CYFROWY POLSAT SHARES ON THE STOCK EXCHANGE IN 2016

CLOSE DIALOGUE WITH THE CAPITAL MARKET

Our corporate strategy aims to create sustainable value of the Company. We support this strategy through regular and open communication with all capital market participants.

Numerous distinctions presented to Cyfrowy Polsat in the field of investor relations are the confirmation of our efforts which are aimed at guaranteeing high quality and top standards of the Group’s communication with the capital markets in Poland and around the world. Several times in the past years we were ranked at the top spots of the Best Listed Company of the Year ranking organized by Puls Biznesu daily. In 2016 we received an award in the category Best IR Department in a Listed Company in Poland, with the award presented to us during the second edition of the CEE Capital Markets Awards.

In order to ensure current access to information:

  • we participate inA conferences with investors;
  • we organize numerous individual meetings and roadshows both in Europe and in the United States;
  • every quarter, after the publication of financial results, we organize periodical meetings with investors and sell-side analysts as well as teleconferences with the members of the Company’s management. Both are open events. In 2016 we attended a total of approximately 300 meetings with representatives of the capital market during 17 conferences and roadshows outside of Poland
  • In order to reach a wide audience we also use state-of-the-art tool to communicate with capital market representatives, such as a website dedicated to investors (http://www.grupapolsat.pl/en/investor-relations), a reliable and practical source of information about Polsat Group, electronic newsletters, RSS, periodic newsletters including both information on current events in the Company and latest market developments (press review), as well as reminders of the most important events in the Company

When communicating with the capital market we are guided by the main principle of transparency and equal access to information. Following this principle, we introduced the rule of limited communication before the publication of our financial results. Under this rule the representatives of the Company do not discuss or meet with analysts and investors two weeks prior to the publication of the quarterly results. This rule is meant to increase transparency and ensure the equal access to information on the Company before the publication of our financial results.

In connection with implementation of European Parliament’s and Council’s Directive 2014/57/UE of 16 April 2014 - the Market Abuse Directive (MAD), as well as European Parliament’s and Council’s Regulation (EU) no. 596/2014 of 16 April 2014 - the Market Abuse Regulation (MAR), the reporting standards and the information obligations of security issuers have changed fundamentally on the Polish capital market. To ensure proper fulfillment of the information obligations imposed by the relevant regulations, including the MAR Regulation, we have implemented, at the Capital Group level, detailed internal rules which define such things as the principles of analysis and identification of events occurring within our organization, the procedures to be followed upon obtaining any information which is subject to reporting as well as the deadlines for fulfillment of information obligations. We have also adopted the so-called Individual Reporting Standard which supports identification and classification of events as inside information.

  20162015
Year-end pricePLN24.6020.88
High for the yearPLN25.6926.05
Low for the yearPLN20.0920.43
Average for the yearPLN23.2523.91
Average daily turnoverPLN ‘0009,21010,585
Average daily trading volumeshares398,461444,522
Number of shares (as at year-end)shares639,546,016639,546,016
Bearer sharesshares460,128,515460,128,515
Market capitalization (as at year-end)PLN ‘00015,732,83213,353,721

Several times in the past years we were ranked at the top spots of the Best Listed Company of the Year ranking organized by Puls Biznesu daily. In 2016 we received an award in the category Best IR Department in a Listed Company in Poland, with the award presented to us during the second edition of the CEE Capital Markets Awards.

Market capitalization of Cyfrowy Polsat since its debut on the WSE (PLN)

Cyfrowy Polsat is the largest in terms of market capitalization, that amounted to PLN 15.7 billion as of the end of 2016, media and telecommunications company quoted on the Warsaw Stock Exchange and one of the largest in Middle and Eastern Europe.

Recommendations

Brokers covering the Company:

LocalInternational
  • Dom Maklerski BDM S.A.
  • Dom Maklerski BOŚ S.A.
  • Dom Maklerski BZ WBK S.A.
  • Dom Maklerski mBanku S.A.
  • Dom Maklerski PKO BP S.A.
  • Trigon Dom Maklerski S.A. 
  • IPOPEMA Securities S.A. 
  • Pekao Investment Banking S.A.
  • Berenberg
  • Citigroup Global Markets Inc.
  • Deutsche Bank Securities S.A.
  • ERSTE Group Research
  • Goldman Sachs
  • Haitong Bank S.A.
  • Patria Finance a.s.
  • Raiffeisen Centrobank AG
  • UBS Investment Bank
  • Wood&Company

Recommendations for the shares of Cyfrowy Polsat published in 2016

DateInstitutionRecommendationTarget price [PLN]
December 14Goldman Sachs-Neutral25.20
December 14DM PKO BP S.ABuy27.50
DecemberTrigon Dom Maklerski S.A.Buy28.10
December 4Dom Maklerski BOŚ S.A-Hold25.10
December 2Haitong Bank S.A.Buy27.10
October 24Trigon Dom Maklerski S.A.Buy29.30
October 20Raiffeisen CENTROBANK-Hold27.00
October 5ERSTE Group Research-Hold26.00
October 4Deutsche Bank Securities S.A.-Hold26.00
September 23DM PKO BP S.ABuy29.00
September 15Dom Maklerski BDM S.A.Cumulate26.36
September 13DM mBanku S.A.Reduce21.80
September 1Goldman Sachs-Neutral24.30
August 22IPOPEMA Securities S.A.Buy27.40
August 22Haitong Bank S.A.Buy27.00
August 10Wood&CoBuy27.80
July 21.Dom Maklerski BOŚ S.A-Hold24.40
July 13Citigroup Global Markets Inc.-Neutral24.80
June 17Pekao Investment Banking S.A.Buy24.00
June 8DM PKO BP S.ABuy26.10
May 11Berenberg-Hold25.70
May 10Goldman Sachs-Hold24.00
April.Patria Finance a.s.-Hold25.30
April 22Dom Maklerski BZ WBK S.A.Buy31.00
April 18Dom Maklerski BOŚ S.A-Hold25.10
April 8Trigon Dom Maklerski S.A.Buy28.60
March 31ERSTE Group Research-Hold26.00
March 29Raiffeisen CENTROBANKBuy27.70
March 21ING Securities S.A.Buy27.80
March 17UBS Investment BankBuy28.00
February 24Goldman Sachs-Neutral23.40
February 11Dom Maklerski BDM S.A.Cumulate24.65
February 9IPOPEMA Securities S.A.Buy24.00
February 2DM mBanku S.A.-Hold22.10
January 20Raiffeisen CENTROBANKBuy26.50
January 13Deutsche Bank Securities S.A.Buy26.00

Recommendations released in 2017 after the reporting period

DateInstitutionRecommendationTarget price [PLN]
March 3ERSTECumulate26.00
February 17BZ WBKBuy28.50
January 30Ipopema-Hold25.00
January 27DM mBankuReduce22.30

Recommendations structure as at March 14, 2017  Target price as at March 14, 2017 [PLN]
minimum22.3
maximum28.5
average26.1