Recommendations and market consensus

Recommendations

2025

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
19 May 2025	ERSTE	Hold	19.20	18.00
28 April 2025	DM BOŚ	Hold	18.30	18.30
25 April 2025	PKO BP Securities	Sell	14.00	18.09
17 April 2025	DM Trigon	Hold	18.60	16.40
16 April 2025	Santander Biuro Maklerskie	Outperform	19.60	16.68
20 February 2025	Santander Biuro Maklerskie	Neutral	16.90	14.80
19 February 2025	DM BOŚ	Hold	16.00	14.45
24 January 2025	PKO BP Securities	Hold	14.00	14.75

2024

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
10 December 2024	DM Trigon	Buy	18.00	14.60
26 November 2024	Biuro maklerskie mBanku	Buy	16.40	14.09
26 November 2024	Santander Biuro Maklerskie	Outperform	18.50	13.70
21 November 2024	Ipopema	Buy	15.50	12.30
14 November 2024	PKO BP Securities	Buy	14.00	12.01
21 October 2024	DM BOŚ	Buy	16.00	12.28
21 October 2024	DM Trigon	Buy	14.60	12.28
16 October 2024	Dom Maklerski BDM S.A.	Buy	14.79	12.23
4 October 2024	ERSTE	Accumulate	14.80	12.70
3 September 2024	Biuro Maklerskie Pekao	Buy	20.00	14.56
22 August 2024	Biuro maklerskie mBanku	Buy	15.60	12.98
22 July 2024	Dom Maklerski BDM S.A.	Buy	14.05	11.52
22 July 2024	DM BOŚ	Buy	14.60	11.74
19 July 2024	DM Trigon	Buy	13.20	11.37
18 July 2024	PKO BP Securities	Hold	12.20	11.76
28 May 2024	PKO BP Securities	Sell	12.20	13.50
27 May 2024	Santander Biuro Maklerskie	Neutral	14.70	13.14
13 May 2024	Santander Biuro Maklerskie	Outperform	13.90	11.85
8 May 2024	Dom Maklerski BDM S.A.	Buy	13.39	10.50
6 May 2024	Biuro maklerskie mBanku	Buy	12.60	9.98
19 April 2024	DM Trigon	Hold	10.60	9.83
29 February 2024	PKO BP Securities	Sell	9.90	12.20
22 February 2024	Santander Biuro Maklerskie	Neutral	12.20	11.47

2023

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
14 December 2023	Erste	Accumulate	15.00	13.10
4 December 2023	Biuro Maklerskie Pekao	Hold	14.70	13.38
1 December 2023	Biuro maklerskie mBanku	Hold	14.00	12.83
16 November 2023	Santander Biuro Maklerskie	Neutral	14.20	12.77
15 Novembr 2023	Ipopema	Hold	11.50	12.50
23 October 2023	DM Trigon	Buy	16.60	12.85
17 October 2023	DM BOŚ	Hold	14.00	12.89
11 October 2023	Santander Biuro Maklerskie	Outperform	17.50	12.18
5 October 2023	Erste	Buy	15.00	11.40
2 October 2023	Biuro maklerskie mBanku	Buy	18.80	12.09
28 September 2023	PKO BP Securities	Hold	13.50	12.34
1 September 2023	Biuro maklerskie mBank	Buy	18.20	13.56
28 August 2023	Wood&Co	Hold	15.42	14.05
18 July 2023	DM BOŚ	Hold	16.70	16.70
14 July 2023	DM BOŚ	Neutral	20.20	16.41
3 July 2023	Biuro maklerskie mBanku	Hold	18.20	16.51
28 June 2023	Ipopema	Hold	16.00	16.69
17 May 2023	Santander Biuro Maklerskie	Underperform	17.80	18.12
24 April 2023	DM BOŚ	Underweight	20.20	16.92
24 April 2023	DM Trigon	Hold	18.00	16.84
12 April 2023	Santander Biuro Maklerskie	Neutral	18.50	16.02
6 April 2023	Biuro Maklerskie Pekao	Buy	20.40	16.21

2022

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
12 December 2022	DM Trigon	Buy	22.00	18.18
12 December 2022	Ipopema	Sell	15.50	18.12
12 December 2022	Haitong	Neutral	18.90	18.16
7 December 2022	ERSTE	Accumulate	21.00	18.20
4 December 2022	DM BOŚ	Hold	20.00	18,10
2 December 2022	Santander Biuro Maklerskie	Neutral	20.30	18.70
1 December 2022	Biuro maklerskie mBanku	Accumulate	20.10	18.59
7 November 2022	PKO BP Securities	Hold	19.00	18.57
3 October 2022	Biuro maklerskie mBanku	Buy	22.00	16.05
21 September 2022	Haitong	Buy	20.50	17.18
8 September 2022	Santander Biuro Maklerskie	Outperform	22.60	18.26
5 September 2022	DM BOŚ	Nautral	21.60	19.30
23 August 2022	Haitong	Neutral	21.70	20.30
July 2022	DM Trigon	Buy	24.00	19.97
8 July 2022	Biuro maklerskie mBanku	Hold	22.60	21.62
4 July 2022	Ipopema	Sell	18.20	21.22
1 July 2022	Haitong	Neutral	22.90	21.58
15 June 2022	ERSTE	Buy	28.00	18.80
7 June 2022	Citi	Neutral	-	20.46
2 June 2022	Santander Biuro Maklerskie	Underperform	23.40	22.46
12 May 2022	Ipopema	Sell	18.00	22.98
April 2022	DM Trigon	Hold	29.50	27.32
14 April 2022	Barclays	Overweight	34.00	28.00
1 April 2022	Biuro Maklerskie Pekao	Buy	33.57	28.14
9 March 2022	Santander Biuro Maklerskie	Underperform	28.40	27.70

2021

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
14 December 2021	Ipopema	Hold	32.50	36.80
14 December	Haitong	Neutral	34.90	34.72
9 December 2021	DM Trigon	Buy	39.00	33.88
5 December 2021	DM BOŚ	Neutral	35.50	33.88
3 December 2021	Santander Biuro Maklerskie	Sell	33.20	34.06
29 November 2021	Wood&Co	Hold	34.00	35.00
9 November 2021	Santander Biuro Maklerskie	Sell	34.94	32.90
19 October 2021	Barclays	Overweight	40.00	36.84
6 October 2021	Biuro maklerskie mBanku	Hold	36.20	35.62
1 October 2021	Goldman Sachs	Sell	28.60	35.58
30 September 2021	Citi	Neutral	35.00	35.58
2 September 2021	Haitong	Neutral	36.70	36.56
31 August 2021	Santander Biuro Maklerskie	Hold	35.60	37.89
31 August 2021	Barclays	Overweight	39.00	36.56
23 August 2021	PKO BP Securities	Buy	39.20	35.32
26 July 2021	Ipopema	Buy	38.00	33.32
23 July 2021	Citi	Neutral	29.80	33.04
21 July 2021	Barclays	Overweight	36.00	32.42
21 July 2021	DM Trigon	Buy	36.00	32.00
20 July 2021	DM BOŚ	Buy	30.50	32.42
25 June 2021	ERSTE	Buy	36.00	29.70
2 June 2021	Goldman Sachs	Sell	27.20	30.76
28 May 2021	Santander Biuro Maklerskie	Buy	33.70	30.70
14 May2021	Ipopema	Buy	37.00	28.56
26 April 2021	DM Trigon	Buy	34.00	30.40
29 March 2021	Barclays	Overweight	35.00	28.86
5 February 2021	Santander Biuro Maklerskie	Hold	28.80	28.06
16 January 2021	Goldman Sachs	Sell	28.30	30.22

2020

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
December 2020	DM BOŚ	Buy	30.50	27.66
14 December 2020	Haitong	Buy	32.30	27.84
11 December 2020	Barclays	Overweight	34.00	27.34
8 December	Biuro maklerskie mBanku	Hold	27.84	27.90
8 December 2020	Ipopema	Buy	33.00	27.66
7 December 2020	PKO BP	Buy	31.00	27.66
1 December 2020	Biuro Maklerskie Pekao	Buy	31.30	27.10
23 November 2020	Santander Biuro Maklerskie	Hold	27.80	26.62
5 Novembr 2020	Wood&Co	Buy	30.60	25.80
22 October 2020	Haitong	Buy	28.70	25.32
20 October 2020	DM Trigon	Buy	30.50	25.36
5 October 2020	ERSTE	Accumulate	31.00	27.30
9 September 2020	Ipopema	Buy	33.00	26.00
2 September 2020	Biuro maklerskie mBanku	Hold	26.30	26.92
31 August 2020	Goldman Sachs	Sell	25.80	28.06
31 August 2020	Santander Biuro Maklerskie	Hold	27.50	28.06
31 August 2020	Haitong	Neutral	29.40	28.70
20 July 2020	DM trigon	Buy	31.10	27.62
7 July 2020	Citi	Neutral	29.80	27.44
6 July 2020	DM Trigon	Buy	31.00	27.34
24 June 2020	Haitong	Neutral	28.90	27.68
3 June 2020	Santander Biuro Maklerskie	Buy	29.30	25.00
7 May 2020	PKO BP	Hold	26.80	24.50
1 April 2020	Biuro maklerskie mBanku	Hold	24.10	23.82
24 March 2020	Haitong	Buy	27.40	23.90
16 March 2020	Pekao Investment Banking S.A.	Buy	30.60	21.08
4 March 2020	Biuro maklerskie mBanku	Hold	26.10	26.24
26 February 2020	Raiffeisen CENTROBANK	Hold	30.00	27.56
29 January 2020	Santander Biuro Maklerskie	Buy	30.30	26.60
24 January 2020	Goldman Sachs	Sell	27.70	28.60
24 January 2020	ERSTE	Hold	30.00	27.80

2019

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
17 December 2019	Haitong	Buy	32.00	27.50
9 December 2019	DM Trigon	Sell	24.70	27.50
8 December 2019	DM BOŚ	Hold	25.80	27.30
4 December 2019	Citi	Neutral	30.50	27.36
3 December 2019	Pekao Investment Banking S.A.	Hold	29.70	27.92
21 November 2019	Santander Biuro Maklerskie	Hold	29.80	28.70
14 November 2019	DM mBanku	Reduce	26.10	28.86
18 October 2019	DM Trigon	Sell	24.50	27.36
10 October 2019	Raiffeisen CENTROBANK	Hold	29.00	27.60
8 October 2019	Pekao Investment Banking S.A.	Buy	30.70	27.34
26 September 2019	Haitong	Buy	29.00	25.54
13 August 2019	Ipopema	Hold	28.10	25.27
8 August 2019	Wood&Co	Hold	30.50	29.20
18 July 2019	DM Trigon	Sell	25.70	30.08
16 July 2019	Citi	Neutral	31.00	30.40
11 July 2019	Goldman Sachs	Neutral	31.50	30.90
8 July 2019	UBS	Neutral	32.00	30.60
28 June 2019	DM Trigon	Sell	25.90	30.58
12 June 2019	Goldman Sachs	Neutral	30.50	28.20
12 June 2019	PKO BP	Hold	29.50	28.20
11 June 2019	Pekao Investment Banking S.A.	Buy	32.60	28.10
6 June 2019	Santander Biuro Maklerskie	Hold	27.10	26.44
4 June 2019	Pekao Investment Banking S.A.	Buy	29.90	25.68
31 May 2019	DM mBanku	Reduce	24.60	26.00
22 May 2019	Santander Biuro Maklerskie	Hold	25.50	24.30
13 May 2019	Goldman Sachs	Neutral	24.40	25.84
18 April 2019	DM Trigon	Sell	24.40	25.54
16 April 2019	ERSTE	Buy	31.00	25.80
22 March 2019	Pekao Investment Banking S.A.	Buy	30.30	26.24
21 February 2019	UBS	Buy	30.00	25.54
23 January 2019	ERSTE	Buy	30.00	22.90
16 January 2019	Goldman Sachs	Neutral	24.50	23.24
9 January 2019	Ipopema	Buy	26.20	22.40

2018

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
18 December 2018	Wood&Co	Hold	25.00	26.30
11 December 2018	Haitong	Buy	26.00	22.80
9 December 2018	DM BOŚ	Hold	24.50	22.20
7 December 2018	DM Trigon	Hold	24.10	22.46
4 December 2018	PKO BP	Hold	24.50	22.68
28 November 2018	Pekao Investment Banking S.A.	Buy	29.70	22.50
26 November 2018	DM mBanku	Hold	23.20	22.50
26 Novemner 2018	Citi	Neutral	25.20	22.60
18 Otcober 2018	DM Trigon	Hold	23.20	22.44
11 October 2018	Goldman Sachs	Neutral	24.40	23.30
4 October 2018	ERSTE	Buy	32.00	22.30
28 August 2018	Raiffeisen CENTROBANK	Buy	27.00	23.18
20 August 2018	DM BZ WBK¹	Hold	24.00	22.48
19 July 2018	DM Trigon	Hold	24.90	23.78
18 July 2018	Goldman Sachs	Neutral	28.70	23.64
27 June 2018	Pekao Investment Banking S.A.	Buy	29.30	22.52
15 June 2018	DM mBanku	Accumulate	24.90	22.76
14 June 2018	Raiffeisen CENTROBANK	Buy	27.50	22.70
7 June 2018	Ipopema	Buy	28.00	24.98
1 June 2018	ERSTE	Buy	32.00	24.90
10 May 2018	DM BOŚ	Hold	27.00	26.14
12 April 2018	Goldman Sachs	Neutral	27.60	24.74
10 April 2018	DM Trigon	Buy	27.40	24.43
6 April 2018	Citi	Nautral	27.70	24.84
6 April 2018	DM mBanku	Hold	25.30	24.84
4 April 2018	PKO BP	Buy	28.50	25.24
20 March 2018	Goldman Sachs	Neutral	27.90	24.08
19 March 2018	Citi	Neutral	26.70	23.96
5 March 2018	DM mBanku	Accumulate	24.90	22.80
13 February 2018	Raiffeisen CENTROBANK	Buy	27.30	23.08
8 February 2018	Goldman Sachs	Neutral	27.80	23.34
2 February 2018	Berenberg	Hold	27.50	24.02
31 January 2018	DM mBanku	Hold	25.70	24.70

¹ currently Santander Biuro Maklerskie

2017

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
18 December 2017	Haitong	Buy	27.50	23.91
10 December 2017	DM BOŚ	Buy	27.00	24.00
5 December 2017	Goldman Sachs	Neutral	26.60	24.45
17 November 2017	UBS	Buy	30.00	24.35
23 October 2017	Raiffeisen CENTROBANK	Buy	28.60	24.42
5 October 2017	ERSTE	Accumulate	31.00	26.00
22 September 2017	Trigon DM	Buy	29.10	25.98
11 September 2017	Raiffeisen CENTROBANK	Buy	29.50	26.48
5 September 2017	Haitong	Buy	30.40	26.40
1 September 2017	ERSTE	Accumulate	31.00	26.60
29 August 2017	DM mBanku	Reduce	24.40	27.80
23 August 2017	PKO BP	Buy	29.20	26.45
26 July 2017	Citi	Neutral	27.00	25.41
26 July 2017	Ipopema	Hold	26.00	25.41
25 July 2017	Deutsche Bank	Hold	28.00	26.00
18 July 2017	DM BOŚ	Hold	26.20	25.60
11 July 2017	Haitong	Buy	30.00	25.07
30 June 2017	Pekao Investment Banking S.A.	Hold	24.34	24.14
7 June 2017	Wood&Co	Hold	28.90	26.30
17 May 2017	DM BOŚ	Sell	25.50	27.08
16 May 2017	Goldman Sachs	Neutral	26.80	26.55
15 May 2017	BDM	Accumulate	28.49	26.00
8 May 2017	Raiffeisen CENTROBANK	Buy	28.00	24.71
26 April 2017	Wood&Co	Buy	28.60	23.30
17 April 2017	Goldman Sachs	Neutral	25.60	24.15
23 March 2017	Berenberg	Buy	27.50	23.50
23 March 2017	Trigon DM	Buy	29.40	23.41
14 March 2017	Citi	Neutral	25.00	23.16
3 March 2017	ERSTE	Accumulate	26.00	23.50
17 February 2017	BZ WBK	Buy	28.50	24.14
30 January 2017	Ipopema	Hold	25.00	24.49
27 January 2017	DM mBanku	Reduce	22.30	24.65

2016

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
14 December 2016	Goldman Sachs	Neutral	25.20	23.66
14 December 2016	PKO BP	Buy	27.50	23.66
December 2016	Trigon DM	Buy	28.10	23.56
4 December 2016	DM BOŚ	Hold	25.10	23.56
2 December 2016	Haitong	Buy	27.10	24.15
24 October 2016	Trigon DM	Buy	29.30	23.77
20 October 2016	Raiffeisen CENTROBANK	Hold	27.00	23.58
5 October 2016	ERSTE	Hold	26.00	24.90
4 October 2016	Deutsche Bank	Hold	26.00	24.32
23 September 2016	PKO BP	Buy	29.00	25.43
15 September 2016	BDM	Accumulate	26.36	23.90
13 September 2016	DM mBanku	Reduce	21.80	24.25
1 September 2016	Goldman Sachs	Neutral	24.30	24.60
22 August 2016	Ipopema	Buy	27.40	24.08
22 August 2016	Haitong	Buy	27.00	24.09
10 August 2016	Wood&Co	Buy	27.80	24.00
21 July 2016	DM BOŚ	Hold	24.40	23.34
13 July 2016	Citi	Neutral	24.80	22.35
17 June 2016	Pekao Investment Banking S.A.	Buy	24.00	20.13
8 June 2016	PKO BP	Buy	26.10	22.34
11 May 2016	Berenberg	Hold	25.70	23.29
10 May 2016	Goldman Sachs	Hold	24.00	23.26
April 2016	Patria Finance a.s.	Hold	25.30	24.20
22 April 2016	BZ WBK	Buy	31.00	24.51
18 April 2016	DM BOŚ	Hold	25.10	24.35
8 April 2016	Trigon DM	Buy	28.60	23.22
31 March 2016	ERSTE	Hold	26.00	24.70
29 March 2016	Raiffeisen CENTROBANK	Buy	27.70	23.99
21 March 2016	ING	Buy	27.80	22.86
17 March 2016	UBS	Buy	28.00	22.95
24 February 2016	Goldman Sachs	Neutral	23.40	22.90
11 February 2016	BDM	Accumulate	24.65	21.60
9 February 2016	Ipopema	Buy	24.00	21.30
2 February 2016	DM mBanku	Hold	22.10	21.99
20 January 2016	Raiffeisen CENTROBANK	Buy	26.50	20.82
13 January 2016	Deutsche Bank	Buy	26.00	20.79

2015

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
18 December 2015	ING	Hold	23.20	20.43
15 December 2015	PKO BP	Buy	26.60	21.00
15 December 2015	Goldman Sachs	Neutral	23.60	21.00
15 December 2015	Haitong	Buy	26.10	20.43
11 December 2015	Ipopema	Buy	27.20	22.12
3 December 2015	DM mBanku	Reduce	22.10	24.20
15 November 2015	Deutsche Bank	Hold	27.00	25.10
27 October 2015	Citi	Neutral	25.80	25.02
26 October 2015	BDM	Hold	24.21	24.81
19 October2015	BZ WK	Buy	32.00	31.50
16 October 2015	ING	Hold	26.30	25.50
16 October 2015	Trigon DM	Buy	28.30	25.38
2 September 2015	Wood&Company	Buy	28.70	22.40
27 August 2015	Goldman Sachs	Neutral	24.80	21.20
22 July 2015	DM BOŚ	Hold	25.00	23.20
21 July 2015	Raiffeisen CENTROBANK	Buy	28.50	23.17
July 2015	ING	Buy	27.00	22.90
15 July 2015	BESI	Buy	28.00	22.31
8 July 2015	DM BZ WBK	Buy	31.50	23.50
25 May 2015	DM PKO BP	Hold	27.90	25.80
7 May 2015	ERSTE	Buy	30.00	24.80
22 April 2015	DM BZ WBK	Buy	31.70	24.80
21 April 2015	Goldman Sachs	Neutral	26.10	25.44
26 March 2015	Raiffeisen CENTROBANK	Buy	30.00	24.80
12 March 2015	Trigon DM	Buy	28.30	25.01
11 March 2015	Goldman Sachs	Neutral	25.80	24.12
9 March 2015	UBS	Buy	28.00	24.15
18 February 2015	Raiffeisen CENTROBANK	Buy	29.00	23.80
17 February 2015	Goldman Sachs	Neutral	27.30	23.80
11 February 2015	DM BZ WBK	Buy	31.10	23.60
10 February 2015	Erste Group	Hold	26.00	23.90
2 February 2015	Trigon DM	Buy	28.80	23.65
19 January 2015	Ipopema	Buy	26.70	22.15
19 January 2015	BDM	Reduce	20.11	22.13
16 January 2015	Deutsche Bank	Hold	26.00	22.46

2014

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
December 2014	ING	Buy	29.10	25.00
15 December 2014	DM mBanku	Reduce	22.00	25.00
11 December 2014	BESI	Buy	29.10	24.71
10 December 2014	UniCredit	Hold	26.00	24.71
8 December 2014	Trigon DM	Buy	29.40	24.70
4 December 2014	DM PKO BP	Buy	28.40	24.20
24 October 2014	Deutsche Bank	Hold	28.00	27.20
20 October 2014	BZ WBK	Buy	32.30	25.97
13 October 2014	UBS	Buy	30.00	26.16
16 September 2014	ING	Buy	29.90	26.00
1 September 2014	DM BOŚ	Hold	26.50	25.49
4 August 2014	DM BZ WBK	Buy	31.40	23.40
22 July 2014	Espirito Santo	Buy	27.10	23.80
21 July 2014	Raiffeisen CENTROBANK	Buy	26.50	22.80
21 July 2014	Goldman Sachs	Neutral	25.90	22.67
17 July 2014	DM BOŚ	Buy	26.50	22.67
10 July 2014	DB	Buy	27.00	21.58
23 June 2014	PKO BP	Hold	23.60	22.30
26 June 2014	UniCredit	Buy	26.00	21.99
25 June 2014	UBS	Buy	27.00	22.46
23 May 2014	ING	Buy	24.70	20.75
30 April 2014	Trigon DM	Buy	26.40	20.05
27 March 2014	Deutsche Bank	Hold	22.60	20.85
17 March 2014	Raiffeisen CENTROBANK	Hold	23.20	20.72
11 February 2014	ING	Hold	21.20	19.80
13 January 2014	Raiffeisen CENTROBANK	Buy	23.20	19.00
10 January 2014	DM mBanku	Buy	24.10	18.73

2013

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
17 December 2013	DM PKO BP	Hold	19.90	19.30
10 December 2013	UniCredit	Buy	24.50	19.81
8 December 2013	IDMSA	Buy	23.40	19.31
29 November 2013	ERSTE GROUP	Hold	20.00	19.90
27 November 2013	Espirito Santo	Buy	23.80	19.35
15 November 2013	UBS	Neutral	23.00	20.40
14 November 2013	Trigon DM	-	21.6-23.9	22.40
25 October 2013	DI Investors S.A.	Neutral	25.50	23.80
16 October 2013	IDMSA	Hold	22.30	24.20
25 September 2013	ERSTE GROUP	Accumulate	24.00	21.30
12 September 2013	Raiffeisen CENTROBANK	Hold	22.60	21.30
2 September 2013	Societe Generale	Hold	20.70	20.10
2 September 2013	Espirito Santo	Buy	23.70	20.12
13 August 2013	Deutsche Bank	Hold	22.00	21.67
7 August 2013	Societe Generale	Sell	20.70	22.30
17 July 2013	IDMSA	Hold	20.20	21.60
17 July 2013	ING	Sell	19.30	21.60
8 July 2013	UBS	Buy	23.00	19.68
17 June 2013	BDM	Hold	20.82	19.64
11 June 2013	Raiffeisen CENTROBANK	Buy	21.90	18.89
3 June 2013	DM PKO BP	Hold	20.40	18.20
29 May 2013	UniCredit	Hold	20.30	18.49
15 May 2013	IDMSA	Hold	19.20	19.20
17 April 2013	IDMSA	Buy	19.20	16.50
15 April 2013	IDMSA	Hold	19.20	17.06
11 April 2013	Deutsche Bank	Buy	22.00	16.42
18 March 2013	Raiffeisen CENTROBANK	Hold	19.50	18.00
18 February 2013	Raiffeisen CENTROBANK	Buy	18.50	15.81
12 February 2013	Societe Generale	Hold	18.20	16.70
11 February 2013	KBC Securities	Buy	18.90	16.32
30 January 2013	BDM	Accumulate	18.70	16.93
25 January 2013	ING	Hold	19.00	17.90
9 January 2013	IPOPEMA	Hold	17.00	17.00

2012

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
27 December 2012	DM AmerBrokers	Hold	17.34	16.34
14 December 2012	DM PKO BP	Hold	17.80	16.90
13 December 2012	IDMSA	Hold	16.50	16.86
12 December	Wood & Company	Buy	19.60	17.10
10 December 2012	DI BRE	Hold	15.60	15.40
26 November 2012	Espirito Santo	Buy	17.90	15.60
21 November 2012	Raiffeisen CENTROBANK	Hold	17.50	15.60
19 November 2012	KBC Securities	Buy	18.00	14.70
16 November 2012	Deutsche Bank	Buy	18.50	14.70
15 November 2012	Societe Generale	Buy	16.80	14.50
22 October 2012	Societe Generale	Hold	15.70	14.40
2 October 2012	IDMSA	Hold	15.30	14.67
1 October 2012	Trigon DM	Buy	17.10	14.70
25 September 2012	BDM	Hold	15.15	14.60
18 September 2012	KBC Securities	Buy	17.40	14.52
12 September 2012	UBS	Buy	18.00	14.20
4 September 2012	UniCredit	Buy	16.60	14.18
3 September 2012	IPOPEMA	Sell	13.50	14.20
20 August 2012	Espirito Santo	Neutral	16.70	15.60
10 August 2012	UBS	Neutral	17.00	15.31
6 August 2012	Raiffeisen CENTROBANK	Buy	16.80	14.50
3 August 2012	DI BRE	Reduce	13.20	14.35
3 August 2012	Societe Generale	Hold	15.45	14.50
23 August 2012	ING	Buy	18.00	14.22
13 June 2012	Societe Generale	Hold	14.58	13.80
22 March 2012	Raiffeisen CENTROBANK	Buy	16.20	13.85
21 March 2012	Deutsche Bank	Buy	16.40	13.99
16 March 2012	UBS	Buy	17.00	14.30
12 March 2012	IPOPEMA	Sell	12.80	13.65
13 February 2012	KBC Securities	Buy	16.30	13.95
27 January 2012	ING	Buy	17.00	13.15
18 January 2012	IPOPEMA	Hold	15.10	13.10
11 January 2012	Raiffeisen CENTROBANK	Hold	14.60	12.80
9 January 2012	BDM	Accumulate	13.44	12.60
1 January 2012	IDMSA	Hold	14.50	13.50

2011

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
13 December 2011	DM Banku Handlowego	Buy	17.10	13.52
29 November 2011	UniCredit	Buy	16.30	12.90
22 November 2011	Trigon DM	Hold	14.00	12.94
19 October 2011	Deutsche Bank	Buy	18.50	15.35
13 October 2011	DI BRE	Hold	14.80	15.35
13 October 2011	IDMSA	Hold	15.20	15.15
3 October 2011	DM Banku Handlowego	Buy	19.10	14.94
3 October 2011	Raiffeisen CENTROBANK	Hold	16.60	14.94
14 September 2011	ERSTE GROUP	Buy	19.00	14.70
12 September 2011	IPOPEMA	Hold	16.30	14.00
2 August 2011	DM Banku Handlowego	Hold	19.10	15.99
26 July 2011	Raiffeisen CENTROBANK	Buy	18.80	16.29
28 June 2011	UniCredit	Buy	18.90	16.00
20 June 2011	UBS	Buy	18.40	15.89
20 June 2011	IDMSA	Buy	19.00	16.20
24 May 2011	Deutsche Bank	Buy	20.00	16.90
18 May 2011	Trigon DM	Buy	19.00	16.25
16 May 2011	IDMSA	Hold	19.00	16.89
18 March 2011	Raiffeisen CENTROBANK	Buy	18.50	15.50
14 March 2011	Trigon DM	Buy	18.60	15.60
7 February 2011	KBC Securities	Hold	16.10	15.30
25 January 2011	IDMSA	Hold	17.90	16.20
18 January 2011	UBS	Neutral	17.30	15.85
18 January 2011	Deuche Bank	Buy	19.00	15.30
17 January 2011	UniCredit	Buy	16.90	15.01
14 January 2011	IPOPEMA	Buy	18.40	15.50

2010

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
23 December 2010	Credit Suisse	Neutral	16.00	16.97
20 December 2010	Raiffeisen	Hold	19.00	17.00
19 December 2010	IDMSA	Hold	17.90	17.00
17 December 2010	DI BRE	Hold	15.30	17.30
17 December 2010	ERSTE GROUP	Accumulate	19.00	17.00
15 December 2010	UBS	Neutral	16.90	16.36
8 December 2010	Deutsche Bank	Buy	19.00	15.90
2 December 2010	IPOPEMA	Buy	18.10	15.30
30 November 2010	KBC Securities	Buy	17.00	15.10
18 November 2010	ERSTE GROUP	Accumulate	18.00	14.88
14 September 2010	DI BRE	Hold	15.30	14.92
7 September 2010	Raiffeisen	Buy	17.00	14.60
2 September 2010	KBC Securities	Buy	16.70	14.55
29 July 2010	BDM	Reduce	13.45	14.79
21 July 2010	IDMSA	Hold	15.00	14.50
19 July 2010	ING	Buy	16.23	14.25
7 July 2010	Raiffeisen	Buy	17.00	14.51
5 July 2010	Espirito Santo	Hold	15.90	14.50
28 May 2010	UniCredit	Buy	17.60	15.10
10 May 2010	KBC Securities	Buy	18.00	14.25
20 April 2010	IDMSA	Buy	16.60	15.00
29 March 2010	DM Banku Handlowego	Sell	14.40	15.70
29 March 2010	Raiffeisen	Buy	18.20	15.70
25 March 2010	DI BRE	Accumulate	16.60	15.63
5 February 2010	UBS	Sell	12.00	14.30
26 January 2010	IPOPEMA	Hold	15.30	15.10
12 January 2010	UniCredit	Buy	18.10	14.96
8 January 2010	Deutsche Bank	Buy	17.00	14.40
7 January 2010	IDMSA	Hold	14.50	14.40
7 January 2010	DM Banku Handlowego	Buy	16.50	14.07

2009

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
18 December 2009	Raiffeisen	Buy	15.30	13.10
4 December 2009	UniCredit	Buy	17.10	13.50
24 November 2009	BDM	Reduce	12.60	14.00
23 November 2009	ERSTE GROUP	Accumulate	16.00	14.20
23 November 2009	IPOPEMA	Sell	13.10	14.30
12 November 2009	DM PKO BP	Reduce	13.50	14.19
10 November 2009	UBS	Sell	14.00	14.06
21 October 2009	IDMSA	Hold	14.50	14.44
12 October 2009	KBC Securities	Hold	13.40	14.40
12 October 2009	IDMSA	Hold	16.20	14.40
28 September 2009	Deutsche Bank	Hold	16.80	15.20
14 September 2009	UniCredit	Hold	15.70	14.98
9 September 2009	DM Banku Handlowego	Sell	13.80	15.90
26 August 2009	UniCredit	Sell	15.70	16.50
10 August 2009	UBS	Sell	14.00	17.00
10 August 2009	Deutsche Bank	Buy	19.00	17.00
27 July 2009	DM PKO BP	Sell	14.66	18.10
22 July 2009	DM Millennium	Reduce	15.90	18.00
22 July 2009	IDMSA	Sell	16.20	17.65
17 July 2009	IPOPEMA	Sell	16.30	17.30
14 July 2009	Raiffeisen	Hold	16.50	16.05
7 July 2009	BDM	Reduce	14.70	16.30
29 May 2009	DI BRE	Hold	14.55	14.25
21 May 2009	DM BZ WBK	Hold	16.70	14.42
21 May 2009	DM PKO BP	Accumulate	15.81	15.00
18 May 2009	UniCredit	Hold	16.00	14.94
14 May 2009	IPOPEMA	Hold	16.30	14.11
11 May 2009	IPOPEMA	Hold	18.10	14.13
7 May 2009	UniCredit	Buy	16.00	13.80
24 April 2009	IDMSA	Hold	15.80	14.05
9 April 2009	ERSTE GROUP	Accumulate	16.60	14.00
27 March 2009	BDM	Accumulate	14.50	13.25
26 March 2009	DI BRE	Buy	15.90	13.80
20 March 2009	DM Banku Handlowego	Buy	16.60	13.94
13 March 2009	IDMSA	Hold	15.80	13.41
17 February 2009	IPOPEMA	Buy	18.10	14.90
17 February 2009	KBC Securities	Hold	16.17	14.90
9 February 2009	UniCredit	Hold	16.00	15.29
6 February 2009	UBS	Neutral	15.00	14.25
25 January 2009	IDMSA	Buy	16.60	14.20
12 January 2009	UniCredit	Buy	16.00	14.00

2008

Date	Company	Recommendation	Target price (PLN)	Share price on the recommendation date (PLN)
28 November 2008	KBC Securities	Buy	16.72	14.00
26 November 2008	DI BRE	Accumulate	15.80	14.00
5 November 2008	UniCredit	Buy	16.00	13.90
22 October 2008	IDMSA	Buy	15.60	12.70
12 September 2008	DI BRE	Buy	16.70	14.30
28 July 2008	IPOPEMA	Buy	15.78	14.15
19 July 2008	IDMSA	Buy	18.30	13.90
19 July 2008	UBS	Neutral	16.00	14.00
17 July 2008	UniCredit	Buy	17.00	14.30
13 July 2008	UniCredit	Buy	16.90	13.70
13 July 2008	IDMSA	Buy	18.00	13.70
10 July 2008	Espirito Santo	Buy	16.00	13.50
10 July 2008	IDMSA	Buy	18.00	13.39

Market consensus

Market consensus

million PLN	2025	2026	2027	number of forecasts¹
Revenues	14,679	15,255	15,511	10
EBITDA	3,505	3,754	3,793	10
EBITDA Margin	24%	25%	25%	10
Net profit	728	950	1.089	10

The analysts' estimates are exclusively based on the analyses of financial analysts who are independent from Cyfrowy Polsat. Any opinions, forecasts, estimates, projections or predictions regarding Cyfrowy Polsat's performance (ultimately represented by the figures of the consensus estimates) given by the analysts only reflect their view and do not represent the opinions, forecasts, estimates, projections or predictions of Cyfrowy Polsat or its management.

Based on estimates made by: Biuro maklerskie mBanku, Biuro Maklerskie Pekao, DM BOŚ, Dom Maklerski BDM S.A., Erste, Ipopema, PKO BP Securities, Santander Biuro Maklerskie, Trigon, Wood&Co

¹⁾ 2027 based on 8 forecasts

Last update May 23, 2025

Last updated 05/23/2025

Recommendations and market consensus

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