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1. Company Snapshot

1.a. Company Description

Gielda Papierów Wartosciowych w Warszawie S.A., together with its subsidiaries, operates a stock exchange in Poland and internationally.It operates through three segments: Financial, Commodity, and Other.The company trades in equities; equity-related financial instruments; other cash markets instruments, such as structured products, investment certificates, and exchange traded fund units; derivative financial instruments; corporate, municipal, co-operative, treasury, and mortgage bonds; debt instruments; and agricultural commodities, as well as provides listing and information services.


It also offers market operator and balancing services to electricity traders, producers, and industrial customers; trade operator and balancing entity services; WIBID and WIBOR benchmark calculation and distribution services; capital market education, promotion, and information services; and training services, as well as leases office space.In addition, the company trades in electricity, natural gas, property rights in certificates of origin of electricity, and CO2 emission allowances, as well as engages in the operation of the Register of Certificates of Origin of electricity and the Register of Guarantees of Origin.Further, it operates as an exchange settlement system for transactions in exchange-traded commodities.


It operates in various markets, such as GPW Main Market, NewConnect, Catalyst, and Treasury BondSpot Poland, as well as the markets operated by Towarowa Gielda Energii S.A. and InfoEngine S.A. Gielda Papierów Wartosciowych w Warszawie S.A. was founded in 1991 and is based in Warsaw, Poland.

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1.b. Last Insights on GPW

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.24%)

6. Segments

Financial

Expected Growth: 3.5%

The 3.5% growth of Financial segment on Gielda Papierów Wartosciowych w Warszawie S.A. is driven by increasing trading volumes, rising demand for investment products, and growing popularity of online trading platforms. Additionally, the segment benefits from a favorable regulatory environment, low interest rates, and a growing economy in Poland.

Commodity

Expected Growth: 2.8%

The 2.8% growth of the commodity on the Warsaw Stock Exchange is driven by increasing demand from the manufacturing sector, favorable government policies, and strategic investments in infrastructure development. Additionally, the depreciation of the Polish złoty has made exports more competitive, further boosting demand and prices.

Other

Expected Growth: 2.2%

The 2.2% growth of Other from Gielda Papierów Wartosciowych w Warszawie S.A. is driven by increasing trading volumes, expansion of derivatives market, and growing demand for alternative investment products. Additionally, the segment benefits from the Warsaw Stock Exchange's efforts to attract new listings and improve market liquidity.

7. Detailed Products

Equities

Trading of shares of Polish and international companies listed on the Warsaw Stock Exchange

Derivatives

Trading of futures, options and other derivatives on the Warsaw Stock Exchange

Bonds

Trading of government and corporate bonds on the Catalyst alternative trading system

ETFs

Trading of Exchange-Traded Funds (ETFs) on the Warsaw Stock Exchange

Structured Products

Trading of structured products, such as certificates and warrants, on the Warsaw Stock Exchange

Market Data

Real-time and historical market data feeds for the Warsaw Stock Exchange

Listing Services

Services for companies seeking to list their securities on the Warsaw Stock Exchange

Trading Services

Trading services for members of the Warsaw Stock Exchange, including order routing and execution

8. Gielda Papierów Wartosciowych w Warszawie S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Gielda Papierów Wartosciowych w Warszawie S.A. is medium due to the presence of alternative investment options such as bonds and real estate.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fact that Gielda Papierów Wartosciowych w Warszawie S.A. is a dominant player in the Polish stock exchange market.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of technology and services to the stock exchange.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the stock exchange market, including regulatory hurdles and high capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple players in the Polish stock exchange market, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.41%
Debt Cost 4.27%
Equity Weight 97.59%
Equity Cost 6.42%
WACC 6.37%
Leverage 2.47%

11. Quality Control: Gielda Papierów Wartosciowych w Warszawie S.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Bank of Georgia

A-Score: 8.2/10

Value: 9.6

Growth: 9.9

Quality: 7.9

Yield: 6.2

Momentum: 10.0

Volatility: 5.3

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VIEL

A-Score: 7.3/10

Value: 6.8

Growth: 7.2

Quality: 6.7

Yield: 6.9

Momentum: 9.5

Volatility: 7.0

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GPW

A-Score: 7.0/10

Value: 4.6

Growth: 3.1

Quality: 8.1

Yield: 8.8

Momentum: 8.5

Volatility: 8.7

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Banco di Desio Brianza

A-Score: 6.3/10

Value: 6.8

Growth: 4.4

Quality: 4.8

Yield: 8.8

Momentum: 8.5

Volatility: 4.3

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Vestjysk Bank

A-Score: 6.2/10

Value: 6.9

Growth: 2.8

Quality: 7.6

Yield: 8.1

Momentum: 8.5

Volatility: 3.3

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Bank of Cyprus

A-Score: 4.6/10

Value: 6.8

Growth: 5.1

Quality: 7.0

Yield: 2.5

Momentum: 4.0

Volatility: 2.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

64.35$

Current Price

64.35$

Potential

-0.00%

Expected Cash-Flows