Recommendationsand ratings

Recommendations

Analysts from brokerage houses and investment banks issued, in total, 13 recommendations for TAURON shares in 2019, including:

Obszar roboczy 2
7

”Buy” recommendations

Obszar roboczy 3
4

”Hold” recommendations

Obszar roboczy 1
2

”Sell/reduce” recommendation

Table Recommendations issued in 2019
# Date of issuing recommendation Institution issuing recommendation Recommendation / target price
1. 20.01.2019 Citi Hold / PLN 2.50
2. 04.02.2019 mBank Biuro Maklerskie Buy / PLN 3.12
3. 08.02.2019 Beskidzki Dom Maklerski Reduce / PLN 2.18
4. 02.04.2019 mBank Biuro Maklerskie Buy / PLN 2.89
5. 10.04.2019 Societe Generale Hold / PLN 2.10
6. 18.04.2019 PKO BP Biuro Maklerskie Hold / PLN 2.00
7. 13.05.2019 Biuro Makerskie Santander Hold / PLN 1.80
8. 25.06.2019 mBank Biuro Maklerskie Buy / PLN 2.52
9. 06.09.2019 Societe Generale Buy / PLN 2.30
10. 09.09.2019 Biuro Maklerskie Santander Buy / PLN 2.10
11. 10.09.2019 Wood&Co Buy / PLN 2.06
12. 06.11.2019 mBank Biuro Maklerskie Buy / PLN 2.45
13. 04.12.2019 TRIGON Dom Maklerski Sell / PLN 1.40

Ratings

On 17 April 2019, Fitch Ratings rating agency (Fitch) affirmed TAURON’s long term foreign and local currency ratings of “BBB” with a stable outlook and assigned a local currency rating of “BB+” and a national rating of “BBB+(pol)” to the PLN 400 million hybrid bonds issued on 29 March 2019, under the 2017 hybrid bonds program concluded with BGK.

The full list of ratings includes:

  • long term local currency and foreign currency ratings affirmed at “BBB”; stable outlook,
  • short term local currency and foreign currency ratings affirmed at “F3”,
  • national long term rating affirmed at “A+(pol)”; stable outlook,
  • foreign currency senior unsecured debt rating of EUR 500 million Eurobonds affirmed at “BBB”,
  • national senior unsecured debt rating affirmed at “A+(pol)”,
  • EUR 190 million hybrid bonds (European Investment Bank – “EIB”) rating affirmed at “BB+”,
  • PLN 750 million hybrid bonds (EIB) rating affirmed at “BB+”,
  • PLN 400 million hybrid bond program (BGK) rating affirmed at “BB+”,
  • PLN 400 million hybrid bond program (BGK) national rating affirmed at “BBB+(pol)”,
  • PLN 400 million hybrid bonds (BGK) assigned a local currency rating of “BB+”,
  • PLN 400 million hybrid bonds (BGK) assigned a national rating of “BBB+(pol)”.

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