September 1 2014 - ipopemasecurities.pl · DM BH Citi 7 2 5 10 1 ... IDM 9 8 13 13 6 DM Trigon 10...
14
1 September 2014
Transcript of September 1 2014 - ipopemasecurities.pl · DM BH Citi 7 2 5 10 1 ... IDM 9 8 13 13 6 DM Trigon 10...
1 September
2014
2
The IPOPEMA Group - an introduction
Sales & Trading Asset Management Investment Banking Business Advisory
IPOPEMA AM IPOPEMA BC IPOPEMA Securities
WSE equities
BSE equities
PSE equities
Bonds
Equity research
Public offerings (IPO, SPO)
M&A deals
Bond issues
Financial restructuring
Private equity financing
Asset management Strategic advisory
IT advisory
Funds
Closed-end funds
Mutual funds
Active management
funds
IPOPEMA TFI
IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the Warsaw, Budapest and
Prague Stock Exchanges. Since June 2014 IPOPEMA has been a member of the Bucharest Stock Exchange.
IPOPEMA Securities boasts one of the largest and most active teams of Investment Bankers in Poland.
The IPOPEMA Brokerage Department carries out between 8-10% of daily volume on the WSE
The Equity Research Department analyses 60 companies listed on the WSE and BSE, including most of the blue-chip stocks
included in the WIG30 index.
IPOPEMA TFI, managing more than 90 funds, is amongst the most active closed-end fund management companies in Poland.
IPOPEMA TFI manages more than PLN 25 bn in assets, and is one of the largest fund management companies in Poland.
The IPOPEMA Business Consulting team comprises more than 40 professionals.
3
IPOPEMA - a leader on the Polish Capital Market
Professional team involved in:
IPO’s and secondary offerings,
M&A advisory,
bonds offerings,
financial restructuring,
Track record of more than 80 transactions
(total value over PLN 30bn).
• Vice-chairman of
IPOPEMA Securities S.A.
• Heads the
Capital Markets Department
• Previously worked for
BRE Corporate Finance Mariusz
Piskorski
IPOPEMA Capital Markets Department
- involved in most of the leading Polish Capital Markets deals of 2012-14
Best Capital Markets teams
(ranking 2011*)
Best Capital Markets teams
(ranking 2012***)
** Ranking prepared by Parkiet and Rzeczpospolita
by volume of IPOs conducted (PLN m)
*** Ranking prepared by Dealogic by volume
of transactions conducted (PLN m)
493
576
713
746
797
995
1196
1224
Citi
Credit Suisse
UniCredit
UBS
ING
JP Morgan
PKO BP
170
177
180
184
524
524
524
709
BESI
PKO BP
Trigon
Millenium
Barclays
Morgan Stanley
JP Morgan
* Ranking prepared by Parkiet and Rzeczpospolita
by volume of IPOs conducted (PLN m)
Best Capital Markets teams
(ranking 2012**)
2012
Best Capital
Markets team
565
767
767
767
845
845
905
1290
BZ WBK
Goldman Sachs
JP Morgan
Societe Generale
Citi Handlowy
PKO BP
UniCredit
The largest
number of IPOs in
2010-2011
The largest value
of IPO in 2012
2013
Polish Equity House
of the Year
2013
Best privatisation
IPO
2013
The best equity house
in Poland
4
IPOPEMA - a leader in Equity Sales and Trading
2012 Best Brokerage
House
2011 Best Brokerage
House
2013 Best Brokerage
House
Vice - Chairman of
IPOPEMA Securities S.A.
Heads the Ipopema
Sales-Trading Department
Previously :
- Board Member and Director of
Institutional Clients at Citi
- Head of Sales at ABN Amro
Arkadiusz joined IPOPEMA in August 2012
has over 15 years of experience, being among
the top brokers in Poland for several years
prior to joining IPOPEMA, he worked for Citibank
Voted no 2 Best broker in Poland by Forbes in
2013 and 2011, no 3 in 2012.
2011 Best broker
Arkadiusz Łabuńko
Stanisław Waczkowski
2012 Best broker
Top Ranking Sales Team and Traders
IPOPEMA market share in WSE trading (since 2013)
Equity Sales Department
Forbes – Polish Institutional Broker Survey 2013
2013 Best broker
Institution
Overall
Ranking
-2013
Profess
ionalism
Service
quality
Analysis
quality
Overall
Ranking
-2012
PKO BP 1 3 2 3 5
Erste 3 5 3 12 7
UniCredit CAIB 4 7 6 6 12
ING 5 4 4 9 5
mBank 6 9 9 1 3
DM BH Citi 7 2 5 10 1
Wood&Co 8 6 3 7 11
Espirito Santo 9 8 8 5 8
Trigon DM 10 11 7 11 14
DM BH Citi 13,07%
PKO BP 8,96%
8,14%
Credit Suisse 7,67%
BZ WBK 6,66% Wood&Co
5,19% mBank 4,38%
Deutsche Bank 4,19%
KBC 3,40%
ING 3,35%
Others 35,00%
5
0%
2%
4%
6%
8%
10%
12%
14%
0
1
2
3
4
5
6
Ja
n-1
0
Feb
-10
Mar-
10
Apr-
10
May-1
0
Ju
n-1
0
Ju
l-10
Aug
-10
Sep
-10
Oct-
10
No
v-1
0
De
c-1
0
Ja
n-1
1
Feb
-11
Mar-
11
Apr-
11
May-1
1
Ju
n-1
1
Ju
l-11
Aug
-11
Sep
-11
Oct-
11
No
v-1
1
De
c-1
1
Ja
n-1
2
Feb
-12
Mar-
12
Apr-
12
May-1
2
Ju
n-1
2
Ju
l-12
Aug
-12
Sep
-12
Oct-
12
No
v-1
2
De
c-1
2
Ja
n-1
3
Feb
-13
Mar-
13
Apr-
13
May-1
3
Ju
n-1
3
Ju
l-13
Aug
-13
Sep
-13
Oct-
13
No
v-1
3
De
c-1
3
Ja
n-1
4
Feb
-14
Mar-
14
Apr-
14
May-1
4
Ju
n-1
4
Ju
l-14
Aug
-14
BSE trading (EURbn) IPOPEMA's market share
IPOPEMA - significant market shares in Warsaw and Budapest
IPOPEMA’s market share of equity volume on the WSE (2009-2012) – between 8-10%
Source: WSE, IPOPEMA
IPOPEMA’s market share of equity volume on the WSE (2009-14) – between 6 and 11%
IPOPEMA’s market share of equity volume on the BSE (2010-14) – between 3 and 12%
0%
2%
4%
6%
8%
10%
12%
0
10
20
30
40
50
60
Ja
n-0
9
Feb
-09
Mar-
09
Apr-
09
May-0
9
Ju
n-0
9
Ju
l-09
Aug
-09
Sep
-09
Oct-
09
No
v-0
9
De
c-0
9
Ja
n-1
0
Feb
-10
Mar-
10
Apr-
10
May-1
0
Ju
n-1
0
Ju
l-10
Aug
-10
Sep
-10
Oct-
10
No
v-1
0
De
c-1
0
Ja
n-1
1
Feb
-11
Mar-
11
Apr-
11
May-1
1
Ju
n-1
1
Ju
l-11
Aug
-11
Sep
-11
Oct-
11
No
v-1
1
De
c-1
1
Ja
n-1
2
Feb
-12
Mar-
12
Apr-
12
May-1
2
Ju
n-1
2
Ju
l-12
Aug
-12
Sep
-12
Oct-
12
No
v-1
2
De
c-1
2
Ja
n-1
3
Feb
-13
Mar-
13
Apr-
13
May-1
3
Ju
n-1
3
Ju
l-13
Aug
-13
Sep
-13
Oct-
13
No
v-1
3
De
c-1
3
Ja
n-1
4
Feb
-14
Mar-
14
Apr-
14
May-1
4
Ju
n-1
4
Ju
l-14
Aug
-14
WSE trading (PLNbn) IPOPEMA's market share
6
Highly ranked Equity Research Department
Equity Research Department covers more than 60 companies
Piotr Zielonka i Iza Rokicka – the best Equity Analysts in Poland
Sector Selected Companies
Financial Alior, BZ WBK, Getin Noble Bank, Handlowy, ING BSK, mBank,
Millennium, Pekao, PKO BP, Kruk, Open Finance
Construction Budimex, Elektrobudowa, Erbud, Polimex-Mostostal, Trakcja, ZPUE
Metals & Mining LW Bogdanka, KGHM
Chemicals Ciech, Synthos
Agriculture Astarta, Kernel, IMC, KSG Agro, Ovostar
Real Estate Echo Investment, JWC, GTC, Polnord
Industrial
ACE, Gedeon Richter, Mennica Polska, PKP Cargo, Roverse, Ambra,
Amica, Aplisens, Boryszew, Delicacies, Famur, Krynicki Recykling, Libet,
Orzeł Biały, Stalexport Autostrady, Stomil Sanok, Śnieżka
Retail & Distribution CCC, Emperia, Eurocash, Gino Rossi, Inter Cars, Jeronimo Martins, LPP,
Monnari Trade, Wawel
Oil & Gas Lotos, PKN Orlen, PGNiG
Energy Enea, Energa, PGE, Tauron, ZE PAK
Highest quality of
Analysis and
Recommendations
2011
Highest quality of
Analysis and
Recommendations
2012
Highest quality of
Analysis and
Recommendations
2010
„Consistently the best Equity Research Department”
Equity Research ranking – 2012 Piotr Zielonka, CFA
• Since September 2013, Head of Equity Research
• Consistently ranked as the best equity analyst in Poland in ranking
prepared by the Forbes” magazine and Parkiet daily
• With over a decade of experience in the Capital Markets, Piotr
previously worked for Citi Handlowy and PZU Asset Management
The best
Market
Strategy
2012
Best analyst in 2014
Forbes i Parkiet
Best analyst in 2013
Forbes i Parkiet
Best construction
sector analyst
Best retail and
distribution sector
analyst
Best energy sector
analyst
The best
Market
Strategy
2013
Best analyst in 2012
Forbes i Parkiet
Most accurate
Recommendations
2013
Iza Rokicka
• Since February 2014, Deputy Head of Equity
Research
• Associated with Polish Capital Market for many years.
Iza previously worked as an Analyst for UniCredit and
DI BRE.
• Iza specializes in the analysis of companies from
financial sector. Recent years voted leading analyst in
that sector by Parkiet daily.
Bank Overall
ranking
(2012)
Offer
complexity
Professiona
lism
Report
quality
Report
usefulness
mBank 2 2 3 3 3
DM BH Citi 3 5 2 2 2
PKO BP 4 4 4 6 4
BZ WBK 5 3 11 11 7
ING 6 6 5 8 8
UniCredit 7 7 6 4 9
Wood&Co 8 9 12 9 14
IDM 9 8 13 13 6
DM Trigon 10 13 15 10 5
Equity Research ranking - 2013
Bank 2013 2012
DM BZ WBK 1 4
mBank 3 3
Espirito Santo 4 11
PKO BP 5 6
Best financial sector
analyst
2012
Best financial sector
analyst
2013
7
IPOPEMA TFI and IPOPEMA Asset Management
IPOPEMA Investment Fund Consistently among the best investment funds in Poland
IPOPEMA Asset Management One of the fastest growing asset management funds
IPOPEMA fund performance
IPOPEMA TFI focuses mainly on the closed investment funds (FIZ), dedicated
to affluent consumers (High Net Worth Individuals).
It currently manages 95 funds with PLN 25,4 bn of assets under management
(31/08/2014).
The leading asset management team in the equity, fixed-income and real
estate groups.
Service of active management through the funds (IPOPEMA Opportunity FIZ,
IPOPEMA Global Macro FIZ, IPOPEMA Global Macro EUR FIZ, Total FIZ).
Offer of the open-end investment funds: IPOPEMA SFIO, m-INDEKS FIO.
Valuation on 29/08/2014
IPOPEMA Asset Management provides investment management
services dedicated to wealthy clients, who require specialized
financial advisory support in managing their finances.
The minimum contribution necessary to be eligible for Asset
Management services is PLN 4m.
Among the company’s clients are institutions such as insurance
companies, mutual funds, non-profit organizations and also
individual investors.
A broad range of investment strategies: both active and passive
based on an unique concept of investing across the business
cycle.
The value of assets managed by IPOPEMA AM is PLN 1,8 bn
(31/08/2014).
Fund change 3M change 12M
IPOPEMA Gotówkowy 0,80% 3,70%
IPOPEMA Obligacji 0,30% 5,40%
IPOPEMA Makro Alokacji -2,50% -0,50%
IPOPEMA Mały ch i Średnich Spółek -6,10% -3,50%
IPOPEMA Agresy wny -2,60% -5,20%
IPOPEMA Short Equity -0,92% -6,64%
IPOPEMA m-INDEKS FIO -1,70% 10,40%
Fund managing team
Krzysztof Cesarz, CFA Michał Rabiej, CFA, CIIA Łukasz Jakubowski, CFA Bogusław Stefaniak
8
IPOPEMA - strong in Investment Banking
The largest Capital Markets transactions (2010-2014)
9
IPOPEMA - strong in Investment Banking
Selected Capital Markets transactions
10
IPOPEMA - strong in Investment Banking
Issue agent and depository
of bonds
57,000,000 PLN
April 2010
Selected Debt transactions
Selected Private Equity, M&A and other transactions
Private offering of bonds
11
IPOPEMA Securities on the Warsaw Stock Exchange
IPOPEMA Securities share price May 2009 – August 2014
Source: WSE, IPOPEMA
IPO on WSE on 26th May 2009
Private placement dedicated to institutional investors
Current market cap amounts to PLN 150-250 mn
IPO price = 5 PLN
IPOPEMA Securities Shareholders
Entities related to IPOPEMA
45,6%
OFE PZU 9,9%
Quercus TFI 5,9%
free float 38,7%
0
2
4
6
8
10
12
14
16
18
20
12
IPOPEMA Business Consulting
Strategy,
Organisation
and Managment
Business strategy,
new operating
models
Optimisation of
business
processes and
organisational
structures
Cost reduction and
employment
optimisation
Cash flow
improvement
Business plans and
feasibility studies
Mergers and
Acquisitions
Market research
Integration
strategies
Synergy
assessment and
development of
integration
programmes
Process and
organisational
transformation
Programme
Management
(PMO)
Shared
Services and
Outsourcing
Back office
reorganisation
strategy
Efficiency
assessment and
optimisation of
back office
functions based on
benchmarking
analysis
Comprehensive
implementation of
shared services
centres
Preparation for
outsourcing
Interim
management
Supply Chain
Optimisation
Logistics and
operational audits,
the SCM maturity
profiles
Optimisation of
business
processes in the
area of logistics,
production,
procurement and
sales,
improvement of
efficiency and
productivity
Integrated
operational
planning S&OP
Design and
implementation of
advanced planning
systems APS
IT Management
and
Technologies
IT strategy and
organisation
IT optimisation,
support and
development
Management of IT
projects
Solutions for
management of
processes and
electronic
document
circulation
(scanning, OCR,
workflow)
Business
Intelligence
SAP
Applications
Defining
requirements and
support in bidding
processes
Implementation of
SAP applications
Sector specific
solutions
Post
implementation
audits
Optimisation and
improvement of
implemented SAP
solutions
Procurement
Optimisation
Procurement audits
(to check if the
procedures in
place are effective)
Sourcing (cost
optimisation)
Procurement
organisation
(centralisation and
implementation of
IT tools)
Process
optimisation
Development of
market specific
procurement
strategies
13
IPOPEMA’s Foreign Partners – in the Merger Alliance
IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance, an international network of corporate
finance and investment banking firms.
Partner firms of Mergers Alliance specialise in mid-sized M&A deals.
Mergers Alliance is an organisation with professionals based in 48 locations.
14
14
• IPOPEMA Securities S.A. (the “Company”, “IPOPEMA”) with registered office in Warsaw, is a licensed brokerage house operating on the basis of the license issued by the Polish Securities and Exchange
Commission (presently the Polish Financial Supervision Authority) dated 30 June 2005. The Company is entered in the National Court Register maintained by the District Court for the Capital City of Warsaw,
12th Commercial Division of the National Court Register, under number KRS 0000230737. NIP (tax identification number): 527-24-68-122. Share capital: PLN 2.993.783,60 paid up in full. The Company is
supervised by the Polish Financial Supervision Authority.
• This presentation (“Presentation”) has been prepared solely for use by its customers and shareholders or analysts. The information and data contained herein may not constitute the basis for an investment
decision. They should not be treated as an offer to purchase securities, an offer, invitation or solicitation of an offer to purchase, invest or make any transactions involving such securities or recommendation
to conclude any transaction, in particular in respect of securities of the Company or form of investment advice, as well as offer to conclude an agreement within the meaning of the Civil Code.
• The Company declares that it makes every effort to ensure that this Presentation has been prepared with due care. All information contained herein are derived from the Company's own sources or external
sources deemed by the Company to be reliable, but there is no guarantee that they are complete and fully reflect the facts. The Company cannot guarantee the correctness and completeness of the information
contained herein and accepts no responsibility for damages resulting from its use for any other purpose. The Company shall not be liable for the consequences of decisions taken on the basis of the
Presentation and opinion contained herein. All opinions and assessments contained in this Presentation are an expression of our best knowledge, supported by market information from competent sources,
applicable at the time of its preparation. In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by the Company or its representatives.
The information contained in this Presentation has not been independently verified and may be subject to change at any time without prior notice.
• Publishing by IPOPEMA of data contained in this Presentation does not constitute an infringement of the laws applicable to companies whose shares are traded on a regulated market, in particular on the
regulated market operated by the Warsaw Stock Exchange S.A. Information contained herein has been communicated to the public by IPOPEMA within current or periodic reports, or complement them, not
giving the basis to pass them as a part of fulfilling by IPOPEMA disclosure obligations of a public company. The only source of reliable data describing IPOPEMA’s financial results, forecasts, events or
indicators are current or periodic reports submitted by IPOPEMA in satisfaction of its disclosure obligation under Polish law.
• This Presentation is not for release, directly or indirectly, in or into the United States, Australia, Canada or Japan.
Disclaimer
IPOPEMA Securities S.A.
Ul. Próżna 9, 00-107 Warsaw, Poland
Tel. /+48 22/ 236 92 00, fax /+48 22/ 236 92 82
E-mail: [email protected]
www.ipopema.pl
