Josef Stoulil (Capital Partners)
Czech markets  |  October 06, 2010 09:22:07

NWR, CEZ, UNI - CR Report of 5 10th + View stock

The domestic market is on Monday as first directed to the south again to the level of 1120 points, from which the final afternoon off and eventually got to the auction profits. The PX index improved by an insignificant 0.1% when it is a particularly worthy of CEZ (+1,11%), which mentioned in the auction jumped to a daily maximum. The best, however, led to shares in ECM (+6,06%), which gradually corrected Monday's decline. The amount is kept as competitive ORCO (+2,08%). Liquidity also fell on the banks, especially the unusually KB (+0.13%). ERSTE (+0%) managed to escape from the initial losses, when the morning had to catch up with previous negative conclusion from Vienna.At the end of trading activity jumped to NWR (+0,19%) after the company announced the acquisition of a significant competitor Bogdanka. Not too positive to upgrade ING Unipetrol (-2.49%) after the title has helped more than 2 months back below 200 CZK. The biggest loss, however, above average for morning activities earned PHILIP MORRIS (-3.03%). Total volumes of trading in SPAD rose to 1.07 billion CZK, the final auction again added sound almost CZK 120 million.

In the middle of the week will be the most watched events seem to NWR, where it will be more lively trade in response to yesterday's announced acquisition of the Polish Bogdanka, which is proportional to the stock market novice when it came in the form of an IPO last June. Due to the price offered by NWR of 100.75 PLN / share shareholders can be satisfied if we take into account the price of the IPO of 48 PLN. For example. analyst at the Polish Bank Zachodni already but had heard that the shareholders demand a higher price. Introduction The title on the Polish market, sending the price by about 2 PLN above the offering price. Management of the Polish miner himself has refused to offer comment yet. NWR indicates that about 30% shareholders are also shareholders of Bogdanka. Apparently even in the context of society, that it was for the purpose of refinancing the purchase and issue new shares, ie.Bogdanka shareholders would actually + E to move resources to the NWR. As regards the financing transaction, which will among others need to be approved at a general meeting of shareholders themselves or NWR also regulatory orgaány, NWR plans to finance about half of its own resources. Additional funding to ensure the main shareholder BXR Mining, together with JP Morgan and Citibank. Posleddně so named because of possible conflict of interest has suspended coverage of the title. So far, only Morgan Stanley responded to the slight increase in information, the target price at 854 GBP. Since that acquisition, the company significantly expanded its business, the transaction to be in the long run be considered beneficial. Already in the first year after consolidation would, NWR should bring positive economic impact. The question remains whether the price offered for acquisition will succeed.Rather le expected to further increase the price offered and the problem can be expected also for regulators. Increase target from HSBC finally received VIG from 43.50 to 46 euro, based on confirmed advice "overweight". Macrodata waiting for us today too. Commodity prices are doing, when the Northern border of Brent already beginning 85 USD, gold reached new historical highs in 1350 USD. Odrzit it would be positive and the prices of coal and electricity, which could help not only just NWR, but again the shares of CEZ. In addition to yesterday's positive developments in overseas Asian markets react today.

George Ramakrishnan


This report, including a graph can be found on

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