The financial system moves scarce funds from savers to borrowers to finance investment and economic growth. It performs key functions like channeling savings into investment, providing liquidity and means of payment, managing risk, and supplying credit. Financial markets allocate resources, distribute income, and determine interest rates, directing the flow of funds. Together the global financial system and markets enable production, consumption and economic development.
These are the slides used during the seminar "Introduction to Technical analysis". Will be blogging more about them in detail in further posts. Check out my blog http://trilokhg.blogspot.com for more.
The London Stock Exchange is located in London, UK and was founded in 1801. It began as brokers and dealers congregating in coffee houses to trade shares and has grown to be one of the largest stock exchanges in the world. The London Stock Exchange has two main markets - the premium listed Main Market that caters to large companies, and the Alternative Investment Market for smaller companies. It lists over 3,000 companies and has a total market capitalization in excess of $10 trillion making it the largest stock exchange in Europe.
The London Stock Exchange (LSE) is located in London and is one of the largest stock exchanges in the world. It was founded in 1698 and now has over 2,600 companies listed on its main market and alternative investment market. The LSE provides companies access to investors through its electronic trading platform and aims to be a highly efficient market. It has several indices that track different segments of listed companies, including the FTSE 100 for large companies and FTSE 250 for mid-sized firms. In 2017, the LSE saw increases in the number and amount of funds raised through initial public offerings compared to 2016.
This document provides an overview of technical analysis and the tools used for short-term forecasting of stock prices and trends. It discusses chart patterns like head and shoulders and double tops/bottoms that indicate reversals, as well as trend lines, triangles, and indicators like MACD that can provide buy and sell signals. Examples are given of each tool using charts of actual stock data to illustrate technical analysis in action.
Novo Industri A/S, a Danish pharmaceutical company, was considering three options to raise capital internationally and lower its cost of capital: 1) issuing convertible bonds, 2) a preemptive rights offering to current shareholders, or 3) a general public offering in London or the US. After analyzing each option's ability to raise funds, reduce costs, ensure success, and maintain shareholder control, the authors recommend a general public offering. Going public internationally would expand Novo's financing options, reduce its domestic bias and capital costs, improve its reputation, and increase its stock price in a way that benefits current shareholders.
The presentation provides an overview of the London Stock Exchange (LSE). It discusses that the LSE is located in London and is the fourth largest stock exchange in the world. It has over 2,400 listed companies and a total market capitalization of $3.3 trillion, making it the largest stock exchange in Europe. The presentation also reviews the key indices traded on the LSE like the FTSE 100, as well as the regulatory authorities and various routes for international companies to access the London market.
Technical analysis is a method of predicting stock price movements by studying past price and volume data. It originated in the 17th century in European markets and was developed further in Asia by Homma Munehisa. In the early 20th century, technical analysis tools were developed and books written to explain the approach. Key pioneers included Dow, Elliott, Gann, Wyckoff, and Williams. Technical analysis differs from fundamental analysis by examining investor psychology and supply/demand rather than earnings or new products. Technicians use charts to identify price patterns and trends and attempt to exploit them when trading.
The financial system moves scarce funds from savers to borrowers to finance investment and economic growth. It performs key functions like channeling savings into investment, providing liquidity and means of payment, managing risk, and supplying credit. Financial markets allocate resources, distribute income, and determine interest rates, directing the flow of funds. Together the global financial system and markets enable production, consumption and economic development.
These are the slides used during the seminar "Introduction to Technical analysis". Will be blogging more about them in detail in further posts. Check out my blog http://trilokhg.blogspot.com for more.
The London Stock Exchange is located in London, UK and was founded in 1801. It began as brokers and dealers congregating in coffee houses to trade shares and has grown to be one of the largest stock exchanges in the world. The London Stock Exchange has two main markets - the premium listed Main Market that caters to large companies, and the Alternative Investment Market for smaller companies. It lists over 3,000 companies and has a total market capitalization in excess of $10 trillion making it the largest stock exchange in Europe.
The London Stock Exchange (LSE) is located in London and is one of the largest stock exchanges in the world. It was founded in 1698 and now has over 2,600 companies listed on its main market and alternative investment market. The LSE provides companies access to investors through its electronic trading platform and aims to be a highly efficient market. It has several indices that track different segments of listed companies, including the FTSE 100 for large companies and FTSE 250 for mid-sized firms. In 2017, the LSE saw increases in the number and amount of funds raised through initial public offerings compared to 2016.
This document provides an overview of technical analysis and the tools used for short-term forecasting of stock prices and trends. It discusses chart patterns like head and shoulders and double tops/bottoms that indicate reversals, as well as trend lines, triangles, and indicators like MACD that can provide buy and sell signals. Examples are given of each tool using charts of actual stock data to illustrate technical analysis in action.
Novo Industri A/S, a Danish pharmaceutical company, was considering three options to raise capital internationally and lower its cost of capital: 1) issuing convertible bonds, 2) a preemptive rights offering to current shareholders, or 3) a general public offering in London or the US. After analyzing each option's ability to raise funds, reduce costs, ensure success, and maintain shareholder control, the authors recommend a general public offering. Going public internationally would expand Novo's financing options, reduce its domestic bias and capital costs, improve its reputation, and increase its stock price in a way that benefits current shareholders.
The presentation provides an overview of the London Stock Exchange (LSE). It discusses that the LSE is located in London and is the fourth largest stock exchange in the world. It has over 2,400 listed companies and a total market capitalization of $3.3 trillion, making it the largest stock exchange in Europe. The presentation also reviews the key indices traded on the LSE like the FTSE 100, as well as the regulatory authorities and various routes for international companies to access the London market.
Technical analysis is a method of predicting stock price movements by studying past price and volume data. It originated in the 17th century in European markets and was developed further in Asia by Homma Munehisa. In the early 20th century, technical analysis tools were developed and books written to explain the approach. Key pioneers included Dow, Elliott, Gann, Wyckoff, and Williams. Technical analysis differs from fundamental analysis by examining investor psychology and supply/demand rather than earnings or new products. Technicians use charts to identify price patterns and trends and attempt to exploit them when trading.
The document provides an overview of Walmart, including its history, divisions, stock information, mission and vision statements, external opportunities and threats, internal strengths and weaknesses, and strategic analysis using various frameworks. It discusses Walmart's founding in the 1960s, expansion over the decades, current segments like stores, supercenters, and Sam's Club. Key people, facts, and historical events are outlined. Financial data and charts on stock performance are presented.
Analysis of Selected stocks by using ARIMA Modelnandu makham
The article is about Sharekhan and Analysis of Selected stocks by using ARIMA Model. And i selected cement industry. i selected top 5 cement company in India.
http://www.options-trading-education.com/6822/basic-options-trading-tools/
Basic Options Trading Tools
A beginning options trader needs to obtain and develop tools and skills necessary for options trading. Today online options trading allows a trader to access markets from his own trade station, using sophisticated software, a fast computer, and a high band width internet connection. In order to make money trading options, traders need to study the fundamentals of the stocks, commodities, or currency pairs that underlie the options contracts that they trade. Then they need to keep abreast of market sentiment using technical analysis tools. The basic options trading tools that we are concerned about in this writing are the fundamental and technical analysis tools that allow an options trader to make sense of the market. These are the basic options trading tools that can routinely lead to profits in buying and selling puts and calls on stocks, commodity futures, and currency pairs.
The Basics of Making Money Trading Options
What are the basic options trading tools for finding and executing a profitable option trade? Discipline and hard work will always serve the options trader well. A smart trader develops an options trading plan, sticks to it when he is making money, and modifies it when he needs to. He avoids acting like a gambler but rather approaches the business of trading options as, a business. He looks for opportunity in volatile markets, carefully analyzes fundamentals in search of information that the general market has missed, and buys cheap options that come into the money with time. A smart options trader seeks to make more money in good trades than he loses in bad trades. He avoids the psychological pit falls of greed and panic and learns to trade with equanimity even when markets are in chaos. Using these basic options trading tools he will buy calls to lock in opportunity and use puts to preserve stock gains.
Analyzing Equities
Long ago, after the stock market crash that ushered in the Great Depression of the 1930’s, investors learned to use the concept of intrinsic value in assessing investment opportunity. This concept, originally applied to stocks, is useful in assessing the prospects of both investing in and trading in other markets...
This document discusses the determination of forward and futures prices. It introduces the concepts of investment assets versus consumption assets and explains how short selling works. It then provides the basic formulas for relating the forward or futures price to the spot price based on interest rates. The formulas are adapted for assets that pay income or have storage costs. Arbitrage opportunities that can arise when the theoretical relationship between spot and forward/futures prices does not hold are also discussed.
Chapter9 International Finance ManagementPiyush Gaur
This document provides solutions to questions and problems related to managing economic exposure from a chapter on the topic. [1] It defines economic exposure as the possibility that a firm's cash flows and market value may be affected by unexpected exchange rate changes. [2] It explains different types of exposure a firm may face, ways to measure exposure, and strategies to mitigate exposure through hedging or operational changes. [3] The solutions analyze several examples of firms facing exchange rate risk and recommend approaches to reduce their exposure like hedging with forward contracts or diversifying markets.
Dochód i ryzyko portfela dwuskładnikowego, zależność pomiędzy korelacją stóp zwrotu aktywów a odchyleniem standardowym stopy zwrotu portfela, budowa portfeli o zerowym lub minimalnym ryzyku
This document provides an overview of treasury management functions including integrated treasury, front office, mid office, and back office responsibilities. It also summarizes various money market instruments like certificates of deposit, commercial paper, treasury bills, and call money markets. Key concepts around treasury risk management like CRR, SLR, yield curves, and VaR are defined. Foreign exchange rate quotations and principles are also briefly covered.
The best swing trading strategies are the ones that allow you to trade and profit from your beliefs about the market. I have added some of the most popular swing trading indicators as a guide for you to explore. The swing trading indicators listed here focus on trend trading, volatility, and overbought/oversold conditions.
The document discusses currency option strategies for speculating on movements in exchange rates. It defines call and put options and describes how an investor named Barry Egan could use them to speculate on the Japanese yen. It then explains a long strangle strategy where Barry buys an out-of-the-money call and put on yen with the same expiration date. The strategy has break-even points above and below which Barry would profit if the yen rate moves, with unlimited upside beyond the break-evens.
Growth hacking-in-ecommerce. Zalando & ASOS casesHenri ISAAC
This presentation deals with the growth issue in e-commerce. It describes two different strategies implemented by two leading european fashion e-commerce company Zalando and Asos. Business model analysis, but also, internationalization, financial perspective included
The financial system channels savings from those who save to those who borrow to invest and grow the economy. It performs important functions like providing liquidity, credit, and risk protection. There are different types of financial markets, including money markets for short term loans, capital markets for long term financing, primary markets for new securities, and secondary markets for trading existing securities.
http://www.marketgeeks.com/support-and-resistance-trading/ Download Your Free Swing Trading Report Today. Support and resistance trading is a great way for beginners to get their feet wet. Learn basic principles of trading that will help you increase your profits and decrease your losers.
The aim of this presentation is to help build a better understanding of Forex trading and guide you through the necessary steps needed to become a responsible and successful trader in the foreign exchange market.
This document provides an overview of chapter 15 from the textbook "Financial Markets and Institutions". The chapter discusses the foreign exchange market and factors that influence exchange rates. It begins with an introduction to the foreign exchange market and currencies traded. It then covers exchange rates in the long run and short run, using concepts like purchasing power parity and interest rate parity. The chapter analyzes how exchange rates are determined by supply and demand in markets. It also examines factors that can cause exchange rates to fluctuate, such as changes in interest rates, inflation expectations, and macroeconomic performance between countries.
Technical analysis is a method for estimating future security prices based on historical price and volume data. It assumes market psychology repeats and that data can predict buyer and seller behavior. Charts like candlestick are used to analyze trends, support/resistance levels, and retracements. The golden rule is to trade with the prevailing trend: buy in uptrends, sell in downtrends, and avoid trading in sideways trends.
The document discusses Value at Risk (VaR), a metric used to measure and manage financial risk. It provides an introduction to VaR and outlines several key concepts, including: reasons for VaR's widespread adoption; calculating VaR for single and multiple assets; assumptions underlying VaR calculations; and approaches to estimating VaR for linear and non-linear derivatives. It also covers converting daily VaR to other time periods, factors affecting portfolio risk, and stress testing as a complement to VaR analysis.
1. Derivatives are financial instruments whose value is based on an underlying asset such as a stock, currency, or commodity. Examples include futures, forwards, swaps, and options.
2. Derivatives play a key role in transferring risk between parties. They are traded both over-the-counter between private parties and on exchanges.
3. There are several reasons for using derivatives, including hedging risk exposures, speculation, arbitrage, and adjusting investment exposures. Proper controls are needed to ensure they are used for their intended purpose.
This document provides an overview and preview of Chapter 2 from the textbook "Financial Markets and Institutions". It discusses the role of the financial system in channeling funds from savers to borrowers through both direct finance in financial markets and indirect finance using financial intermediaries. It previews topics that will be covered in the chapter, including the functions of financial markets and intermediaries, the structure and internationalization of financial markets, and the types of financial intermediaries.
Dow Theory Is The Most Successful Hypothesis On How The Price Action On The Stock Market Operates. If You Understand It Your Probability Of Investment Success Will Increase 10 Fold.
This document discusses money markets and various money market instruments. It provides details on treasury bills, federal funds, repurchase agreements, commercial paper, negotiable certificates of deposit, and banker's acceptances. It defines key terms like discount yields and discusses how interest rates are calculated for different money market instruments. Sample calculations are provided. The roles of various participants in money markets are also outlined.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q2 2022FORDATA VDR
In the second quarter of 2022, we recorded as many as 89 M&A transactions, which is the highest result for this period in the history of the report: 7 more than in the corresponding quarter of the previous year and 3 more than at the beginning of this year. Therefore, we can already expect a high end-year result, also due to the forecasts of some experts about a possible increase in the distressed assets.
The document provides an overview of Walmart, including its history, divisions, stock information, mission and vision statements, external opportunities and threats, internal strengths and weaknesses, and strategic analysis using various frameworks. It discusses Walmart's founding in the 1960s, expansion over the decades, current segments like stores, supercenters, and Sam's Club. Key people, facts, and historical events are outlined. Financial data and charts on stock performance are presented.
Analysis of Selected stocks by using ARIMA Modelnandu makham
The article is about Sharekhan and Analysis of Selected stocks by using ARIMA Model. And i selected cement industry. i selected top 5 cement company in India.
http://www.options-trading-education.com/6822/basic-options-trading-tools/
Basic Options Trading Tools
A beginning options trader needs to obtain and develop tools and skills necessary for options trading. Today online options trading allows a trader to access markets from his own trade station, using sophisticated software, a fast computer, and a high band width internet connection. In order to make money trading options, traders need to study the fundamentals of the stocks, commodities, or currency pairs that underlie the options contracts that they trade. Then they need to keep abreast of market sentiment using technical analysis tools. The basic options trading tools that we are concerned about in this writing are the fundamental and technical analysis tools that allow an options trader to make sense of the market. These are the basic options trading tools that can routinely lead to profits in buying and selling puts and calls on stocks, commodity futures, and currency pairs.
The Basics of Making Money Trading Options
What are the basic options trading tools for finding and executing a profitable option trade? Discipline and hard work will always serve the options trader well. A smart trader develops an options trading plan, sticks to it when he is making money, and modifies it when he needs to. He avoids acting like a gambler but rather approaches the business of trading options as, a business. He looks for opportunity in volatile markets, carefully analyzes fundamentals in search of information that the general market has missed, and buys cheap options that come into the money with time. A smart options trader seeks to make more money in good trades than he loses in bad trades. He avoids the psychological pit falls of greed and panic and learns to trade with equanimity even when markets are in chaos. Using these basic options trading tools he will buy calls to lock in opportunity and use puts to preserve stock gains.
Analyzing Equities
Long ago, after the stock market crash that ushered in the Great Depression of the 1930’s, investors learned to use the concept of intrinsic value in assessing investment opportunity. This concept, originally applied to stocks, is useful in assessing the prospects of both investing in and trading in other markets...
This document discusses the determination of forward and futures prices. It introduces the concepts of investment assets versus consumption assets and explains how short selling works. It then provides the basic formulas for relating the forward or futures price to the spot price based on interest rates. The formulas are adapted for assets that pay income or have storage costs. Arbitrage opportunities that can arise when the theoretical relationship between spot and forward/futures prices does not hold are also discussed.
Chapter9 International Finance ManagementPiyush Gaur
This document provides solutions to questions and problems related to managing economic exposure from a chapter on the topic. [1] It defines economic exposure as the possibility that a firm's cash flows and market value may be affected by unexpected exchange rate changes. [2] It explains different types of exposure a firm may face, ways to measure exposure, and strategies to mitigate exposure through hedging or operational changes. [3] The solutions analyze several examples of firms facing exchange rate risk and recommend approaches to reduce their exposure like hedging with forward contracts or diversifying markets.
Dochód i ryzyko portfela dwuskładnikowego, zależność pomiędzy korelacją stóp zwrotu aktywów a odchyleniem standardowym stopy zwrotu portfela, budowa portfeli o zerowym lub minimalnym ryzyku
This document provides an overview of treasury management functions including integrated treasury, front office, mid office, and back office responsibilities. It also summarizes various money market instruments like certificates of deposit, commercial paper, treasury bills, and call money markets. Key concepts around treasury risk management like CRR, SLR, yield curves, and VaR are defined. Foreign exchange rate quotations and principles are also briefly covered.
The best swing trading strategies are the ones that allow you to trade and profit from your beliefs about the market. I have added some of the most popular swing trading indicators as a guide for you to explore. The swing trading indicators listed here focus on trend trading, volatility, and overbought/oversold conditions.
The document discusses currency option strategies for speculating on movements in exchange rates. It defines call and put options and describes how an investor named Barry Egan could use them to speculate on the Japanese yen. It then explains a long strangle strategy where Barry buys an out-of-the-money call and put on yen with the same expiration date. The strategy has break-even points above and below which Barry would profit if the yen rate moves, with unlimited upside beyond the break-evens.
Growth hacking-in-ecommerce. Zalando & ASOS casesHenri ISAAC
This presentation deals with the growth issue in e-commerce. It describes two different strategies implemented by two leading european fashion e-commerce company Zalando and Asos. Business model analysis, but also, internationalization, financial perspective included
The financial system channels savings from those who save to those who borrow to invest and grow the economy. It performs important functions like providing liquidity, credit, and risk protection. There are different types of financial markets, including money markets for short term loans, capital markets for long term financing, primary markets for new securities, and secondary markets for trading existing securities.
http://www.marketgeeks.com/support-and-resistance-trading/ Download Your Free Swing Trading Report Today. Support and resistance trading is a great way for beginners to get their feet wet. Learn basic principles of trading that will help you increase your profits and decrease your losers.
The aim of this presentation is to help build a better understanding of Forex trading and guide you through the necessary steps needed to become a responsible and successful trader in the foreign exchange market.
This document provides an overview of chapter 15 from the textbook "Financial Markets and Institutions". The chapter discusses the foreign exchange market and factors that influence exchange rates. It begins with an introduction to the foreign exchange market and currencies traded. It then covers exchange rates in the long run and short run, using concepts like purchasing power parity and interest rate parity. The chapter analyzes how exchange rates are determined by supply and demand in markets. It also examines factors that can cause exchange rates to fluctuate, such as changes in interest rates, inflation expectations, and macroeconomic performance between countries.
Technical analysis is a method for estimating future security prices based on historical price and volume data. It assumes market psychology repeats and that data can predict buyer and seller behavior. Charts like candlestick are used to analyze trends, support/resistance levels, and retracements. The golden rule is to trade with the prevailing trend: buy in uptrends, sell in downtrends, and avoid trading in sideways trends.
The document discusses Value at Risk (VaR), a metric used to measure and manage financial risk. It provides an introduction to VaR and outlines several key concepts, including: reasons for VaR's widespread adoption; calculating VaR for single and multiple assets; assumptions underlying VaR calculations; and approaches to estimating VaR for linear and non-linear derivatives. It also covers converting daily VaR to other time periods, factors affecting portfolio risk, and stress testing as a complement to VaR analysis.
1. Derivatives are financial instruments whose value is based on an underlying asset such as a stock, currency, or commodity. Examples include futures, forwards, swaps, and options.
2. Derivatives play a key role in transferring risk between parties. They are traded both over-the-counter between private parties and on exchanges.
3. There are several reasons for using derivatives, including hedging risk exposures, speculation, arbitrage, and adjusting investment exposures. Proper controls are needed to ensure they are used for their intended purpose.
This document provides an overview and preview of Chapter 2 from the textbook "Financial Markets and Institutions". It discusses the role of the financial system in channeling funds from savers to borrowers through both direct finance in financial markets and indirect finance using financial intermediaries. It previews topics that will be covered in the chapter, including the functions of financial markets and intermediaries, the structure and internationalization of financial markets, and the types of financial intermediaries.
Dow Theory Is The Most Successful Hypothesis On How The Price Action On The Stock Market Operates. If You Understand It Your Probability Of Investment Success Will Increase 10 Fold.
This document discusses money markets and various money market instruments. It provides details on treasury bills, federal funds, repurchase agreements, commercial paper, negotiable certificates of deposit, and banker's acceptances. It defines key terms like discount yields and discusses how interest rates are calculated for different money market instruments. Sample calculations are provided. The roles of various participants in money markets are also outlined.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q2 2022FORDATA VDR
In the second quarter of 2022, we recorded as many as 89 M&A transactions, which is the highest result for this period in the history of the report: 7 more than in the corresponding quarter of the previous year and 3 more than at the beginning of this year. Therefore, we can already expect a high end-year result, also due to the forecasts of some experts about a possible increase in the distressed assets.
Mergers and Acquisitions in Poland, Q3 2019. In the third quarter of 2019, we observed a much lower volume of mergers and acquisitions than in the corresponding period of previous years. It was made up of only 33 transactions (for comparison: 51 in the third quarter of 2018 and 42 in the third quarter in 2017).
The document is a quarterly report on mergers and acquisitions (M&A) in Poland for Q3 2021. It summarizes 12 notable M&A transactions that occurred during the quarter, including the largest transaction which was Play Communications' acquisition of telecom operator UPC Polska for EUR 1.525 billion. It also provides an overview of M&A activity in Poland for the quarter by sector and details about the report itself.
The first quarter of 2016 saw significantly fewer M&A transactions in Poland than the last quarter of 2015, with only 46 deals completed compared to 77 previously. This downturn may have been caused by unfavorable market and political conditions. The largest deal was Bridgepoint Europe's acquisition of Smyk Group for EUR 244 million. Private equity and venture capital funds were highly active, representing 35% of sell-side deals and 15% of buy-side deals. Target companies predominantly came from the IT, media and telecommunications sectors.
Summary of 2019 on the Polish M&A market - ReportFORDATA VDR
The document is a report on mergers and acquisitions (M&A) in Poland in 2019. Some of the key details summarized are:
- There were 179 M&A transactions in Poland in 2019, 20 less than the previous year.
- The largest transaction was the acquisition of DCT Gdansk S.A. by a group of investors including the Polish Development Fund, for approximately 1.16 billion Euros.
- By sector, the largest number of deals involved companies in media/IT/telecom, industry, FMCG, and biotech/medical.
The document summarizes mergers and acquisitions in Poland in 2020. There were 229 transactions totaling EUR 2.29 billion. The largest was Iliad SA's acquisition of Play Communications from Tollerton Investments for EUR 2.29 billion. The document provides details on several other significant M&A transactions in Poland in 2020 across various industries such as telecommunications, food, logistics, and more. It also includes statistics on M&A activity by sector.
The document summarizes M&A activity in Poland during the second quarter of 2015. There were 54 transactions, similar to the previous quarter. Media, telecommunications, and IT companies were popular targets. Notable deals included AGC Automotive acquiring NordGlass, AnaCap acquiring FM Bank PBP, and Cargill acquiring Dossche. PE/VC funds were the most active buyers, making up 20% of deals. Most deals were valued at under PLN 100 million. PZU's acquisition of a 25.3% stake in Alior Bank for EUR 396 million was a significant transaction. Overall, the level of M&A activity in Poland remained high compared to previous periods.
The fourth quarter of 2015 saw a record number of 77 M&A deals completed in Poland, up from 66 in the previous quarter. The targets were primarily service sector companies as well as media, IT, and telecom firms. The largest deal was Enea Energy Group's acquisition of LW Bogdanka for EUR 349 million. Private investors remained the main sellers as the succession trend continued in Poland. Overall, 2015 set new records for global M&A activity, though political uncertainty weighed on the Polish stock market in the fourth quarter.
62 M&A transactions took place in Poland, 3 more than the same period the previous year. The largest transaction was PKN Orlen's acquisition of a 37% stake in Czech oil company Unipetrol for approximately EUR 1 billion. Over half of transaction sellers were private investors, indicating ongoing interest in Polish SMEs. Experts expect continued M&A activity in Poland in 2019 supported by low interest rates and economic growth.
M&A Index Poland Report - summary of 2016FORDATA VDR
We invite you to read the next edition of the M&A Index Poland Report - summary of 2016, prepared by Mrs. Alicja Kukla-Kowalska - FORDATA expert and Mr. Jan Kospin from Navigator Capital.
The summary of the record-breaking year 2021 on Polish Mergers & Acquisitions market. Expert commentaries, sector analysis, descriptions of the most interesting deals inside.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q3 2022FORDATA VDR
In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter - by approx. 16 pp. However, the second quarter was a record period. 74 transactions recorded in Q3 are therefore still a high result, which in the yoy perspective is approx. 8% higher. The uncertainty caused by the rise in inflation, interest rates and energy commodity prices, as well as the war in Ukraine, did not put the mergers and acquisitions on hold, as was the case at the peak of the pandemic. What was the transaction structure in the analyzed period?
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consulting
firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
High attractiveness of Polish companies from the SME sector
Private entrepreneurs still sell the most
PE Funds still searching for interesting assets
Poland as one of the most attractive markets in the CEE region
Report #MnAIndexPoland - Mergers and Acquisitions in Poland, Q2 2019FORDATA VDR
The second quarter of 2019 ended with a total of 63 transactions on the Polish M&A market, amounting to over 36% increase compared to the first quarter (46 transactions).
The document summarizes mergers and acquisitions that took place in Poland in 2015, as reported by Navigator Capital & FORDATA. It provides details on several notable M&A transactions, including the acquisition of TVN by Scripps Networks Interactive for EUR 584 million; PZU's acquisition of a 25.3% stake in Alior Bank for EUR 396 million; and CVC Capital Partners' acquisition of PKP Energetyka from Polskie Koleje Państwowe for EUR 476 million. Over 220 deals were reported in 2015 with private investors most active as sellers and PE/VC funds most active as buyers.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
The document summarizes potential M&A opportunities in the technology sector for March 2015 based on publicly available information. Key opportunities include:
- Verizon and AT&T planning asset sales worth over $15B and $2B respectively.
- PTC Inc. being viewed as a potential takeover target for telecom and industrial companies seeking exposure to industrial IoT.
- General Dynamics considering the sale of its cyber security business Fidelis for around $200M.
As Central and Eastern European economies found the growing inflation crisis in early 2022 a major obstacle, the biggest uncertainty came with the unprovoked Russian attack on Ukraine. The increasingly unfavourable conditions have resulted in a decline in M&A activity, but not everywhere, and not to the same extent.
Raport Fuzje i Przejęcia w Polsce, rok 2020FORDATA VDR
To był dobry czy zły rok dla polskiego rynku M&A? FORDATA oraz Navigator Capital podsumowują rok 2020, dostarczając analizy, statystyki i opisy najciekawszych transakcji.
Quarter after quarter, we will invite local experts in different fields of economy and ask them to present their individual, professional take on the current situation in CEE region, and to share their hopes and expectations. Our goal is to collect a varied array of thoughts and commentaries on the CEE economy that will serve as a kaleidoscopic record of market reality, rather than be a periodic, data-centred analysis. We believe that in this way we can help build a more relatable and engaging platform for dialogue, which will also go beyond the pages of this publication.
Raport Fuzje i Przejęcia w Polsce, 3 kw. 2020FORDATA VDR
Lato było pełne zaskoczeń w branży M&A, a liczba transakcji przerosła najśmielsze oczekiwania. Które sektory były najbardziej aktywne w minionym kwartale? Co wpłynęło na taki rezultat? Jakie są prognozy na nadchodzące miesiące? Przeczytajcie raport już teraz!
Fuzje i przejęcie w Polsce w 1 kwartale 2020 r.FORDATA VDR
Koronawirus zaskoczył polską gospodarkę. Czy pandemia COVID-19 przekreśliła plany inwestorów? Raport zawiera opisy najciekawszych transakcji od stycznia-marca 2020, a także komentarze ekspertów.
Raport roczny - Fuzje i przejęcia w Polsce w roku 2019FORDATA VDR
W 2019 roku (stan na 12 grudnia) miało miejsce 179 transakcji fuzji i przejęć. To o 20 mniej niż w tym samym okresie w roku ubiegłym. Spadek jest wyraźny, choć nie zaskakujący w kontekście globalnego spowolnienia gospodarczego. Na połowę wszystkich sprzedających złożyły się podmioty prywatne (50%), przy czym największym zainteresowaniem inwestorów cieszyły się spółki z branży przemysłowej (25 transakcji) oraz sektor IT/Media/Telcom, który utrzymał pierwszą pozycję w relacji do 2018 roku. Wciąż to właśnie ta branża konsoliduje się najaktywniej.
W trzecim kwartale 2019 roku zaobserwowaliśmy dużo niższy wolumen transakcji fuzji i przejęć niż w analogicznym okresie w ubiegłych latach. Złożyły się na niego zaledwie 33 transakcje (dla porównania 51 w 3 kw. 2018, 42 w 3 kw. 2017).
Raport kwartalny Fuzje i przejęcia w Polsce - 2 kwartał 2019FORDATA VDR
Drugi kwartał 2019 roku zakończył się bilansem 63 transakcji na polskim rynku M&A, czyli ponad 36% wzrostem w stosunku do pierwszego kwartału (46 transakcji). Łącznie wzrost półroczny w stosunku do analogicznego okresu roku 2018 wyniósł 11%. Rynek jest rozdrobniony i atrakcyjny dla inwestorów zagranicznych.
Raport M&A Index Poland to pozycja, która
na stałe wpisała sie w kalendarz branzowych
podsumowan w Polsce. Raporty przygotowywane
sa co kwartał przez firme doradcza
Navigator Capital oraz firme FORDATA, lidera
w zakresie rozwiazan IT wspierajacych fuzje
i przejecia.
Zgodnie z danymi na dzień 12.12, w roku 2018 przeprowadzono w Polsce w sumie 199 transakcji fuzji i przejęć, to ok. 2,5% niż w analogicznym okresie w 2017 roku. Wprawdzie nie pobijemy już rekordu z roku 2015 roku (kiedy odnotowano 247 transakcji), jednak trend jest stabilny. Przewidujemy, że do końca roku ilość transakcji może jeszcze wzrosnąć o 10%. Ponad połowę wszystkich sprzedających stanowili przedsiębiorcy prywatni. Zarówno po stronie podmiotów przejmowanych, jak i kupujących, duży udział miały transakcje z sektora Media/IT/Telecom.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
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Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
M&A Index Poland Report - 2022
1. M&A Index Poland
M&A in 2022
Experts’ comments to the 46th
edition of the report can be found on the website:
fordatagroup.com/blog
Prepared by Navigator Capital & FORDATA
Prepared by Navigator Capital & FORDATA
2. Introduction
Selected transactions
In 2022, 341 transactions were recorded on the Polish market, 13 more than a year ago.
The largest among them was the acquisition of Lotos Paliwa by MOL for the amount
exceeding PLN 2.5 billion.
341(2022)
EUR 548 m
Total number of transactions*
The largest transaction**
(Acquisition of 100% of shares
of Lotos Paliwa by MOL)
* based on public data
** among transactions with disclosed prices
About the report:
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consul-
ting firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
These reports are created to monitor the
dynamics of Polish M&A market and to
demonstrate the most interesting transac-
tions. We also monitor the frequency
of use of the Virtual Data Room during M&A
processes in Poland.
(January 12) In the first days of the year, the most famous of the M&A transactions complet-
ed in Poland was announced. Due to the fact that the merger between Orlen and Lotos
threatened excessive market concentration, it became necessary to sell some of the assets
of the company located in Gdańsk. Shares in five of Lotos' subsidiaries were sold to foreign
buyers, as well as fuel base assets, which went to Unimot. In addition to meeting the require-
ments to receive merger approvals, the transaction allowed for Orlen's foreign expansion,
with Orlen committing to purchase 185 MOL stations in Slovakia and Hungary. The agree-
ment with Saudi Aramco is also considered a strategic move, which will reduce the need to
import oil from the Russian Federation.
Not disclosed
Target Bidder Seller Value [EUR]
Lotos MOL, Saudi Aramco,
Unimot, Rossi Biofuel Zrt
Lotos Group
(February 2) Private equity fund MCI Capital, recognized as a leading financial investor in
technology companies in the CEE region, has acquired a 55% stake in eSKY, an airline ticket
booking platform. The amount of EUR 34 million consists of the purchase of shares from the
current owners for PLN 137.7 million and the subscription of a new issue for an estimated
PLN 20 million. The purchase of the stake in the company, which is one of the major players
in its industry in the Central and Eastern European region and has begun expanding abroad
in Africa and Asia, was to allow the fund to use the competencies gained from its investment
in another travel company, Travelata, to build a local leader. The transaction was conducted
with the use of FORDATA Virtual Data Room.
34m
Target Bidder Seller Value [EUR]
eSKY MCI Capital Private Investor
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
3. By sector
Transactions with the participation of Polish
companies grouped by sectors
(by number of transactions)
SELLER (%)
TARGET (%)
BIDDER (%)
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
19% Media/IT/Telecom
11% Biotech/Medical
11% PE/VC
8% Energy
Others
4% Energy
67% Private investor
10% PE/VC
Others
23% Media/IT/Telecom
12% Biotech/Medical
9% Industry
8% Energy
Others
(February 26) The most active buyer in the first quarter was SoftwareMind, an IT company
owned by the private equity fund Enterprise Investors and Ailleron, listed on the Warsaw
Stock Exchange. With the support of a financial investor, the development strategy launched
last year was continued through acquisitions. It was decided to diversify geographically
- transactions were made not only in Poland, but also in Romania, the United States and
Argentina. In the case of Virtual M and The Big Three 912, the acquisition concerned
70% of shares, while in the case Chmurowiska, operating in the IoT industry and providing
cloud services, 59.01% was acquired.
(2 March) Growag, a Polish manufacturer of railway car accessories, including seats, has
become the investment target of Recaro, a German manufacturer of airplane and gaming
seats. The cooperation is aimed at expanding the know-how and creating a base for innova-
tion for the buyer, as well as the growth and global expansion of Growag, which will remain
an independent brand within the buyer’s group. Growag specializes in the production of
durable and light seats, popular especially on the Eastern European market. The company
joined the group whose consolidated sales in 2020 amounted to over EUR 300 million. The
transaction was carried out using the FORDATA Virtual Data Room system.
Not disclosed
Target Bidder Seller Value [EUR]
Growag Recaro Private Investor
Not disclosed
Target Bidder Seller Value [EUR]
Code Factory
Consulting Group,
Virtual Mind,
Virtual M,
The Big Three 912,
Chmurowisko
Software Mind Private Investor
(March 3) Known on the European market, Stella Pack, a Polish manufacturer of household
goods based on its own environmental patents, incl. garbage bags made of regranulate,
joined the Sarantis Group based in Athens, the owner of, among others Sarantis Polska. The
acquisition, covering 100% of the share capital, will allow the group to strengthen its position
in the Eastern European market and to use ecological solutions and the experience of Stella
Pack there. The transaction was carried out using the FORDATA Virtual Data Room system.
Not disclosed
Target Bidder Seller Value [EUR]
Stella Pack Sarantis Private Investor
4. (June 6) Voestalpine Railway Systems, a global producer and leader in the sale of tools and
special steels as well as welding articles, takes over Plastwil, a Polish plastics and steel
processor operating in the railway, household appliances and automotive industries. The
proceeding is of a consolidative character. Plastwil has been on the market since 1983. The
company employs over 400 people, providing products and solutions in Poland and on
foreign markets. The transaction process was carried out in the FORDATA Virtual Data
Room system.
Not disclosed
Target Bidder Seller Value [EUR]
Plastwil Voestalpine Railway
Systems
Private Investor
(April 26) As in previous periods, WSE-listed Vercom showed activity in the M&A market. In
contrast to previous transactions aimed at strengthening the company's position in the
CPaaS market in the Central and Eastern European region, the MailerLite acquisition enables
growth in new geographic areas, North America and Western Europe. After the process is
completed, the Group will have a base of 57,000 customers in 180 countries. The transac-
tion was valued at EUR 84.13 million, and the amount was financed by taking out a bank
loan, using part of the proceeds from last year's IPO, as well as Vercom's shareholders taking
up shares in the acquired entity. MailerLite's 2021 revenue is expected to be around PLN 53
million, maintaining a high growth rate.
84 m
Target Bidder Seller Value [EUR]
MailerLite Vercom Itama Ventures
(May 30) In 2022, we were dealing with the delisting of the only company based in the Warmi-
an-Masurian Voivodeship from the Warsaw Stock Exchange. Krynicki Recykling, whose main
activity is glass processing, has become the target of acquisition by SCR Sibelco - a Belgian
strategic investor also present on the markets of France, Italy and Great Britain. It is worth
noting that the buyer's operating activities are largely diversified, and apart from glass produc-
ers, its customers are construction companies and polymer producers. The price per share of
Krynicki Recykling was set in the tender offer at PLN 23, which implied the company's market
capitalization at PLN 400m. 93.8% of shareholders responded to the offer.
80 m
Target Bidder Seller Value [EUR]
Krynicki Recykling SCR Sibelco Public investor
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
5. (June 21) Avallon was particularly active on the M&A market in 2022. A private equity fund
specializing in management buyouts participated in the transactions both as the seller
(Stangl Technik, Novo Tech and CEKO) and as the buyer. Two acquisitions were announced
in the first half of the year. The first concerned Hortimex, a company operating on the
market of food additives, while the second was the acquistion of Globema, provider of
software for network assets. The fund took over the majority of shares, and the company's
managers also participated in the transaction. Avallon informed that it plans to implement
further M&A processes in the near future.
Not disclosed
Target Bidder Seller Value [EUR]
Globema Avallon Private Investor
(July 21) The Polish spirits market has recently undergone further consolidation processes.
Stock Spirits, supported by financial investor in the form of CVC Capital Partners, decided to
increase its scale of operations through acquisitions. The takeover target was Polmos
Bielsko-Biała, owning the portfolio of brands such as Biały Bocian, Ogiński, Extra Żytnia and
Advocaat. Polmos is present on the European Union market, as well as in the United States
and Australia. It ended 2021 with a net profit of over PLN 60 million. The acquisition should
contribute not only to cost synergies, but also revenue synergies, as the buyer may use its
experience and corporate structure to successfully introduce Polmos alcohols to new
foreign markets.
Not disclosed
Target Bidder Seller Value [EUR]
Polmos
Bielsko-Biała
Stock Spirits Private Investor
(August 12) The Empik Group, which manages over 300 stores and generates approximately
PLN 2.1 billion in annual revenues, changed its ownership structure. However, the acquisi-
tion should not have a significant impact on the entity's operating activities. 51% of shares
were purchased by the company's long-time president, Ewa Szmidt-Bielcarz, from the
private equity fund Penta Investments in the form of a management buyout. Nevertheless,
the transaction with undisclosed value does not mean a gradual disinvestment of Penta
Investments in Empik. In a media release, the fund announced that over the next four years
it will participate in financing of further organic development and transformation of the
entity towards the market leader position in the distribution of books and CDs
in the e-commerce channel in Poland.
Not disclosed
Target Bidder Seller Value [EUR]
Empik Private Investor Penta Investments
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
6. China Central and Eastern
Europe Investment
Co-Operation Fund
(September 9) Another entity from China has appeared on the Polish municipal waste
management market. A private equity fund formally registered in Luxembourg has acquired
the leader of the municipal waste market in the territory of Lublin from another financial
investor. The company with approximately 400 employees had been in the portfolio of the
Value4Capital fund, focusing on transactions in the region of Central and Eastern Europe
since 2018. In 2021, Kom-Eko generated approx. PLN 190 million in revenues, and EBITDA
was close to PLN 70 million.
Not disclosed
Target Bidder Seller Value [EUR]
Kom-Eko Value4Capital
(October 25) The Inelo Group, a local leader in telematics services specializing in the
provision of truck fleet and driver time management equipment, has become the subject of
an acquisition of Eurowag, one of the European market leaders based in the Czech Republic
and listed on the LSE in London. The transaction is of strategic importance to Eurowag, due
to the fact that it allows it to expand its product portfolio and supports growth in new
geographic markets, as the Inelo Group was present in 16 European markets. It should also
be remembered that in the trucking services industry, the Polish market is one of the key
ones, so the acquisition of its leader may significantly affect Eurowag's position in Central
and Eastern Europe. The authorities of both the acquired company and the acquiring
company said in a press release that in the near future they will focus on the possibility of
offering customers the widest possible range of services. The exact value of the transaction
was not disclosed - a press release from Innova Capital, owner of the Inelo Group since
2018, only mentioned that it exceeded EUR 300 million.
> 300 m
Target Bidder Seller Value [EUR]
Grupa Inelo Eurowag Innova Capital
(November 2) Miropasz, one of the leading players in the Polish animal waste processing
market, has become an acquisition target of Darling Ingredients, a NYSE-listed global player
responsible for about 15% of the global market. The acquisition, which is expected to close
in 2023, is the next step in Darling Ingredients' increasing exposure to the distinctive attrac-
tiveness of the Polish market, where most of Europe's poultry meat is produced. Miropasz is
the owner of three production facilities located in the south of Poland, while Darling Ingredi-
ents' expansion in our country to date has mainly covered the northern regions, where three
facilities have been located.
110 m
Target Bidder Seller Value [EUR]
Miropasz Darling Ingredients Private Investor
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
7. (November 17) The owner of the New Hospital Group (Grupa Nowy Szpital Holding), which
manages ten medical facilities, has decided to sell its shares to Penta Investments, a private
equity fund with Czech capital. The Company's IPO was also considered in the past, but the
project was abandoned. The fund, which was already under the spotlight for a high-profile
transaction earlier this year, reducing its equity involvement in Empik, has many years of
experience in the medical industry, having started in 2002 with the acquisition of the Slovak
company Dovera. This is the fund's next investment in the industry in Poland, following the
acquisition of EMC Medical Institute in 2013. The deal allowed Penta to double the number
of controlled hospitals in Poland.
Not disclosed
Target Bidder Seller Value [EUR]
New Hospital Group Penta Investments Private Ianvestor
(November 29) Suwary's main shareholder, Walter Kuskowski, has sold his majority stake in
the Company to Plast-Box, an industry entity that until recently was a listed company itself.
It is interesting to note that, although both companies are involved in the production of
plastic components, they operate in slightly different market segments. Plast-Box focuses
primarily on the food and chemical industries, supplying plastic packaging, while Suwary's
main customer is the automotive industry, which they supply with first aid kits, warning
triangles and canisters. The acquisition is therefore complementary, opening Plast-Box up to
new market segments. It is expected that in the future Plast-Box will decide to launch a
tender offer for the remaining outstanding shares.
21 m
Target Bidder Seller Value [EUR]
Suwary
(65.9% of shares)
Plast-Box Private Ianvestor
(December 1) Following the UOKiK's approval of the concentration, what is likely to be the
largest-ever transaction in the Polish dealership market took place. Holding 1, which manag-
es car dealerships under the PGD banner, purchased from Renault 5 facilities in Warsaw,
where Renault and Dacia dealerships and service centers are operated. The transaction is
related to a change in the French group's strategy to sell its operated showrooms in most
European markets. PGD has so far been the second largest dealership network in Poland,
having even held the title of leader in the past, so a transaction of this size should not come
as a surprise, but it should be stressed that the group has so far grown mainly organically,
rather than through acquisitions. In 2021, PGD sold 17,155 cars and Renault Retail Group sold
5,064 vehicles, making the combined sales volume of the merging entities higher than that
of the market leader, Cichy-Zasada Group. In addition to Renault and Dacia, Holding 1
recently expanded its offerings with another French brand, DS.
Not disclosed
Target Bidder Seller Value [EUR]
Renault Retail Group
Warsaw
Holding 1 Renault Group
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
8. (December 28) In line with earlier announcements by PGE's Management Board and media
statements by representatives of the Ministry of State Assets, the statecontrolled energy
company has secured an agreement to acquire PKP Energetyka. The target of the acquisi-
tion is a monopolist in the Polish market for supplying rolling stock with electricity and also
to individual consumers. The repolonization of the company, which was privatized in 2015,
stems from the recognition of rail infrastructure as a strategic asset that should remain under
state control. The value of the transaction, which will close upon approval from the UOKiK,
is estimated at EUR 408 million, which is EUR 107 million higher than the price for which the
company was acquired by PE fund CVC Capital Partners. Since the acquisition, the financial
investor has made significant investments, increasing the efficiency of the company's opera-
tions, which makes it possible to find synergies not only in the ability to use the catenary
network to supply consumers with energy, but also in the organization of the company's
operations.
408 m
Target Bidder Seller Value [EUR]
PKP Energetyka PGE CVC Capital Partners
(December 29) The WSE-listed Neuca Group, through its subsidiary Neuca Clinical Trials, has
acquired 72.6% of shares in OncoBay based in the United States. The transaction amount has
been set at USD 33.5 million and may be subject to increase depending on the operating
results generated by OncoBay in the coming years. As a result of the transaction, the consol-
idated revenues of the Neuca Group from the clinical trials segment will increase by USD 70
million, thus exceeding PLN 0.5 billion, significantly strengthening the Group's position
among the leading entities from the European Contract Research Organization industry. The
change in the ownership structure of OncoBay is related to the operational cooperation
with the Neuca Group, which has been ongoing for two years. By working together, Clinisci-
ence from the Neuca Group can conduct clinical trials in the USA, and OncoBay – in Europe.
The acquisition of OncoBay allows the Neuca Group to acquire valuable know-how, as the
company employs over one hundred specialists in the field of cancer diseases. OncoBay's
CEO, Krystyna Kowalczyk, will join the Group's clinical trials management team.
31.5 m
Target Bidder Seller Value [EUR]
OncoBay
(72.6% of shares)
Neuca Group Private investor
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
Contact
Artur Wilk, Manager
e: artur.wilk@navigatorcapital.pl
t: +48 881 700 119
Navigator Capital S.A.
ul. Twarda 18, 00-105 Warsaw, Poland
t: +48 22 630 83 33 f: +48 22 630 83 30
e: biuro@navigatorcapital.pl navigatorcapital.pl/en
Marcin Rajewicz, Key Account Manager
e: marcin.rajewicz@fordata.pl
t: +48 533 354 054
FORDATA sp. z o.o.
Taczaka 24, 61-819 Poznań, Poland
t: +48 533 354 054 e: office@fordatagroup.com
fordatagroup.com
Navigator Capital
FORDATA
Authorised Adviser
Business Partners
Navigator Capital along with Dom Maklerski Navigator
(Navigator Brokerage House) is the leading independent
financial adviser, specializing in mergers and acquisitions
and public and private issues of stocks and bonds.
During 15 years of its market presence, Navigator
Capital Group conducted over 100 transactions,
of over PLN 15 billion total value.
Through cooperation with international network of
advisory firms associated in the Pandion Partners,
Navigator Capital effectively handles international
transactions.
FORDATA is a pioneer on the Polish capital market.
Based on Virtual Data Room technology, we support
our clients in managing documents and communica-
tion during complex transactional processes.
We support the largest M&A, IPO transactions, private
equity investments, restructurings, projects associated
with obtaining financing and privatizations in Poland
and other countries of Central and Eastern Europe.
FORDATA systems increased safety and efficiency of
hundreds of different types of transactions with a total
value of over PLN 35 billion
FORDATA services are used by the industry leaders in
Poland and abroad, including largest advisory companies,
banks, legal advisors or Private Equity/Venture Capital
funds, ie. Enterprise Investors, Enea SA, Home.pl, Grupa
LOTOS, Grant Thornton, NFI Empik, ZELMER, Bank DNB,
BOŚ Bank, Polimex Mostostal, Budimex, DM PKO Banku
Polskiego, Deloitte Advisory, EY, KPMG Advisory, JSW,
HAITONG and many others.
9. Marcin Rajewicz
Key Account Manager at FORDATA
Real Estate expert
Experts' comments
In the fourth quarter of 2022, we recorded 92 mergers and acquisitions, which is 18 more than in the
third quarter of the year and only 10 less than in the record-breaking fourth quarter of 2021. The increase
was mainly due to the almost doubled activity of PE/VC funds on the buyer side - from 7 to 13 acquisi-
tions - as well as a higher transaction volume than three months ago in the TMT industry, financial
services and industry. What was the structure of transactions in the last quarter of this uncertain year?
A year under the pressure of war
The Russian invasion of Ukraine set the tone for most economic and geopolitical discussions in the past
year, especially in our region. Increases in the prices of energy, fuels and raw materials had an impact on
inflation, interest rates and, consequently, investment decisions. Although the European market reacted
with a decrease in M&A activity in the middle of the year, most experts pointed to the temporary nature of
the phenomenon. Global private capital has reached the value of almost USD 2 trillion this year and it is
estimated that at the end of the decade the so-called dry powder will still account for approx. 1/4 of the
assets of PE/VC funds (approx. 28% in 2022). Financial resources for investments should therefore not
decrease, and investors will certainly look for their opportunities during the recession, which was already
evident in PE/VC activity on the Polish market in the last quarter.
Another volume record in 2022
In 2021, we recorded 328 M&A transactions on the Polish market, which was a record result. Already in
February 2022, it seemed that a similar result would not be achieved, but quite the opposite happened -
the companies achieved the result of 341 mergers and acquisitions in the last twelve months, with only
the third quarter showing a downward trend in volume. TMT companies were the most popular targets in
2022 - 23% of all acquisitions, 3 percentage points less than in the previous year. On the buyers’ side, the
TMT industry was also dominant, accounting for 19% of all buyers (22% in 2021). As for the PE/VC industry,
last year we could observe 38 transactions with the fund on the buyer's side, compared to 33 in 2021.
Such high investment activity has a chance to be maintained in 2023.
PE/VC funds open portfolios
The aforementioned high acquisition activity of PE/VC funds in the last quarter of 2022 was organic - it
was not caused by the purchasing decisions of one or two, but many entities, both Polish and foreign.
13 acquisitions is a result of 5 acquisitions higher than in the corresponding period of 2021. The transac-
tion with the highest disclosed value was the acquisition of the medical company Medicalgorithmics by
an US’ Biofund Capital Management for EUR 47 million. The medical sector recorded 3 transactions - the
largest number in the structure of entities acquired by funds, while the logistic, industrial and real estate
sectors recorded 2 transactions each. The Polish-Hungarian tandem Griffin Capital Partners and Wing haS
taken over BAUWERT, a Berlin-based developer and investor with a strong presence in the CEE region,
while Germany’s Mutares has taken over Arriva Bus Transport Polska - an operator providing rail and bus
services.
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
10. Significant increase outside TMT
The high number of acquisitions in the TMT industry is not surprising - it is traditionally the most active
sector, which in the fourth quarter became the target of 19 M&A transactions (approx. 21% compared to
19% in the third quarter). However, in terms of percentage, more significant increases were recorded in the
financial sector (from 4 to 7 acquisitions), automotive (from 1 to 5) and industrial (from 4 to 7) sectors. It
was mainly activity in these areas that contributed to the higher volume quarter-on-quarter. On an annual
basis, the fourth quarter was characterized by more than double the number of acquisitions in the medical
industry - an increase from 6 to 13 transactions, which confirms the equally good streak of the sector from
the previous quarter (12 acquisitions in Q3, 2022), primarily in the dental area.
What do investors expect in 2023?
The M&A market in Poland will remain active in 2023, with an emphasis on the technology, healthcare and
consumer sectors. An increase in activity in the energy and infrastructure sectors as well as in the services
sector is also likely. The opportunities arising from distressed assets will most likely be dominated by
further consolidation activity of the developing Polish economy. The Polish government is likely to contin-
ue to encourage foreign investment in the country, which could lead to more mergers and acquisitions.
In addition, the development of new technologies such as artificial intelligence and blockchain may also
drive M&A activity in Poland.
Challenges in this still politically and economically unstable period should not diversify significantly - inves-
tors will continue to watch changes in the regulatory environment, interest rates, the impact of global
trade wars and the recession. In addition, they may be concerned about the ability of acquired companies
to integrate successfully and the possibility of unforeseen liabilities in a dynamic economic environment.
The speed of proceedings will therefore continue to be a very important factor. Along with the increase in
the transaction volume, the demand for services such as VDR will grow.
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
11. Despite the market turmoil and increased uncertainty among investors caused by the war that has been
going on since February behind our eastern border, 2022 was a record year in terms of the number of
mergers and acquisitions carried out on the Polish market. Within 12 months, as many as 341 announced
transactions were recorded. This result is comparable to last year, in which 328 transactions were
completed and significantly higher than the historically observed level in previous years. It is worth noting
that the global market last year observed declines both in terms of the value of transactions and their
value. Contrary to appearances, record results on the Polish M&A market cannot be explained by the sale
of subsidiaries operating in the Russian Federation by Polish entities – the number of transactions of this
type did not significantly affect the size of the M&A market. Traditionally, TMT was the sector with the
highest investor activity – its companies were the target of takeovers in 23% of cases. The second result
(12%) was obtained by the biotechnology industry, and the third (8%) by the energy industry.
2022 was associated with a significant number of completed transactions, however, their value
decreased. A year ago, three transactions were observed with a value exceeding EUR 1 billion, while in
2022 the value of the largest acquisitions with a value made public oscillated around half of this amount.
Again, among the large transactions, acquisitions in the telecommunications segment were observed, as
approx. PLN 2 billion was paid for Emitel, which changed the financial investor and Play obtained a similar
amount for half of the shares in FiberForce. The largest transactions also included the repolonization of
PKP Energetyka, announced at the end of December seven years after the sale to CVC Capital Partners,
and the sale of Lotos subsidiaries by Orlen, required to obtain European Commission approvals for a
high-profile merger on the Polish fuel market.
Despite the unfavorable market environment, the growing dynamics of the number of announced acqui-
sitions proves the positive perception of the Polish market by investors, which has not changed as a result
of the armed conflict taking place on the eastern border. Investors are increasingly willing to see the
advantages of investing in the countries of Central and Eastern Europe, which are developing faster than
Western Europe and offer more attractive valuations of investment targets. Poland, as the largest econo-
my in this area, should be a significant beneficiary of the observed trend. Despite the turbulent environ-
ment, we identify factors conducive to maintaining a high number of M&A processes in subsequent
quarters. The weakening dynamics of inflation and the prospect of lowering interest rates increase the
buyers' ability to finance transactions. Some companies had significant problems in 2022, caused by
wage pressure or drastic increases in energy prices, so they may be forced to seek support from a finan-
cial investor or decide to sell the company to an industry investor.
As in previous years, private investors dominated among the sellers, accounting for 2/3 of the announced
transactions. The share of financial investors in the sellers' structure was also similar – compared to 2022,
it increased by 1 p.p. to 10%. PE/VC funds were the sellers in around 11% of all transactions as well. The
lower than expected in the reality of attractive valuations involvement of the funds was related both to the
growing uncertainty about the economic and geopolitical situation, as well as to some difficulties in
raising funds from investors, whose propensity to take risks in investments in non-public companies
Director
Navigator Capital
Karol Szykowny, CFA
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023
12. decreased. With the improvement of the situation, the activity of PE/VC funds may return to previous
levels – several entities have already announced their willingness to make multiple transactions in the
near future.
In the fourth quarter, the same sectors that dominated the year enjoyed success. 21% of transactions
concerned IT companies and 14% - biotechnology. Further places, with a share of 8% each, were servic-
es, energy, financial services, industry and the food industry. Among sellers, private sellers dominated –
67% and PE / VC – 10%.
M&A Index Poland, 2022
by Navigator Capital & FORDATA | January 2023