Following a series of disappointing results, operations in Stock Spirit’s core Polish market have begun to improve. Market share has stabilised and recent positive trading has enabled management to issue ambitious 2015 EBITDA guidance. The stock trades at 15.8x 2015e P/E and 13.3x 2016e P/E, a c 40% discount to its peer group. However, while we are pleased by current momentum, we believe a re-rating is conditional on meeting FY15 targets.
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Restoring confidence in Poland
- Published:
16 Sep 2015 - Author:
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Following a series of disappointing results, operations in Stock Spirit’s core Polish market have begun to improve. Market share has stabilised and recent positive trading has enabled management to issue ambitious 2015 EBITDA guidance. The stock trades at 15.8x 2015e P/E and 13.3x 2016e P/E, a c 40% discount to its peer group. However, while we are pleased by current momentum, we believe a re-rating is conditional on meeting FY15 targets.