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Investment idea: Wirtualna Polska Holding S.A. (Market cap PLN 1.63bn/EUR 385.3m)

Business summary Owned by three members of its management board, who still control >50% of the votes, Wirtualna Polska Holding (WPL) is the largest Polish operator of online portals. Among its websites, there are wp.pl and o2.pl, the 2nd and 4th most popular online information portals in Poland, money.pl (No 1 financial portal in Poland), WP […]

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Hungary: A small CEE country with quality & high-dividend stocks

This blog post is the result of our recent trip to Hungary, which amazed us with its rich historical heritage, cleanliness, and excellent transport infrastructure. Like Poland, the modern Hungarian state emerged after World War I, following more than 370 years of foreign rule — primarily under the Ottoman and Habsburg empires. During most of […]

Analysis: Comparison of the producers and distributors of (e-)tools Polish Toya S.A. (Market cap: EUR 180.4m) and German Einhell AG (EUR 369m) 

History & current business Toya, which is based in Wroclaw/Poland, has been present on the market since 1990, when its predecessor Toya Import-Eksport S.C. was founded. In 2001, Toya was transformed into a joint-stock company and opened a distribution & logistics center in Wroclaw (Southern Poland). In 2003, it introduced the own brands YATO (hand […]

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Analysis: Dadelo S.A. (Market Cap: EUR 149.5m) vs. BIKE24 Holding AG (EUR 128m) – E-Commerce on Two Wheels: Evaluating Europe’s Top Bicycle Distributors

This blog post is the latest chapter in our ongoing series analyzing Polish companies alongside their listed German counterparts. Today, we take a closer look at two leading e-commerce players specializing in the distribution of bicycles and related accessories. History & current business Dadelo was established in 2016 and became part of the Oponeo.pl S.A. […]

IPO Analysis: Diagnostyka S.A. (Implied market cap EUR 831m) – A Polish leader in diagnostic services

Business description Founded in 1998, Grupa Diagnostyka is the leading provider of diagnostic services in Poland, a country that still lags behind the OECD average in terms of health spending per inhabitant and its share in GDP. Currently, Diagnostyka operates nationwide, with over 1,100 owned and more than 7,000 partner blood collection points, 156 diagnostic […]

Investment case: PKP Cargo S.A. (Market cap PLN 637m/EUR 149.2m) – Ripe for a strong recovery from H2/25E after a deep restructuring

Business description PKP Cargo is the leading railway cargo company in Poland and the second largest in Europe, serving clients across various sectors including mining, metallurgy, construction, chemicals, food, timber, and automotive. With the largest rolling stock fleet in CEE, including over 1,500 locomotives and more than 52,000 wagons, the company provides stand-alone freight transport […]