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XTPL S.A. (XTP PW, Market cap PLN 311m/EUR 72.8m) – The first industrial implementation marks a very important milestone in the company’s development

Current trading On January 3rd, XTPL announced its long-awaited first industrial implementation with a multi-billion USD Chinese partner from the display sector. While the initial order for six printing modules (UPDS) is relatively small, the potential of the deal is significant (several dozen printing modules in 2025E alone, along with corresponding service revenues and substantial […]

What does Trump’s win mean for Europe and CEE in particular?

On November 5, the scenario many Western European politicians had feared became a reality: Donald Trump won the U.S. presidential election by a significant margin, securing 312 electoral votes to Kamala Harris’s 226. If Trump follows through on the promises he made during his campaign — and based on his actions during his first four […]

Analysis: Zabka Group (ZAB PW, Market cap PLN 20.9bn/EUR 4.8bn)

Investment case Zabka Group was founded in 1998 and is the largest chain of convenience stores in CEE (small local stores, often 24/7, where you can buy food, newspapers, send a package or withdraw cash) with currently 10,880 stores in Poland and 26 in Romania. The store locations, which are often in apartment buildings, are […]

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Analysis: Comp S.A. (Market cap PLN 497m/EUR 116.4m) – Polish leader in its segments with a rapidly growing share of high-margin recurring revenues 

Business Description Founded in 1990, Comp is currently the No. 1 provider of fiscal devices and IT security solutions in Poland. The company, which generates c. 7% of its total revenues abroad, operates two business units: 1. Retail Segment -> Production and distribution of proprietary cash registers (including online and virtual versions), payment terminals, and add-on […]

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Analysis: LPP S.A. (Market Cap: PLN 31.3bn/ EUR 7.3bn) – largest clothing retailer in Central and Eastern Europe 

Business description LPP, founded in 1991 by Messrs Jerzy Lubianiec and Marek Piechocki, has become a leading player in the Central and Eastern European clothing market. Currently, LPP operates in 39 countries across three continents, with over 2,000 stores and approximately 33,000 employees. The company is the ninth largest in Poland by market capitalisation. LPP […]

New blog post:  Analysis of Benefit Systems S.A. (Market cap EUR 2.1bn)

Business description Founded in 2000 by the Canadian James van Bergh, who directly and indirectly is still its largest shareholder, Benefit Systems (www.benefitsystems.pl) is today the No 1 provider of non-payroll work benefits incl. discounts for fitness, culture, restaurants, health in CEE. At the end of March 2024, the company worked with >41,000 employers (2011: […]