN)

12M EFV (PLN)

03.02.2008 19.01.2009 12.05.2009 22.04.2010 13.07.2010 21.10.2010 01.03.2011 29.02.2012 -

30.03.2008 29.04.2008 13.05.2008 01.06.2008 29.06.2008 20.07.2008 28.07.2008 03.08.2008 31.08.2008 28.09.2008 19.10.2008 29.10.2008 13.11.2008 30.11.2008 11.01.2009 08.02.2009 22.02.2009 08.03.2009 05.04.2009 20.04.2009 17.05.2009 08.06.2009 08.07.2009 21.07.2009 02.08.2009 04.08.2009 31.08.2009 02.10.2009 12.10.2009 20.10.2009 14.12.2009 07.01.2010 31.01.2010 03.02.2010 01.03.2010 29.03.2010 12.05.2010 17.05.2010 14.06.2010 19.07.2010 20.07.2010 31.08.2010 12.10.2010 15.11.2010 15.12.2010 02.01.2011 27.01.2011 28.01.2011

19.01.2009 12.05.2009 22.04.2010 13.07.2010 21.10.2010 01.03.2011 29.02.2012 23.01.2013 -

-48% 12% 42% -4% 19% -13% -2% 11% -

1% -5% 1% -1% 6% -15% 11% -3% -

201.50 196.90 190.50 196.20 189.20 163.60 166.00 184.50 186.50 181.30 175.00 127.40 123.10 111.50 111.00 123.00 105.20 99.50 77.00 82.90 101.00 100.60 118.00 114.00 116.30 108.60 136.40 145.60 137.50 146.00 148.20 161.20 170.30 168.50 170.10 171.00 167.00 159.00 166.00 167.60 166.80 162.10 166.00 158.60 159.90 159.00 153.70 179.10 188.00 188.60 188.00 179.00 171.00 169.00 164.00 165.80 175.80 175.00 172.00 171.00 172.00 164.00 159.00 147.90 135.10 140.50 146.10 141.70 144.30 141.20 149.90 154.40 151.40 145.70 144.00 139.50 138.42 143.90 143.00 136.10 150.60 159.00 156.80 155.10

219.10 224.00 224.00 214.40 214.40 214.40 214.40 214.40 214.40 214.40 214.40 167.00 167.00 156.00 156.00 156.00 145.00 145.00 145.00 145.00 145.00 128.00 128.00 128.00 128.00 128.00 128.00 128.00 128.00 128.00 162.90 162.90 162.90 162.90 177.00 177.00 177.00 177.00 177.00 161.00 158.10 158.10 158.10 158.10 158.10 158.10 158.10 158.10 158.10 158.10 158.10 172.50 172.50 172.50 172.50 172.50 172.50 172.50 172.50 165.70 165.70 157.00 157.00 133.90 133.90 133.90 133.90 133.90 133.90 152.30 152.30 152.30 152.30 152.30 152.30 152.30 146.90 146.90 146.90 136.80 136.80 136.80 136.80 136.80

24.03.2011 20.04.2011 21.04.2011 16.05.2011 18.05.2011 20.06.2011 21.07.2011 25.07.2011 31.08.2011 03.10.2011 18.10.2011 24.10.2011 14.11.2011 11.12.2011 01.01.2012 25.01.2012 20.03.2012 15.04.2012 22.04.2012 15.05.2012 14.06.2012 21.06.2012 19.07.2012 25.07.2012 02.09.2012 10.10.2012 17.10.2012 14.11.2012

↑ → ↓ → → → → → → → ↓ → ↓ → → ↓ → → → → ↓ → → → → → → → → ↑ → → → ↑ → → → → ↓ ↓ → → → → → → → → → → ↑ → → → → → → → ↓ → ↓ → ↓ → → → → → ↑ → → → → → → ↓ → → ↓ → → → →

LT fundamental recommendation tracker (continued) Recommendation Hold Hold Sell -

17% 2% 1%

Relative performance 8% 2% -2%

Price at issue/ reiteration (PLN) 161.00 166.30 159.10 157.00 153.00 153.40 160.00 167.20 159.45 160.10 174.00 196.00 196.50 188.00 181.90 185.80 183.60 188.20 189.60 198.00 182.50 191.70 182.95 179.95

12M EFV (PLN) 144.90 144.90 144.90 144.90 144.90 161.00 161.00 161.00 152.60 152.60 152.60 152.60 185.00 185.00 185.00 185.00 185.00 185.00 185.00 185.00 185.00 175.04 175.04 168.70

↑ → → → → ↑ → → ↓ → → → ↑ → → → → → → → → ↓ → ↓

-

-

178.10 181.50 174.25 182.50

168.70 168.70 168.70 152.50

→ → → ↓

Issue date

Reiteration date

Expiry date

Performance

→ → → → → → → → → → → → → → → → → → → → → → → →

23.01.2013 21.01.2014 17.07.2014

13.12.2012

→ → → →

-

21.01.2014 17.07.2014 Not later than 17.07.2015 -

* pre-June 2014 recommendations issued at DM IDMSA

18.02.2013 21.03.2013 17.04.2013 22.04.2013 15.05.2013 17.06.2013 18.06.2013 25.07.2013 01.09.2013 20.10.2013 22.10.2013 14.11.2013 12.12.2013 04.02.2014 17.02.2014 23.03.2014 13.04.2014 15.05.2014 15.06.2014 16.06.2014 20.07.2014 01.09.2014 14.10.2014 21.10.2014

Market-relative recommendation tracker Relative recommendation BHW Underweight Neutral Underweight Overweight Neutral Overweight Neutral Overweight Neutral Neutral Overweight Neutral Underweight Neutral -

↑ → → ↓ → → ↑ → ↓ → → ↑ → → → → → → → ↓ → → → → → → → → → ↑ → → → → → → → → ↓ → → → → → → → → → → → → → → → → → → → → → → → → ↑ → → → → → → → → → → → → → → ↓ ↓ ↑ → →

Issue date

Reiteration date

Expiry date

Price at issue/ reiteration (PLN)

Relative performance

03.02.2008 30.03.2008 01.06.2008 28.07.2008 31.08.2008 29.10.2008 05.04.2009 02.10.2009 22.04.2010 24.03.2011 03.10.2011 25.07.2012 02.09.2012 10.10.2012 -

29.04.2008 13.05.2008 29.06.2008 20.07.2008 03.08.2008 28.09.2008 19.10.2008 13.11.2008 30.11.2008 11.01.2009 19.01.2009 08.02.2009 22.02.2009 08.03.2009 20.04.2009 12.05.2009 17.05.2009 08.06.2009 08.07.2009 21.07.2009 02.08.2009 04.08.2009 31.08.2009 12.10.2009 20.10.2009 14.12.2009 07.01.2010 31.01.2010 03.02.2010 01.03.2010 29.03.2010 12.05.2010 17.05.2010 14.06.2010 13.07.2010 19.07.2010 20.07.2010 31.08.2010 12.10.2010 21.10.2010 15.11.2010 15.12.2010 02.01.2011 27.01.2011 28.01.2011 01.03.2011 20.04.2011 21.04.2011 16.05.2011 18.05.2011 20.06.2011 21.07.2011 25.07.2011 31.08.2011 18.10.2011 24.10.2011 14.11.2011 11.12.2011 01.01.2012 25.01.2012 29.02.2012 20.03.2012 15.04.2012 22.04.2012 15.05.2012 14.06.2012 21.06.2012 19.07.2012 17.10.2012 14.11.2012

30.03.2008 01.06.2008 28.07.2008 31.08.2008 29.10.2008 05.04.2009 02.10.2009 22.04.2010 24.03.2011 03.10.2011 25.07.2012 02.09.2012 10.10.2012 01.09.2013 -

201.5 196.9 190.5 196.2 189.2 163.6 166.00 184.50 186.50 181.30 175.00 127.40 123.10 111.50 111.00 123.00 105.20 99.50 77.00 82.90 101.00 100.60 118.00 114.00 116.30 108.60 136.40 145.60 137.50 146.00 148.20 161.20 170.30 168.50 170.10 171.00 167.00 159.00 166.00 167.60 166.80 162.10 166.00 158.60 159.90 159.00 153.70 179.10 188.00 188.60 188.00 179.00 171.00 169.00 164.00 165.80 175.80 175.00 172.00 171.00 172.00 164.00 159.00 147.90 135.10 140.50 146.10 141.70 144.30 141.20 149.90 154.40 151.40 145.70 144.00 139.50 138.42 143.90 143.00 136.10 150.60 159.00 156.80 155.10

0% 4% 11% -1% 0% -14% 4% -1% -13% 9% 0% 4% -1% 4% -

Market-relative recommendation tracker (continued) Relative recommendation

Issue date

Reiteration date

Expiry date Not later than 01.09.2014 17.07.2014 Not later than 17.07.2015 -

Neutral

→ → → → → → → → → → →

01.09.2013

13.12.2012 23.01.2013 18.02.2013 21.03.2013 17.04.2013 22.04.2013 15.05.2013 17.06.2013 18.06.2013 25.07.2013 -

Neutral Neutral

→ → → → → → → → → → → → →

21.01.2014 17.07.2014

20.10.2013 22.10.2013 14.11.2013 12.12.2013 04.02.2014 17.02.2014 23.03.2014 13.04.2014 15.05.2014 15.06.2014 16.06.2014 -

-

→ → → →

-

20.07.2014 01.09.2014 14.10.2014 21.10.2014

* pre-June 2014 recommendations issued at DM IDMSA

Price at issue/ reiteration (PLN) 161.00 166.30 159.10 157.00 153.00 153.40 160.00 167.20 159.45 160.10 174.00

Relative performance 1%

196.00 196.50 188.00 181.90 185.80 183.60 188.20 189.60 198.00 182.50 191.70 182.95 179.95

2% -2%

178.10 181.50 174.25 182.50

-

Institutional sales Bartek Godlewski tel.: +48 (22) 504 33 32 [email protected] Bartosz Janczy tel.: +48 (22) 504 32 46 [email protected] Tomasz Grabowski tel.: +48 (22) 504 32 47 [email protected] Marcin Kozerski tel.: +48 (22) 504 33 35 [email protected] Bartłomiej Chorzępa tel.: +48 (22) 504 33 36 [email protected] Łukasz Mitan tel.: +48 (22) 504 33 34 [email protected]

Research Sobiesław Pająk, CFA (Equity strategy, TMT) tel.: +48 (22) 504 32 72 [email protected] Sylwia Jaśkiewicz, CFA (Construction materials, Consumer staples & discretionary, Health care) tel.: +48 (22) 504 33 75 [email protected] Maciej Wewiórski (Commodities, Residential construction, Real estate) tel.: +48 (22) 504 33 07 [email protected] Michał Sobolewski, CFA (Financials) tel.: +48 (22) 504 33 06 [email protected]

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