Market report October 2018

29.10.2018 * reading time: 15min

 
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29.10.2018  reading time: 15min

With reference to the report of 22/09/2017 “Interesting companies Bioton SA and Ciech S.A”, in which we write that our analysis shows a very probable peak of the WIG 20 index created on 28 August 2017, we state as follows:


1. We maintain our forecast of price drops on the stock market, which according to our assessment will be caused by gradual materialization of risks corresponding to the valuation of assets.
2. We expect to test WIG 20 levels from September 2016 in the medium term.
3. The US stock market is in the initial phase of the mid-term bear market.
4. Cryptocurrencies are overvalued. We expect a fall in valuations of individual projects to a level similar to August 2017, i.e. the period when we wrote for the first time in Library about Bitcoin currency and Blockchain technology.
5. We see investment opportunities in asymmetrical trading of government bonds and CDS instruments.
6. We attach the presentation and valuation of KGHM S.A. The company’s valuation was prepared in September 2017. According to our assessment, in the last 12 months, the market environment of KGHM SA has changed. The valuation of shares at the level of PLN 92.6 is, in our opinion, too optimistic. We will write more about KGHM S.A in January 2019.

Best regards,
CEO of RCieSolution
Rafał Ciepielski
Model DCF KGHM S.A – https://docs.google.com/spreadsheets/d/1NjmFNiPCtFWk2xTrxJuinlGMYtnGP-pR-vfU0mPnXbk/edit?usp=sharing

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Rafal Ciepielski

Rafal Ciepielski

CEO RCieSolution

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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all RCieSolution management teams. Are subject to revision over time.