RATINGS
Overview of breakdown in relative terms of our investment ratings (as of 14 October 2021)
| Number of recommendations | As percentage | |
| Buy | 31 | 47% |
| Hold | 18 | 27% |
| Sell | 5 | 8% |
| Coverage in transition | 12 | 18% |
| Restricted | 0 | 0% |
| Total | 66 |
History of rating regarding recommendation changes (last 12 months)
| Company | Date | Recommendation | Target Price | Actual Price | Analyst | Validity of Recommendation |
| People Can Fly | 14 October 2021 | Hold | PLN 41.70 | PLN 41.00 | Emil Popławski | 14 October 2022 |
| Ten Square Games | 13 October 2021 | Hold | PLN 442.10 | PLN 403.00 | Emil Popławski | 13 October 2022 |
| ZE PAK | 30 September 2021 | Hold | PLN 20.8 | PLN 19.40 | Marcin Górnik | 30 September 2022 |
| PGE | 27 September 2021 | Buy | PLN 15.3 | PLN 9.13 | Marcin Górnik | 27 September 2022 |
| Tauron | 27 September 2021 | Buy | PLN 6.9 | PLN 3.49 | Marcin Górnik | 27 September 2022 |
| Enea | 27 September 2021 | Buy | PLN 12.2 | PLN 9.26 | Marcin Górnik | 27 September 2022 |
| Polenergia | 27 September 2021 | Hold | PLN 76.1 | PLN 70.30 | Marcin Górnik | 27 September 2022 |
| PKO BP | 27 September 2021 | Buy | PLN 52.4 | PLN 42.70 | Jerzy Kosiński | 27 September 2022 |
| Santander | 27 September 2021 | Buy | PLN 352.2 | PLN 293.50 | Jerzy Kosiński | 27 September 2022 |
| mBank | 27 September 2021 | Sell | PLN 352.3 | PLN 398.40 | Jerzy Kosiński | 27 September 2022 |
| ING | 27 September 2021 | Buy | PLN 284 | PLN 234 | Jerzy Kosiński | 27 September 2022 |
| Millennium | 27 September 2021 | Hold | PLN 7.4 | PLN 6.60 | Jerzy Kosiński | 27 September 2022 |
| Handlowy | 27 September 2021 | Hold | PLN 48.5 | PLN 45.30 | Jerzy Kosiński | 27 September 2022 |
| BNP Paribas | 27 September 2021 | Buy | PLN 96.2 | PLN 81.00 | Jerzy Kosiński | 27 September 2022 |
| Dino | 27 September 2021 | Hold | PLN 354.2 | PLN 348.80 | Piotr Bogusz | 27 September 2022 |
| Eurocash | 27 September 2021 | Hold | PLN 12.1 | PLN 11.55 | Piotr Bogusz | 27 September 2022 |
| Jeronimo Martins | 27 September 2021 | Hold | EUR 18.7 | EUR 17.70 | Piotr Bogusz | 27 September 2022 |
| LW Bogdanka | 27 September 2021 | Buy | PLN 45 | PLN 38.75 | Tomasz Duda | 27 September 2022 |
| Grupa Kęty | 27 September 2021 | Buy | PLN 801.3 | PLN 630.0 | Tomasz Duda | 27 September 2022 |
| KGHM | 27 September 2021 | Sell | PLN 145.1 | PLN 162.65 | Tomasz Duda | 27 September 2022 |
| JSW | 27 September 2021 | Hold | PLN 57.8 | PLN 51.80 | Tomasz Duda | 27 September 2022 |
| Creepy Jar | 27 September 2021 | Buy | PLN 947.3 | PLN 748.0 | Emil Popławski | 27 September 2022 |
| Huuuge | 27 September 2021 | Buy | PLN 49.7 | PLN 39.30 | Emil Popławski | 27 September 2022 |
| Ten Square Games | 27 September 2021 | Buy | PLN 626.10 | PLN 535.50 | Emil Popławski | 27 September 2022 |
| 11 bit studios | 27 September 2021 | Hold | PLN 460.6 | PLN 409,00 | Emil Popławski | 27 September 2022 |
| PlayWay | 27 September 2021 | Hold | PLN 482.5 | PLN 452,40 | Emil Popławski | 27 September 2022 |
| People Can Fly | 27 September 2021 | Sell | PLN 34.8 | PLN 42,12 | Emil Popławski | 27 September 2022 |
| CD Projekt | 27 September 2021 | Sell | PLN 136.9 | PLN 193,00 | Emil Popławski | 27 September 2022 |
| Inter Cars | 19 August 2021 | Buy | PLN 494.30 | PLN 402.00 | Maksymilian Piotrowski | 19 August 2022 |
| Auto Partner | 19 August 2021 | Buy | PLN 19.36 | PLN 13.25 | Maksymilian Piotrowski | 19 August 2022 |
| PCC Rokita | 16 August 2021 | Buy | PLN 96.23 | PLN 76.40 | Krzysztof Kozieł | 16 August 2022 |
| Pepco | 13 August 2021 | Buy | PLN 60.90 | PLN 55.00 | Piotr Bogusz | 13 August 2022 |
| CD Projekt | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| 11 bit studios | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| PlayWay | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| Ten Square Games | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| Asseco Poland | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| Comarch | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| LiveChat | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| Wirtualna Polska | 11 August 2021 | Coverage in transition | - | - | Emil Popławski | - |
| PGE | 11 August 2021 | Coverage in transition | - | - | Marcin Górnik | - |
| Tauron | 11 August 2021 | Coverage in transition | - | - | Marcin Górnik | - |
| Enea | 11 August 2021 | Coverage in transition | - | - | Marcin Górnik | - |
| CEZ | 11 August 2021 | Coverage in transition | - | - | Marcin Górnik | - |
| Vercom | 05 July 2021 | Buy | PLN 64.50 | PLN 52.90 | Łukasz Kosiarski | 05 July 2022 |
| CCC | 29 June 2021 | Buy | PLN 131.70 | PLN 113.70 | Piotr Bogusz | 29 June 2022 |
| LPP | 29 June 2021 | Buy | PLN 15,600 | PLN 13,140 | Piotr Bogusz | 29 June 2022 |
| VRG | 29 June 2021 | Hold | PLN 3.75 | PLN 3.70 | Piotr Bogusz | 29 June 2022 |
| InPost | 16 June 2021 | Buy | EUR 19.60 | EUR 15.50 | Maksymilian Piotrowski | 16 June 2022 |
| Rainbow Tours | 21 May 2021 | - | PLN 30.90 | PLN 32.00 | Piotr Bogusz | 21 May 2022 |
| Protektor | 19 May 2021 | - | PLN 3.87 | PLN 3.715 | Krzysztof Kozieł | 19 May 2022 |
| PGNiG | 11 May 2021 | Buy | PLN 8.04 | PLN 6.67 | Krzysztof Kozieł | 11 May 2022 |
| Lotos | 11 May 2021 | Buy | PLN 69.11 | PLN 53.48 | Krzysztof Kozieł | 11 May 2022 |
| PKN Orlen | 11 May 2021 | Hold | PLN 76.65 | PLN 71.78 | Krzysztof Kozieł | 11 May 2022 |
| Medicalgorithmics | 20 April 2021 | - | PLN 26.50 | PLN 27.20 | Łukasz Kosiarski | 20 April 2022 |
| Ryvu Therapeutics | 23 March 2021 | - | PLN 71.90 | PLN 55.40 | Łukasz Kosiarski | 23 March 2022 |
| Ciech | 02 March 2021 | Buy | PLN 42.01 | PLN 34.60 | Krzysztof Kozieł | 02 March 2022 |
| IMC | 18 February 2021 | - | PLN 23.20 | PLN 22.40 | Krzysztof Kozieł | 18 February 2022 |
| Protektor | 12 February 2021 | - | PLN 4.14 | PLN 3.60 | Krzysztof Kozieł | 12 February 2022 |
| Grupa Azoty | 17 December 2020 | Sell | PLN 24.13 | PLN 27.80 | Krzysztof Kozieł | 17 December 2021 |
| PKO BP | 04 December 2020 | Buy | PLN 33.10 | PLN 27.30 | Jerzy Kosiński | 04 December 2021 |
| Santander | 04 December 2020 | Buy | PLN 213.30 | PLN 179.50 | Jerzy Kosiński | 04 December 2021 |
| mBank | 04 December 2020 | Hold | PLN 154.90 | PLN 154.60 | Jerzy Kosiński | 04 December 2021 |
| ING | 04 December 2020 | Buy | PLN 201.30 | PLN 155.20 | Jerzy Kosiński | 04 December 2021 |
| Millennium | 04 December 2020 | Hold | PLN 2.90 | PLN 2.80 | Jerzy Kosiński | 04 December 2021 |
| Handlowy | 04 December 2020 | Hold | PLN 36.20 | PLN 34.80 | Jerzy Kosiński | 04 December 2021 |
| Orange PL | 01 December 2020 | Buy | PLN 7.60 | PLN 6.36 | Kosiarski Łukasz | 01 December 2021 |
| Play | 01 December 2020 | Hold | PLN 39.00 | PLN 38.70 | Kosiarski Łukasz | 01 December 2021 |
| Cyfrowy Polsat | 01 December 2020 | Buy | PLN 31.30 | PLN 27.10 | Kosiarski Łukasz | 01 December 2021 |
| PKN Orlen | 09 November 2020 | Buy | PLN 55.87 | PLN 39.46 | Krzysztof Kozieł | 09 November 2021 |
| Lotos | 09 November 2020 | Buy | PLN 34.34 | PLN 28.75 | Krzysztof Kozieł | 09 November 2021 |
| PGNiG | 09 November 2020 | Buy | PLN 5.66 | PLN 4.37 | Krzysztof Kozieł | 09 November 2021 |