Business description The Krakow-based gaming studio Starward Industries S.A. was founded by former employees of the most famous Polish games developer CD Projekt S.A. The CEO Marek Makuszewski is the company’s largest shareholder with a stake of 18.2%, while members of the management and supervisory board and employees own in total 31.9% of the company. Starward Industries owns the […]
While inflation has gone up everywhere since 2020 due to supply chain issues, COVID-19-related fiscal programs and the Ukraine war, Central and Eastern Europe (CEE) has been hit particularly hard. The Baltic countries Lithuania (24.1%), Estonia (23.7%) and Latvia (22.2%) lead the ranking of those with the highest inflation rate in the EU. In the […]
With 163.3% vs. -23.3% for WIG index, Polish Votum S.A. (www.votum-sa.pl) has significantly outperformed the broad market index over the last 12 months. Nevertheless, given its business performance so far in 2022 and sell-side expectations for 2023E-2024E, we believe that the stock is still undervalued by >40%. Business description Votum, which was founded in 2005, […]
Business description The founder-managed MedTech company Genomtec (www.genomtec.com) was established in 2016 by scientists from the Wroclaw Medical University. It has developed a molecular diagnostic device, which compared to standard PCR devices costs 6 times less, is mobile, much faster and energy efficient. We believe that given its already announced distribution contract in Greece, Genomtec […]
Something, of which Polish politicians have been warning since at least 2008, became reality on February 24: on this day, Russia launched its attack on Ukraine. After it had initially tried to conquer the capital Kiev, since recently the Russian army has focused its activity on the Eastern part of Ukraine, with the apparent objective […]
Since the global financial crisis, the world’s major central banks have pumped USD >25tr into the financial system Global QE Tracker – Atlantic Council. Because of record-low interest rates the only asset classes, which have provided attractive returns in the last years, have been stocks, real estate and startups. Nowadays, Western VC funds have significant […]
