Warsaw, 13 March 2015
PRESS RELEASE
PKP CARGO a good choice for the investors, the analysts forecast
the share price of PLN 100
At the end of the Thursday session at GPW, increase by 1.34% brought the PKP CARGO
share price up to PLN 88.50. The capitalisation of the company reached the level of nearly
PLN 4 billion. The Thursday increases are the effect of, among others, publication of
results for 2014 and recommendations of the Management Board concerning the payment
of dividend from profit amounting to PLN 110 million. This information is confirmed by
the analysts’ forecasts depicting bright perspectives of the company - since the beginning
of this year, the leading brokerage houses have clearly indicated BUY or HOLD
recommendations. According to forecasts of certain analysts, price of PKP CARGO shares
may exceed the value of PLN 100 per share in the upcoming months’ perspective.
Effective delivery of the international development strategy and implementation of cost optimization
were reflected by the growing interests of the investors in the company. The analysts have
unanimously increased the target price of PKP CARGO shares. Four brokerage house set it at the level
slightly below PLN 100 (BESI: PLN 98.90, Raiffeisen: PLN 97, DI Investors: PLN 97 and DM PKO BP:
PLN 93.00), whereas Wood&Company, in its report dated 30 January, forecasts the price level at PLN
107. Report of the Ipopemy analysts of 27 January forecasts the price to reach even PLN 109. On 9
February Societe Generale set the target price at PLN 104.00.
- ‘The investors appreciate our commitment to the implementation of the development strategy and
increasing the company's value. Within several last months, we have successfully undertaken three
important initiatives, including two large acquisitions in Poland and Czech Republic, as well as the
Voluntary Leave Programme, which will bring annual savings exceeding PLN 100 million to the PKP
CARGO corporate group in the upcoming years’ – says Chief Executive Officer of PKP CARGO Adam
Purwin. – ‘After more than a year-long presence on the stock exchange, we proved our effectiveness
and commitment in delivery of the strategy announced during the stock exchange debut. This is
proved by recommendation of the Management Board to pay this-year dividend in the amount of PLN
110 million. In addition, with respect to EBITDA margin, our company has already become one of the
most profitable transport industry entities in the EU.’
Value of PKP CARGO SA shares has increased by app. 30% comparing to the sales price set in the
public offering of autumn 2013 (PLN 68). In addition, PKP CARGO shares do better than the mWIG40
index, which includes the securities of the carrier. When comparing to the companies of similar profile,
i.e. Russian companies: GlobalTrans and TransContainer listed at the London Stock Exchange, the
Polish company has produced also higher rate of return since autumn 2013.
The objective of PKP CARGO for 2015 is to extend its customer base, more effective use of rolling
stock depot, strengthening the position of integrated logistics operator and expansion in Europe, in
particular in the Baltic - Adriatic - North Seas triangle. Delivery of this objective will be facilitated by
acquisitions and agreements made by PKP cargo within the last few months. Both the planned
purchase of AWT and establishing the cooperation with HZ Cargo open the gate to strengthen the
company’s position in Central and Southern Europe, whereas merger of PS Trade Trans will extend
the service portfolio. In addition, in February PKP CARGO entered into the initial agreement with
KGHM on purchase of 49% of shares in Pol-Miedź Trans (PMT) company from the copper tycoon,
which will translate into extending the customer base and opportunity of more effective use of rolling
stock depot.
PKP CARGO S.A., ul. Grójecka 17, 02-021 Warszawa
KRS 0000027702, Sąd Rejonowy, dla m. st. W-wy w Warszawie, XII Wydział Gospodarczy, REGON 277586360,
NIP 954-23-81-960, Kapitał zakładowy Spółki: 2.239.345.850,00 zł, w całości wpłacony. www.pkp-cargo.eu
Recommendations for PKP CARGO shares from the last weeks are presented below:
Instution
Date
Recommendation
Target Price
Raiffeisen
DM PKP BP
Societe Generale
DI Investors
Wood&Company
Ipopema Securities
Espirito Santo Investment Bank
3 March 2015
12 February 2015
9 February 2015
2 February 2015
30 January 2015
27 January 2015
26 January 2015
Hold
Hold
Buy
Hold
Buy
Buy
Buy
97.00
93.00
104.00
97.00
107.00
109.00
98.90
Contact:
Mirosław Kuk
Spokesman for PKP CARGO S.A.
(+48) 783 91 51 34
[email protected]
***
PKP CARGO Group is the leader in rail freight in Poland and the second largest operator in the European Union. It was
established in 2001. In the area of logistics services, it runs land transport operations (rail and road) and maritime operations
(ferries). It owns the largest fleet of freight rolling stock in Poland. The carrier runs a thousand of trains on average every day,
providing services to 10,000 customers. It operates its own freight cargo services in Slovakia, the Czech Republic, Germany,
Austria, Belgium, the Netherlands, Hungary and Lithuania.
PKP CARGO Group includes such subsidiaries as Cargosped (responsible for intermodal operations), PS Trade Trans (national
and international rail freight forwarding services) and PKP CARGOTABOR (one of the world’s largest freight companies).
In 2013, PKP CARGO Group generated a revenue of PLN 4.8 million and a net profit of PLN 65 million, having moved 114 million
tonnes of cargo.
On 30 October 2013, PKP CARGO was floated on the Warsaw Stock Exchange, becoming the first stock-listed rail freight
operator in the EU. The public offering, during which PKP S.A. sold almost 50 percent of shares of PKP CARGO, totalled PLN
1.42 billion. The Company is now part of the mWIG40 index. PKP S.A. remains its major shareholder.
PKP CARGO Group is active in the area of CSR. It follows the standards of responsible employment policy and carries out a
range of environmental activities. Additionally, it is a patron for railway artefacts such as those collected in Parowozownia
Wolsztyn, the only museum of its kind in Europe.
PKP CARGO S.A., ul. Grójecka 17, 02-021 Warszawa
KRS (National Court Register No.) 0000027702, District Court for the Capital City of Warsaw in Warsaw, 12th Commercial
Division, REGON (Business Statistical ID No.) 277586360,
NIP (Tax ID No.) 954-23-81-960, Share capital: PLN 2,239,345,850.00, fully paid. www.pkp-cargo.eu