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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 […]

IPO Analysis: CSG NV – A defence giant from CEE

Business description Since 1995, when its predecessor Excalibur Army was founded by Mr. Jaroslav Strnad—the father of its current CEO and owner—the Czechoslovak Group (CSG) has grown organically and through acquisitions into a global operation with more than 100 subsidiaries and over 14,000 employees. Today, the Group, which is based in Prague, is a rapidly […]

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NewConnect – The “Polish NASDAQ”

History & recent developments NewConnect was launched on 30 August 2007 as an alternative market of the Warsaw Stock Exchange for young, innovative companies with high growth potential. From the start, it was intended to offer young companies an easy and inexpensive way to become publicly traded. In its early years, the NewConnect segment grew […]

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 […]