Cyfrowy Polsat on the capital market

Cyfrowy Polsat shares

Shares of Cyfrowy Polsat are listed on the Warsaw Stock Exchange since May 6, 2008.

The table below presents the characteristics of the shares issued as of December 31, 2015:

SeriesNumber of shares
Type of sharesNumber of votes at the General MeetingFace value/PLN
A 2,500,000 Preference shares (2 voting rights) 5,000,000 100,000.00
B 2,500,000 Preference shares (2 voting rights) 5,000,000 100,000.00
C 7,500,000 Preference shares (2 voting rights) 15,000,000 300,000.00
D 166,917,501 Preference shares (2 voting rights) 333,835,002 6,676,700.04
D 8,082,499 Ordinary bearer shares 8,082,499 323,299.96
E 75,000,000 Ordinary bearer shares 75,000,000 3,000,000.00
F 5,825,000 Ordinary bearer shares 5,825,000 233,000.00
H 80,027,836 Ordinary bearer shares 80,027,836 3,201,113.44
I 47,260,690 Ordinary bearer shares 47,260,690 1,890,427.60
J 243,932,490 Ordinary bearer shares 243,932,490 9,757,299.60
Total 639,546,016   818,963,517 25,581,840.64
including: 179,417,501 Registered 358,835,002 7,176,700.04
216,196,025 Floating 216,196,025 8,647,84.00

The current share capital of the Company is PLN 25,581,840.64, divided into 639,546,016 shares. At present, the total number of votes at the General Meeting is 818,963,517.

The shareholding structure as at the date of preparation of this Report together with a description of changes in the structure of ownership of significant number of shares of the Company in the period since the publication of the last periodic report are set forth in detail in item 8.4 –Corporate Governance Statement – Share capital and shareholding structure of Cyfrowy Polsat.

Basic data on the Cyfrowy Polsat shares in trading

date of first quotation    May 6, 2008
component of indices    WIG,WIG20, WIG30, WIG-MEDIA
market main
quotation system continuous
sector media
 
International Securities Identification Number (ISIN) PLCFRPT00013 (1)
 
Cyfrowy Polsat’s identification codes  
WSE CPS
Reuters CYFWF.PK
Bloomberg CPS:PW

(1) Shares admitted to trading on the WSE.

Cyfrowy Polsat shares on the stock exchange in 2015

  20152014
Year-end price PLN 20.88 23.50
High for the year PLN 26.05 27.80
Low for the year PLN 20.43 18.73
Average for the year PLN 23.91 22.86
       
Average daily turnover PLN '000 10,585 9,966
Average daily trading volume shares 444,522 439,978
       
Number of shares (as at year-end) shares 639,546,016 639,546,016
Bearer shares shares 216,196,025 216,196,025
Market capitalization (as at year-end) PLN '000 13,353,721 15,029,331

Market capitalization of Cyfrowy Polsat since its debut on the WSE (PLN)

In terms of market capitalization, that amounted to PLN 13.4 billion as of the end of 2015, Cyfrowy Polsat is the largest media and telecommunications company quoted on the Warsaw Stock Exchange and in Central Eastern Europe.

Recommendations

Brokers covering the Company:

LocalInternational
  • Dom Maklerski BDM S.A.
  • Dom Maklerski BOŚ S.A.
  • Dom Maklerski BZ WBK S.A.
  • Dom Maklerski mBanku S.A.
  • Dom Maklerski PKO BP S.A.
  • Trigon Dom Maklerski S.A.
  • IPOPEMA Securities S.A.
  • Pekao Investment Banking S.A.  
  • Citigroup Global Markets Inc.
  • Deutsche Bank Securities S.A.
  • ERSTE Group Research
  • Goldman Sachs
  • Haitong Bank S.A.
  • ING Securities S.A.
  • Raiffeisen Centrobank AG
  • UBS Investment Bank
  • Wood&Company
  • Patria Finance a.s.
  • Berenberg

Recommendations for the shares of Cyfrowy Polsat published in 2015

DateInstitutionTarget priceRecommendation [PLN]
December 18th  ING Securities S.A. Hold 23.20
December 15th  DM PKO BP S.A —Buy 26.60
December 15th  Goldman Sachs Neutral 23.60
December 15th  Haitong Bank S.A. Buy 26.10
December 11th  IPOPEMA Securities S.A. Buy 27.20
December 3rd  DM mBanku S.A. Reduce 22.10
November 15th  Deutsche Bank Securities S.A. Hold 27.00
October 27th  Citigroup Global Markets Inc. Neutral 25.80
October 26th  Dom Maklerski BDM S.A.  Hold 24.21
October 19th  Dom Maklerski BZ WBK S.A. Buy 32.00
October 16th  ING Securities S.A. Hold 26.30
October 16th  Trigon Dom Maklerski S.A. Buy 28.30
September 2nd  Wood&Company Buy 28.70
August 27th  Goldman Sachs Neutral  24.80
July 22nd  Dom Maklerski BOŚ S.A Hold 25.00
July 21st  Raiffeisen CENTROBANK Buy 28.50
July  ING Securities S.A. Buy 27.00
July 15th  Banco Espírito Santo de Investimento, S.A.(1) Buy 28.00
July 8th  Dom Maklerski BZ WBK S.A. Buy 31.50
May 25th  DM PKO BP S.A. Hold 27.90
May 7th  ERSTE Group Research  Buy 30.00
April 22nd Dom Maklerski BZ WBK S.A. Buy 31.70
April 21st  Goldman Sachs Neutral 26.10
March 26th  Raiffeisen CENTROBANK Buy 30.00
March 11th Goldman Sachs Neutral 25.80
March 12th  Trigon Dom Maklerski S.A. Buy 28.30
March 9th  UBS Investment Bank Buy 28.00
February 18th  Raiffeisen CENTROBANK Buy 29.00
February 17th  Goldman Sachs Neutral 27.30
February 11th  Dom Maklerski BZ WBK S.A. Buy 31.10
February 10th  ERSTE Group Research Hold 26.00
February 2nd Trigon Dom Maklerski S.A. Buy 28.80
January 19th  IPOPEMA Securities S.A.  Buy 26.70
January 19th Dom Maklerski BDM S.A. Reduce 20.11
January 16th Deutsche Bank Securities S.A. Hold 26.00

Recommendations released in 2016 until February 26, 2016

DataInstitutionRecommendationTarget price (PLN)
February 11th Dom Maklerski BDM S.A.  Cumulate 24.65
February 9th IPOPEMA Securities S.A.  Buy 24.00
February 2nd DM mBanku S.A. Hold 22.10
January 20th Raiffeisen CENTROBANK Buy 26.50
January 13th Deutsche Bank Buy 26.00

 (1) Currently Haitong Bank S.A.

A list of recommendations issued in 2016 after the reporting period is available on the website.

Recommendations structure as at February 26, 2016

Target price as at February 26, 2016 [PLN] 

  • minimum     22.1
  • maximum     32.0
  • average        26.3

Close dialogue with the capital market

Our corporate strategy aims to create sustainable value of the Company. We support this strategy through regular and open communication with all capital market participants.

In order to ensure current access to information we participate in conferences with investors, we organize numerous individual meetings and roadshows both in Europe and in the United States. Moreover, every quarter, after the publication of financial results, we organize periodical meetings with investors and sell-side analysts as well as teleconferences with the members of the Company’s management. Both events have an open character.

In communication with the capital market we are guided by the main principle of transparency and equal access to information. Following this principle, we introduced the rule of limited communication before the publication of our financial results. Under this rule the representatives of the Company do not discuss or meet with analysts and investors two weeks prior to the publication of the quarterly results. This rule is meant to increase transparency and ensure the equal access to information on the Company before the publication of our financial results.

Moreover, in our communications we use such tools as website dedicated to investors, electronic newsletters, RSS, periodic newsletters including both information on current events in the Company and latest market developments (press review), as well as reminders of the most important events in the Company.

Dividend policy

The Company intends to provide its shareholders with a share in the generated profit through the payment of dividends. When recommending the Company’s profit distribution scenario for a given financial year to which the new dividend policy will apply, the Management Board of the Company shall submit a proposal to the General Meeting for the distribution of dividends representing from 33% to 66% of the standalone net profit of the Company, provided that the total indebtedness ratio of the Company’s capital group, i.e. net debt to EBITDA as at the end of the financial year to which the profit distribution refers is less than 2.5x.

When preparing the recommendation for the distribution of the Company’s profit and the dividend payment, the Management Board will also take into consideration: the amount of standalone net profit achieved by the Company, the financial condition of the Company’s capital group, existing obligations (including any restrictions arising from financing agreements and indebtedness of the Company and other members of its group), the ability to use and manage capital reserves, the Management and Supervisory Boards’ assessment of the prospects of the Company and its capital group in a particular market situation, as well as the need to make expenditures in pursuit of the overriding goal of the Company, that is its continued growth, in particular through acquisitions and engaging in new projects. According to the resolution of the Management Board, the new dividend policy came into effect as of and first apply to the standalone net profit for the financial year ending December 31, 2014.

Acting in accordance with resolution no. 23 of the Ordinary General Meeting, held on April 2, 2015, regarding profit distribution, the Company’s total standalone net profit for the financial year ended December 31, 2014 in the amount of PLN 177.2 million was allocated to the reserve capital.

History of profit sharing

(1) Net profit allocated entirely to reserve capital according to the resolution of the General Meeting on May 19, 2011
(2) Net profit distributed in total to reserve capital and to cover losses from previous years according to the resolution of the General Meeting on June 5, 2012
(3) Net profit distributed in total to reserve capital according to the resolution of the General Meeting on June 11, 2013
(4)  Net profit distributed in total to reserve capital according to the resolution of the General Meeting on April 2, 2015
(5) Net profit distributed in total to reserve capital according to the resolution of the General Meeting on June 29, 2016

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