📢 Weekly Blast #34 (19Aug-23Aug2024)
Snapshot of actionable insights from the Polish stock exchange
👋 Welcome to the Weekly Blast - a snapshot of actionable insights from the past week you don't want to miss: recommendations, insider trading, company updates, significant contracts for small & mid caps, M&A activities, upcoming events and trends.
In today's edition:
📰 Top Stories
Dino Polska, DNP.WA anticipates continued pressure on its EBITDA margin in the second half of the year, according to CFO Michał Krauze. The company expects a moderate single-digit increase in like-for-like (LFL) sales for 2024, despite facing challenges such as rising sales and marketing costs. In the first half of the year, Dino's revenues rose by 15.1% year-on-year to 13.914 billion PLN, although EBITDA decreased by 1.6% to 1.0127 billion PLN. The company's second-quarter results fell short of market expectations, with a net profit of 347.9 million PLN compared to the anticipated 380.5 million PLN.
💲 Polish Macro
Economic Growth
In July 2024, industrial production in Poland grew by 4.9% compared to last year but dropped by 3.3% from the previous month.
Retail sales in Poland went up by 4.4% in July 2024 compared to last year, and by 1.9% from June.
In July 2024, the number of homes under construction in Poland was 2.6% higher than in July 2023.
Inflation and Prices
Inflation in Poland was 4.0% in July 2024, up from 2.9% in June, according to Eurostat.
Prices for industrial products in July 2024 were 4.8% lower than last year but stayed the same compared to June.
In July 2024, the prices of basic farm products like wheat and milk were 5.5% lower than last year.
Monetary Policy
The head of Poland's central bank said they might discuss changing money rules before 2026 if inflation peaks and starts to drop.
Most people in the Monetary Policy Council think about lowering interest rates in early 2025, but it's not decided yet.
In July, the council decided not to raise interest rates, even though one member wanted a big increase.
