RATINGS
Overview of breakdown in relative terms of our investment ratings (as of May 25th)
| Number of recommendations | As percentage | |
| Buy | 52 | 41% |
| Hold | 38 | 30% |
| Sell | 13 | 10% |
| Coverage in transition | 23 | 18% |
| Restricted | 0 | 0% |
| Total | 126 |
History of rating regarding recommendation changes (last 12 months)
| Company | Date | Recommendation | Target Price | Actual Price | Analyst | Validity of Recommendation |
| RAINBOW | 25 May 2022 | Hold | 23,70 PLN | 21,40 PLN | Maksymilian Piotrowski | 25 May 2023 |
| CIECH | 04 May 2022 | Buy | 53,84 PLN | 39,86 PLN | Krzysztof Kozieł | 04 May 2023 |
| GRUPAAZOTY | 04 May 2022 | Buy | 51,76 PLN | 42,80 PLN | Krzysztof Kozieł | 04 May 2023 |
| PGNIG | 04 May 2022 | Buy | 9,58 PLN | 6,25 PLN | Krzysztof Kozieł | 04 May 2023 |
| OMV PETROM | 04 May 2022 | Buy | 0,63 RON | 0,47 RON | Krzysztof Kozieł | 04 May 2023 |
| OMV | 04 May 2022 | Buy | 63,89 EUR | 49,47 EUR | Krzysztof Kozieł | 04 May 2023 |
| MOL | 04 May 2022 | Buy | 3 942,00 HUF | 2 980,00 HUF | Krzysztof Kozieł | 04 May 2023 |
| DOMDEV | 28 April 2022 | Sell | 70,70 PLN | 89,00 PLN | Tomasz Duda, Bartłomiej Kempczyński | 28 April 2023 |
| ATAL | 28 April 2022 | Hold | 43,30 PLN | 41,90 PLN | Tomasz Duda, Bartłomiej Kempczyński | 28 April 2023 |
| LOKUM | 28 April 2022 | Sell | 16,20 PLN | 17,60 PLN | Tomasz Duda, Bartłomiej Kempczyński | 28 April 2023 |
| DEVELIA | 28 April 2022 | Buy | 4,31 PLN | 3,45 PLN | Tomasz Duda, Bartłomiej Kempczyński | 28 April 2023 |
| TSGAMES | 11 April 2022 | Sell | 140,00 PLN | 160,00 PLN | Emil Popławski | 11 April 2023 |
| CYFRPLSAT | 05 April 2022 | Buy | 33,57 PLN | 26,14 PLN | Konrad Musiał | 05 April 2023 |
| ORANGEPL | 05 April 2022 | Hold | 9,32 PLN | 8,11 PLN | Konrad Musiał | 05 April 2023 |
| TELEKOMAUT | 05 April 2022 | Buy | 9,54 EUR | 6,96 EUR | Konrad Musiał | 05 April 2023 |
| DIGI | 05 April 2022 | Buy | 55,31 RON | 39,00 RON | Konrad Musiał | 05 April 2023 |
| MAGYARTEL | 05 April 2022 | Buy | 588,01 HUF | 405,00 HUF | Konrad Musiał | 05 April 2023 |
| OAT | 01 April 2022 | Buy | 47,40 PLN | 29,50 PLN | Marcin Górnik | 01 April 2023 |
| CLNPHARMA | 01 April 2022 | Buy | 39,60 PLN | 26,00 PLN | Marcin Górnik | 01 April 2023 |
| SELVITA | 01 April 2022 | Hold | 68,00 PLN | 64,30 PLN | Marcin Górnik | 01 April 2023 |
| RYVU | 31 March 2022 | Buy | 58,00 PLN | 46,10 PLN | Marcin Górnik | 31 March 2023 |
| INGBSK | 30 March 2022 | Hold | 237,00 PLN | 235,50 PLN | Michał Fidelus | 30 March 2023 |
| MILLENNIUM | 30 March 2022 | Hold | 6,20 PLN | 6,175 PLN | Michał Fidelus | 30 March 2023 |
| HANDLOWY | 30 March 2022 | Sell | 53,90 PLN | 62,00 PLN | Michał Fidelus | 30 March 2023 |
| PKOBP | 30 March 2022 | Hold | 41,00 PLN | 38,60 PLN | Michał Fidelus | 30 March 2023 |
| SANPL | 30 March 2022 | Sell | 257,00 PLN | 287,90 PLN | Michał Fidelus | 30 March 2023 |
| MBANK | 30 March 2022 | Sell | 318,00 PLN | 338,60 PLN | Michał Fidelus | 30 March 2023 |
| MONETA | 30 March 2022 | Hold | 100,50 CZK | 89,60 CZK | Jerzy Kosiński | 30 March 2023 |
| OTPBANK | 30 March 2022 | Hold | 13 559,00 HUF | 11 810,00 HUF | Jerzy Kosiński | 30 March 2023 |
| RAIFFEISEN | 30 March 2022 | Sell | 11,00 EUR | 12,35 EUR | Jerzy Kosiński | 30 March 2023 |
| BNPPPL | 30 March 2022 | Hold | 76,00 PLN | 72,40 PLN | Michał Fidelus | 30 March 2023 |
| ERSTE | 30 March 2022 | Buy | 41,60 EUR | 32,48 EUR | Jerzy Kosiński | 30 March 2023 |
| KOMERCNI | 30 March 2022 | Buy | 1 006,00 CZK | 859,00 CZK | Jerzy Kosiński | 30 March 2023 |
| PLAYWAY | 18 March 2022 | Sell | 290,90 PLN | 349,00 PLN | Emil Popławski | 18 March 2023 |
| CREEPYJAR | 18 March 2022 | Buy | 861,10 PLN | 688,00 PLN | Emil Popławski | 18 March 2023 |
| 11BIT | 18 March 2022 | Buy | 635,80 PLN | 500,50 PLN | Emil Popławski | 18 March 2023 |
| HUGE | 18 March 2022 | Hold | 20,60 PLN | 18,70 PLN | Emil Popławski | 18 March 2023 |
| CDPROJEKT | 18 March 2022 | Sell | 139,00 PLN | 162,70 PLN | Emil Popławski | 18 March 2023 |
| PCFGROUP | 18 March 2022 | Hold | 53,70 PLN | 52,30 PLN | Emil Popławski | 18 March 2023 |
| JSW | 10 March 2022 | Buy | 101,70 PLN | 70,22 PLN | Tomasz Duda | 10 March 2023 |
| BOGDANKA | 04 March 2022 | Buy | 75,90 PLN | 52,00 PLN | Tomasz Duda | 04 March 2023 |
| XTB | 28 February 2022 | Buy | 20,00 PLN | 14,20 PLN | Michał Fidelus | 28 February 2023 |
| Oponeo | 1 February 2022 | Hold | PLN 62.20 | PLN 54.40 | Maksymilian Piotrowski | 1 February 2023 |
| Dadelo | 1 February 2022 | Hold | PLN 17.90 | PLN 16.30 | Maksymilian Piotrowski | 1 February 2023 |
| Kruk | 13 January 2022 | Buy | PLN 406.00 | PLN 340.0 | Michał Fidelus | 13 January 2023 |
| Dino Polska | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| Jeronimo Martins | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| Eurocash | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| Rainbow Tours | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| CCC | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| LPP | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| VRG | 5 January 2022 | Coverage in transition | - | - | - | 5 January 2023 |
| Ryvu | 5 January 2022 | Coverage in transition | - | - | Marcin Górnik | 5 January 2023 |
| Medicalgorithmics | 5 January 2022 | Coverage in transition | - | - | Marcin Górnik | 5 January 2023 |
| Cyfrowy Polsat | 5 January 2022 | Coverage in transition | - | - | Konrad Musiał | 5 January 2023 |
| Orange Polska | 5 January 2022 | Coverage in transition | - | - | Konrad Musiał | 5 January 2023 |
| PKO BP | 3 December 2021 | Buy | PLN 53.00 | PLN 44.30 | Michał Fidelus | 3 December 2022 |
| Santander | 3 December 2021 | Hold | PLN 384.00 | PLN 353.90 | Michał Fidelus | 3 December 2022 |
| mBank | 3 December 2021 | Hold | PLN 540.00 | PLN 488.00 | Michał Fidelus | 3 December 2022 |
| ING BSK | 3 December 2021 | Buy | PLN 296.00 | PLN 256.00 | Michał Fidelus | 3 December 2022 |
| Millennium | 3 December 2021 | Buy | PLN 10.10 | PLN 8.80 | Michał Fidelus | 3 December 2022 |
| Handlowy | 3 December 2021 | Hold | PLN 63.40 | PLN 58.50 | Michał Fidelus | 3 December 2022 |
| BNP Paribas | 3 December 2021 | Hold | PLN 96.00 | PLN 89.00 | Michał Fidelus | 3 December 2022 |
| InPost | 30 November 2021 | Buy | EUR 14.30 | EUR 10.30 | Maksymilian Piotrowski | 30 November 2022 |
| Allegro | 29 November 2021 | Buy | PLN 56.30 | PLN 42.00 | Maksymilian Piotrowski | 29 November 2022 |
| Budimex | 26 November 2021 | Hold | PLN 226.70 | PLN 226.50 | Tomasz Duda | 26 November 2022 |
| Erbud | 26 November 2021 | Hold | PLN 67.40 | PLN 61.20 | Tomasz Duda | 26 November 2022 |
| Torpol | 26 November 2021 | Hold | PLN 14.70 | PLN 13.46 | Tomasz Duda | 26 November 2022 |
| Unibep | 26 November 2021 | Hold | PLN 10.50 | PLN 10.35 | Tomasz Duda | 26 November 2022 |
| Asseco Poland | 22 November 2021 | Buy | PLN 110.6 | PLN 93.45 | Emil Popławski | 22 November 2022 |
| Asseco SEE | 22 November 2021 | Buy | PLN 63.80 | PLN 45.10 | Emil Popławski | 22 November 2022 |
| Comarch | 22 November 2021 | Buy | PLN 261.60 | PLN 227.00 | Emil Popławski | 22 November 2022 |
| LiveChat | 22 November 2021 | Hold | PLN 140.80 | PLN 135.00 | Emil Popławski | 22 November 2022 |
| Wirtualna Polska | 22 November 2021 | Hold | PLN 159.60 | PLN 147.00 | Emil Popławski | 22 November 2022 |
| PGNIG | 15 November 2021 | Buy | PLN 8.58 | PLN 6.19 | Krzysztof Kozieł | 15 November 2022 |
| Grupa Azoty | 15 November 2021 | Hold | PLN 33.37 | PLN 31.36 | Krzysztof Kozieł | 15 November 2022 |
| Ciech | 15 November 2021 | Buy | PLN 47.75 | PLN 38.10 | Krzysztof Kozieł | 15 November 2022 |
| Medicalgorithmics | 22 October 2021 | n.a. | PLN 23.70 | PLN 18.28 | Łukasz Kosiarski | 22 October 2022 |
| 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 |