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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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Other Posts

Opportunities in Balkan public equities

A troubled history The Balkan countries had a much more difficult post-communist transition than other CEE countries. The breakup of Yugoslavia and the ensuing Yugoslav wars completely destroyed the trade infrastructure, with foreign direct investments completely bypassing the region and flowing to other Eastern European countries instead. The history has caused an economic impact still […]

IPO analysis: Rex Concepts S.A. (Market cap PLN 1.26bn/EUR 297.2m) – The fastest-growing quick-service restaurant chain in Eastern Europe

Business description Rex Concepts was established in 2022 by Olgierd Danielewicz and Peter Kaineder, both of whom previously held senior management roles at AmRest, the largest quick-service restaurant chain (QSR) operator in Central and Eastern Europe. They partnered with experienced food investor McWin and secured an exclusive regional master franchise agreement with Restaurant Brands International […]

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Romania – Is it worth investing there, despite recent political and economic turmoil?

In 1990, Romania had a GDP per capita similar to Poland’s. Today, it is more than ten years behind its CEE peer in terms of development, which in our view mainly results from weak governance and populist fiscal policies. Nevertheless, we are convinced that the EU country – and especially its listed companies – offer […]