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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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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 […]