this is a selected fragment of dm boŚ sa’s research report. … · 2020. 5. 13. · capcom 4,188...

Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Video Games; Recommendations

Company

Last price (PLN)

Market Cap

(US$ m)

LT fundamental rating

ST market-relative bias

12M EFV (PLN)

Upside (downside) to 12M EFV

11 bit studios 415.00 949 Hold (↓) Neutral (↓) 538.0 (↑) 30%CD Projekt 357.50 34,363 Hold (→) Overweight (→) 352.0 (↑) -2%CI Games 0.70 113 Hold (→) Neutral (→) 0.64 (↑) -9%PlayWay 426.50 2,815 Hold (→) Neutral (→) 376.0 (↑) -12%Ten Square Games 453.00 3,280 Buy (→) Overweight (→) 503.0 (↑) 11%

Source: WSE, DM BOŚ SA estimates

Video games developers; Multiples

Market Cap (US$ m)

P/E EV/EBIT

2020E 2021E 2022E 2020E 2021E 2022E

WSE listed companies11 bit studios 227 33.0 40.6 9.0 26.6 31.8 6.6

CD Projekt 8,215 17.5 24.3 17.2 15.1 20.9 14.4

CI Games 27 neg. 5.3 neg. neg. 2.9 neg.

PlayWay 673 28.2 23.3 19.4 24.3 19.7 16.5

Ten Square Games 784 16.9 14.5 12.5 14.3 12.0 10.1

Median 22.9 23.3 14.8 19.7 19.7 12.3

Global PC and consoles games publishersActivision Blizzard 51,156 26.5 22.9 20.2 19.4 15.5 12.0

Electronic Arts 33,837 23.2 23.7 21.0 18.4 16.7 14.2

Ubisoft 8,996 n.m. 23.5 20.4 n.m. 16.6 14.4

Take-Two Interactive 14,100 26.4 29.1 20.1 20.5 19.2 12.0

Konami 4,477 20.7 14.8 13.9 11.1 7.4 6.3

Capcom 4,188 28.9 25.1 22.8 17.7 14.9 13.5

Median 26.4 23.6 20.3 18.4 16.1 12.8

Global mobile games publishersG5 134 19.1 14.1 11.1 14.9 10.7 8.1

Dena 1,763 n.m. 26.7 28.5 n.m. 14.5 12.6

GLU Mobile 1,201 29.7 18.5 12.8 26.5 15.7 n.m.

Konami 4,477 20.7 14.8 13.9 11.1 7.4 6.3

NCSOFT 11,201 16.4 13.3 13.0 11.2 8.5 7.5

Netmarble 6,489 28.3 24.2 20.5 23.0 19.0 15.5

Nexon 14,283 16.1 14.9 14.9 9.6 7.5 6.3

Rovio 484 17.4 18.8 18.1 9.1 9.2 8.4

Square Enix 5,082 25.2 16.7 15.9 13.7 9.4 8.1

Zynga 7,147 29.8 25.2 19.8 18.6 15.1 13.5

Median 20.7 17.6 15.4 13.7 10.1 8.1

Multiples for foreing companies as of May 4. Multiples for Polish companies as of May 5 close.Source: Bloomberg, DM BOŚ estimates

Stock performance

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05WIG11 Bit StudiosCD ProjektCI GamesPlayWayTen Square Games

Source: Bloomberg

1/2020/SR (50) May 5, 2020

*at least in the short termSince the bottom of the market collapse in mid-March, WIG.GAMES has grown 86%, already exceeding the pre-crisis level by 12%. At the same time the WIG index increased 21% and still stays 23% off of February’s highs. The relative strength of game developers (vs wide market) seems fully warranted as we observe a positive impact of the stay-home regulations imposed in the global combat against the COVID-19 epidemic. Interestingly, since February (before the epidemic triggered the market correction) the valuation multiples for foreign gaming companies have not changed much in spite of the visible negative influence of the COVID-19 epidemic on the global equity markets. In the current environment video games are a form of “a safe haven”, at least in the short term perspective. In the medium term the intensifying crisis may lead to lower households’ budgets which may also decrease the propensity to buy games. Please find the summary of our video gaming companies recommendations below.

We still believe that Project 8 will become another milestone allowing 11 bit studios to constantly exceed the PLN 100 million net profit threshold annually. However, after the confusion created by the release of the motivation program we don’t feel comfortable with our forecasts and the Company’s future plans. Due to increased uncertainty, we downgrade our recommendations to Hold + Neutral (from Buy + Overweight); 12M EFV at PLN 538.

With only five months to go CD Projekt (Hold + Overweight; 12M EFV at PLN 352.0 per share) is on the final stretch to the most important debut in their history. As the debut approaches, we expect the marketing campaign to intensify, incl. more trailers, gameplays, articles, reveals, hands-on presentations, previews and reviews, and eventually – a huge final marketing campaign worth over US$ 100 million. The marketing team from CD Projekt have ultimate expertise in building up expectations and sparking excitement in both the gamers and investors. We, therefore, believe that during this final run before the debut the Company’s shares will remain strong lining up with growing expectations.

CI Games’ (Hold + Neutral; 12M EFV at PLN 0.64 per share) current release calendar includes Sniper Ghost Warrior Contracts 2 and Lords of the Fallen 2. We currently assume that one of these games will debut in 2021. Due to the long lasting poor track record in delivering a quality content we would sustain from investing in the Company until it finally proves successful.

Gaming is crisis-proof*

This is a selected fragment of DM BOŚ SA’s research report.

Sector Report

2

Video Games

Among the most important premiers of PlayWay (Hold + Neutral; 12M EFV at PLN 376.0 per share) upcoming in 2020 we include: Junkyard Simulator (PC), Contraband Police (PC), I am Your President (PC), Cooking Simulator (PS4, X1) and Builders of Egypt (PC). Although our 12M EFV remains 12% below the current market valuation, we do not see any significant triggers that may help to close the valuation gap.

Based on our forecasts Ten Square Games (Buy + Overweight; 12M EFV at PLN 503.0) trades at 18% discount vs foreign peers. We underline that the potential success of any of three games (currently in the soft-launch stage) would turn out to be a strong positive signal for investors. We also believe that a well-thought-out acquisition may add significant value to the Company’s earning potential by allowing to skip over a tiresome soft-launch process.

1/2020/SR (50) May 5, 2020


Sector: TMT – media & entertainment Market Cap: US$ 227 mFundamental rating: Hold (↓) Bloomberg code: 11B PWMarket relative: Neutral (↓) Av. daily turnover: US$ 1.82 mPrice: PLN 415.00 Free float: 74%12M EFV: PLN 538.0 (↑) 12M range: PLN 280.00-484.00

Guide to adjusted profitsAdj numbers exclude the impact of c. PLN 18.0 million cost of the share-based motivation program in 2Q18-2Q20.

Key data

IFRS 2019 2020E 2021E 2022E

Sales PLN m 71.7 66.8 66.9 169.2

EBITDA PLN m 30.3 36.0 36.8 131.7

Adj EBITDA PLN m 38.3 40.0 36.8 131.7

EBIT PLN m 23.9 26.9 25.8 118.1

Adj EBIT PLN m 31.9 30.9 25.8 118.1

Net profit PLN m 21.7 24.0 22.8 103.2

Adj Net profit PLN m 29.7 28.0 22.8 103.2

Adj EPS PLN 13.34 12.56 10.23 46.29

Adj EPS yoy chg % -32 -6 -19 353

Net debt PLN m -70.1 -103.8 -104.7 -148.6

Adj P/E x 31.1 33.0 40.6 9.0

Adj P/CE x 25.6 24.9 27.4 7.9

Adj EV/EBITDA x 22.3 20.5 22.3 5.9

Adj EV/EBIT x 26.8 26.6 31.8 6.6

Gross dividend yield % 0.0 0.0 0.0 0.0

DPS PLN 0.00 0.00 0.00 0.00

No. of shares (eop) m 2.2 2.2 2.2 2.2

Source: Company, DM BOŚ SA estimates

Stock performance

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Source: Bloomberg

Upcoming events1. Release of 1Q20 financial results: May 14, 20202. Release of Frostpunk paid DLCs: 4Q20, 2Q21, 4Q21 (our assumption)3. Release of 2Q20 financial results: August 27, 20204. Release of 3Q20 financial results: November 17, 20205. Debuts of new games in the publishing segment: 2Q21, 4Q21, 2Q22 (our assumption)6. Debut of Project 8: 4Q22 (our assumption)7. Debut of Project 9: 4Q23 (our assumption)8. Debut of Project 10: 4Q25 (our assumption)

Catalysts1. Stay-home rules attract more gamers2. Focus on more casual and larger consoles market3. Announcements regarding Project 84. Further development of the publishing segment5. Proven track record of high quality games 6. Very good cash position7. Strong US$ vs PLN

Risk factors1. Ambiguous guidance from the Company2. Very uncertain timing of future debuts3. Notorious delays of games4. Potential supply of shares from insiders5. Weak US$ vs PLN

Investment story and recommendation

After the presentation of the new 2020-2024 motivation program targets we remain confused and misinformed. On the one hand, the Company presented very conservative and cautious motivation targets, which in our view, imply a single, not particularly successful, big debut until 2024. On the other hand, according to the press release issued the following day, the Company aims to release as many as ten games until 2024 including three big own games. We understand that the management plans may be more ambitious than motivation program targets, however that huge discrepancy is unusual and confusing.

Since the recent guidance coming from the Company is ambiguous we decide to ignore it. We modify our forecasts for the Company based on: (i) better than expected sale of DLC2 to Frostpunk boosting our sales expectations for upcoming DLCs, (ii) delaying the debut of Project 8 to 4Q22 (from 4Q21), and (iii) including two more games (up to total three) in the publishing segment pipeline. The decision about all the above modifications had been made before the motivation program release.

We currently assume that 11 bit studios will generate the adjusted net profit of PLN 28.0 million/ PLN 22.8 million/PLN 103.2 million in 2020/ 2021E/ 2022E, which implies adj P/E multiples of 33x/ 41x/ 9x (vs 26x/ 24x /20x for peer companies). We also slightly upgrade our estimate of 12M EFV of the Company to PLN 538 per share (from PLN 506) due to (i) modified forecasts and (ii) valuation horizon forward shift.

We still believe that Project 8 (paired with more frequent debuts) will become another milestone (after TWOM and Frostpunk) allowing 11 bit studios to constantly exceed the PLN 100 million net profit threshold since 2022 onwards. Also, with the passage of time, investors should pay more attention to 2022 profits which implies a 56% discount vs peers. We expect to hear the first news related to Project 8 by the end of next year. Until then we would use a deeper market price weakness to accumulate the Company’s shares.

However, after the confusion created by the release of the motivation program we don’t feel comfortable with our forecasts and the Company’s future plans. Due to increased uncertainty, we downgrade our LT fundamental recommendation to Hold (from Buy) and not expecting any decisive triggers in the short term we also downgrade our ST market relative recommendation to Neutral (from Overweight).

11 bit studios


Sector Report

1/2020/SR (50) May 5, 2020


Sector: TMT – media & entertainment Market Cap: US$ 8,215 mFundamental rating: Hold (→) Bloomberg code: CDR PWMarket relative: Overweight (→) Av. daily turnover: US$ 36.28 mPrice: 357.50 Free float: 70%12M EFV: PLN 352.0 (↑) 12M range: PLN 201.30-368.00

Guide to adjusted profitsNo factors necessitating adjustments.

Key data

IFRS, consolidated 2019 2020E 2021E 2022E

Sales PLN m 521.3 3,184.5 2,348.8 3,079.2

EBITDA PLN m 217.8 2,523.3 1,857.4 2,419.5

EBIT PLN m 180.3 2,231.0 1,621.0 2,295.3

Net profit PLN m 175.3 2,083.4 1,503.3 2,127.4

EPS PLN 1.82 20.40 14.72 20.83

EPS yoy chg % 60 1,020 -28 42

Net debt PLN m -462.4 -2,711.3 -2,573.9 -3,403.1

P/E x 196.3 17.5 24.3 17.2

P/CE x 161.7 15.4 21.0 16.2

EV/EBITDA x 155.7 13.4 18.3 13.7

EV/EBIT x 188.0 15.1 20.9 14.4


DPS PLN 1.05 0.00 16.32 11.78

No. of shares (eop) m 96.1 102.1 102.1 102.1


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Source: Bloomberg

Upcoming events1. Release of 1Q20 financial results: May 28, 20202. Cyberpunk 2077’s pre-release hands-on presentations for gaming press: June/July 2020 (our assumption)3. Cyberpunk 2077’s previews after hands-on presentations: July/August: (our assumption)4. Release of 2Q20 financial results: September 3, 20205. Debut of Cyberpunk 2077: September 17, 2020.6. Release of 3Q20 financial results: November 26, 20207. Debuts of expansions to Cyberpunk: 2021-2022 (our assumption)8. Debut of Cyberpunk Online: 1Q22 (our assumption)9. Debut of Witcher 4: 202410. Debut of Witcher Online: 2025

Catalysts1. Announcements related to Cyberpunk 20772. Positive impact of the stay-home rules3. Switching to a 2-year publishing cycle4. High quality of previous productions5. Potential success of a new F2P game developed by

Spokko6. Better than expected monetization of Gwent7. Very good cash position

Risk factors1. Failure/ cost increase/ delay of Cyberpunk 20772. High expectations for Cyberpunk 2077 and future

games3. Worse than expected monetization of Gwent4. Recession-related possible decrease in

purchasing power of gamers


We modify our forecasts for CD Projekt accounting for (i) delay of Cyberpunk 2077 to September 17, 2020 (from April 16, 2020), (ii) better than expected 4Q19 results stemming from the strong sale of The Wicher franchise, (iii) higher than expected capex for games in 1-4Q19, (iv) assumed faster shift to digital distribution due to the COVID-19 epidemic and (iv) US$ strengthening vs PLN. We currently do not assume any significant revenues loss resulting from a possible decrease in purchasing power of gamers due to the potential recession.

Our expectations for the sale of Cyberpunk 2077 stay unaltered at 29.1 million units within four quarters from the release. We expect the Company to sell 23.5 million units in FY20, which would allow the Group to generate total of PLN 3.2 billion/ PLN 2.1 billion revenues/ net profit in FY20. Based on our forecasts the Company currently trades at average 2020-2022 P/E of 19.7x, which implies a 16% discount vs foreign peers. We also estimate that the total budget of Cyberpunk 2077 may amount to PLN 1 billion (US$ 240 million) vs PLN 306 million for the Witcher 3.

With only five months to go CD Projekt is on the final stretch to the most important debut in their history. As the debut approaches, we expect the marketing campaign to intensify, incl. more trailers, gameplays, articles, reveals, hands-on presentations, previews and reviews, and eventually – a huge final marketing campaign worth over US$ 100 million. The marketing team from CD Projekt have ultimate expertise in building up expectations and sparking excitement in both the gamers and investors. We, therefore, believe that during this final run before the debut the Company’s shares will remain strong lining up with growing expectations, and thus we advise to Overweight the shares.

As a consequence of (i) c. 5% upward repricing of foreign peer companies and (ii) valuation model forward shift we increase our 12M EFV of the Company to PLN 352 per share from PLN 300 per share (up 17%). The share price is close to our 12M EFV so we uphold our LT fundamental Hold recommendation.

Total budget of Cyberpunk 2077 may amount to PLN 1 billion (US$ 240 million)

The cost of marketing is usually related to the expected sale volume. Also, according to the Company’s representatives, Cyberpunk 2077’s marketing cost may be several times higher than W3’s marketing which cost c. US$ 44 million (c. PLN 161 million) and was financed by distributors in c. 80%. We assume that Cyberpunk 2077’s marketing cost should

CD Projekt


Sector Report

5

CD Projekt

total PLN 472 million (US$ 113 million); 2.9 times the Witcher 3’s marketing cost. We also expect that CD Projekt will finance 20% of the assumed cost of marketing also this time.

Delaying the game’s debut in our model (by five months) leads to growing development costs. Moreover, the capex for games development amounted to PLN 61.8 million in 4Q19 vs PLN 43.5 million in 3Q19 vs PLN 34.6 million in 2Q19 vs PLN 25.2 million in 1Q19. A quarterly capex increase is natural as the game’s debut approaches, however an 145% increase in 4Q19 (vs 1Q19) is quite significant and unexpected by us. We currently assume that the development of Cyberpunk 2077 will cost PLN 445 million (vs PLN 95 million for the Witcher 3).

We estimate that the total budget of Cyberpunk 2077 may amount to PLN 1 billion (US$ 240 million), which is 3.3 times higher than for The Witcher 3 (PLN 306 million). This will include (i) cost of development at PLN 445 million, (ii) cost of marketing at PLN 472 million and (iii) PLN 100 million overheads.

Delay of Cyberpunk 2077 will impact the timing of future releases

Due to a five-month delay of Cyberpunk 2077 (to September 17, 2020) we also postpone debuts of other games in our model. Please find the summary of changes in the Fig. 3.

COVID-19 epidemic will accelerate the shift to digital distribution

Due to the COVID-19 pandemic consumers tend to download games rather than to buy a physical copy of a game. An increasing share of digital distribution yields higher margins for CD Projekt by omitting the retailer’s fee and costs of manufacturing and distribution (we estimate that a game developer receives c. 30-70% more revenue from a digital copy sold than from a retail copy). We decided to increase the share of digital sale (in the sales mix) in our forecast to 60% (from 50%), which elevates the average revenue from one Cyberpunk 2077 unit sold to US$ 33.6 (from US$ 31.6 earlier; by 6%).

Pre-orders may have reached 0.8-0.9 million (PC only)

The Company booked PLN 148.0 million of deferred revenues eop 4Q19. Assuming that the vast majority of deferred revenues is related to Cyberpunk 2077 we estimate that the Company pre-sold c. 0.8-0.9 million units (also in the form of minimum guarantees) of Cyberpunk 2077 through GOG and Steam only. Three quarters before the W3 debut (3Q14) the Company had c. PLN 50 million of other ST liabilities, which is 33% of the current deferred revenues (PLN 148 million). Given falling propensity of gamers to pre-ordering we assess this number as consistent with our expectations (we assume that CP2077 will sell 3.5x more copies than W3 in the quarter of release).

Strong assumptions of a new 2020-2025 motivation program

In its 2019 Management Board report the Company proposed new 2020-2025 motivation program. The fulfilment of the motivation program will depend on the market and results criteria. The market criterion target (20% weight) is the change of CD Projekt share price beating the WIG Index by 100 percentage points (vs the closing price of PLN 279.50 as of December 30, 2019). The results criteria in the motivation program assume PLN 1.4-2.0 billion of annual average net profit, which implies an average P/E ratio of 18.3-26.4x (vs 2020-2022 average P/E ratio for peer companies at 23.4x). In the best-case scenario it implies 22% discount vs peers. The results assumptions are close to our expectations in the optimistic scenario and below our expectations in the base-case scenario. Please find the results criteria targets in the Fig. 5-6.

Impact of Netflix – stronger than expected

On December Netflix released The Witcher series, which has exerted a positive impact on the sale of CD Projekt’s The Witcher franchise. In 4Q19 the sales from The Witcher (excl. Nintendo switch version) grew to c. PLN 90 million (by c. 80% yoy; vs flattish yoy revenues in 1-3Q19), while we expected c. PLN 66 million revenues (+30% yoy). It seems that in 1Q20 the impact may be even stronger, because it encompasses a longer period. Additionally the sales should be boosted by the stay-home rules. Therefore we assume a revenues growth of +160% yoy in 1Q20 (incl. Nintendo Switch version).

Sector: TMT – media & entertainment Market Cap: US$ 27 mFundamental rating: Hold (→) Bloomberg code: CIG PWMarket relative: Neutral (→) Av. daily turnover: US$ 0.23 mPrice: PLN 0.70 Free float: 67%12M EFV: PLN 0.64 (↑) 12M range: PLN 0.38-1.20


Key data

IFRS consolidated 2019 2020E 2021E 2022E

Sales PLN m 47.5 30.1 92.7 33.6

EBITDA PLN m 21.6 11.1 55.1 10.9

EBIT PLN m 2.1 -4.5 26.1 -4.1

Net profit PLN m -1.8 -4.3 21.2 -3.0

EPS PLN -0.01 -0.03 0.13 -0.02

EPS yoy chg % -93 135 -595 -114

Net debt PLN m 18.3 -6.9 -37.2 -41.7

P/E x neg. neg. 5.3 neg.

P/CE x 0.5 0.8 0.2 0.7

EV/EBITDA x 6.1 9.5 1.4 6.5

EV/EBIT x 62.2 neg. 2.9 neg.


DPS PLN 0.0 0.0 0.0 0.0

No. of shares (eop) m 161.0 161.0 161.0 161.0


Stock performance

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Source: Bloomberg

Upcoming events1. Release of 1Q20 financial results: May 22, 20202. Release of 2Q20 financial results: September 4, 20203. Release of 3Q20 financial results: November 27, 20204. Debut of Roki, Eldest Souls, Tails of Iron, Horae: 2020-2021 (our assumption)5. Debut of new own game: 2021 (our assumption)

Catalysts1. Higher than expected sale of new games2. News flow regarding new games3. Potential implementation of IP Box tax relief

Risk factors1. Difficult financial situation after SGWC failure2. Failure /cost increase of new games3. Weak quality of previous productions4. Potential share supply from the CEO5. Potential write-offs6. Potential equity issue (high target capital

approved by the EGM)


CI Games’ current release calendar includes Sniper Ghost Warrior Contracts 2 (which according to the Company’s CEO might be released in 2020) and Lords of the Fallen 2. We currently assume that one of these games will debut in 2021.

Over a year ago the Company announced four indie titles to be published by United Label (the Company’s fully owned subsidiary). The budget for the games will total PLN 13 million while CI Games’ share in the costs will amount to PLN 5 million. The initial range of titles covers a variety of genres, from roguelike RPG to point-and-click adventures, quite a niche mix of genres. Given very strong competition in the publishing segment as well as very niche genres offered we assume that these projects will have only minor impact on the Company’s financials. Recently the Company announced that Roki (first game from United Lebel) will debut within a few months on PC and Nintendo Switch. We assume that the remaining three titles should debut in 2020-201.

We make only minor adjustments to our 2020E-2022E forecasts, incorporating FY19 actual results and some delays of debuts in publishing segments. Due to (i) upward repricing of peer companies as well as (ii) one year forward valuation shift our 12M EFV of the Company increased to PLN 0.64 per share (from PLN 0.60 per share). We uphold our LT fundamental and ST market relative recommendations at Hold and Neutral, respectively.

CI Games

1/2020/SR (50) May 5, 2020



Sector Report

Investment story and recommendations

We modify our forecasts for PlayWay accounting for (i) lower than expected sale of House Flipper/ Thief Simulator (consoles) and Tank Mechanic Simulator (PC), (ii) positive impact of stay-home rules (stemming from COVID-19 epidemic), (iii) higher cost of operations reported in 4Q19, (iv) disposition of shares of Games Operators, (v) adding Builders of Egypt to our detailed forecast and (vi) stronger US$ vs PLN. We currently do not assume any significant revenues loss resulting from possible decrease in purchasing power of gamers resulting from the potential crisis.

Among the most important premiers upcoming in 2020 we include: Junkyard Simulator (PC), Contraband Police (PC), I am Your President (PC), Cooking Simulator (PS4, X1) and Builders of Egypt (PC).

Due to (i) slightly modified forecasts, and (ii) valuation model forward shift we marginally increase our 12M EFV of the Company to PLN 376.0 per share (from PLN 338.0 per share previously; up 11%).

In 2020 we expect PlayWay to generate PLN 192.5 million revenues (+47% yoy) and PLN 99.9 million adjusted net profit (+62% yoy), which implies a P/E multiple of 28.2x (a 7% premium vs peers). We also expect the Company to pay out a PLN 9.22 per share dividend from FY19 profits, which implies a 2.2% dividend yield.

Although our 12M EFV remains 12% below the current market valuation, we do not see any significant triggers that may help to close the valuation gap. Therefore our LT fundamental recommendation stays unaltered at Hold. We also sustain our ST market – relative Neutral recommendation.

PlayWaySector: TMT – media & entertainment Market Cap: US$ 673 mFundamental rating: Hold (→) Bloomberg code: PLW PWMarket relative: Neutral (→) Av. daily turnover: US$ 2.60 mPrice: PLN 426.50 Free float: 18%12M EFV: PLN 376.0 (↑) 12M range: PLN 160.80-449.50

Guide to adjusted profitsAdj numbers exclude the impact of losing control over (i) Creativeforge Games (PLN 11.6 million) in 1Q18, (ii) Duality (PLN 1.8) million in 1Q19, (iii) Sonka (PLN 8.4 million) in 3Q19 and (iv) Polyslash, Atomic Jelly, Simfabric and Detalion Games in 4Q19 (PLN 15 million).

Key data

IFRS consolidated 2019 2020E 2021E 2022E

Sales PLN m 131.2 192.5 230.2 263.1

EBITDA PLN m 83.1 136.1 168.1 197.9

EBIT PLN m 82.5 134.7 166.6 195.9

Net profit PLN m 86.8 152.8 120.6 144.8

Adj. net profit PLN n 61.7 99.9 120.6 144.8

Adj. EPS PLN 9.35 15.13 18.28 21.94

Adj. EPS yoy chg % 74 62 21 20

Net debt PLN m -106.8 -152.8 -195.5 -244.4

Adj. P/E x 45.6 28.2 23.3 19.4

Adj. P/CE x 45.2 27.8 23.0 19.2

Adj. EV/EBITDA* x 38.2 24.1 19.5 16.4

Adj. EV/EBIT* x 38.5 24.3 19.7 16.5


DPS PLN 2.49 9.22 14.49 17.98

No. of shares (eop) m 6.6 6.6 6.6 6.6

*calculated on the basis of proportional consolidation of P&Ls of subsidiaries in which PlayWay does not hold 100% stakesSource: Company, DM BOŚ SA estimates

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e(m)

Source: Bloomberg

Upcoming events1. Debut of House Flippper HGTV DLC: May 14, 20202. Release of 1Q20 financial results: May 29, 20203. Debuts of Junkyard Simulator, Contraband Police, I am your President, Builders of Egypt: 20204. Debut of Gold Rush (PS4, X1): 3Q20 (our assumption)5. Debut of Thief Simulator (X1): 2H206. Release of 2Q20 financial results: September 30, 20207. Debuts of DLCs to House Flipper: 2020, 2021 (our assumption)8. Release of 3Q20 financial results: November 27, 20209. Debut of sequel to Car Mechanic Simulator: 2021 (our assumption)10. Debut of House Flipper 2: 2022 (our assumption)

Catalysts1. Stay-home rules attract more gamers2. An appealing and risk diversifying business model3. Positive impact of stay-home rules4. Strong ongoing sales of House Flipper and Car

Mechanic Simulator5. Lavish release calendar for 20206. Ongoing generous dividend policy7. Strong US$ vs PLN

Risk factors1. A quality control may be a challenge given a

multitude of projects2. Significant cost increase in 4Q193. Failure/delay of projects4. Potential supply of shares by insiders5. Weak USD vs PLN

1/2020/SR (50) May 5, 2020



Sector Report

1/2020/SR (50) May 5, 2020


Sector: TMT – media & entertainment Market Cap: US$ 784 mFundamental rating: Buy (→) Bloomberg code: TEN PWMarket relative: Overweight (→) Av. daily turnover: US$ 3.01 mPrice: PLN 453.00 Free float: 50%12M EFV: PLN 503.0 (↑) 12M range: PLN 112.40-453.00


Key data

IFRS 2019 2020E 2021E 2022E

Sales PLN m 241.1 500.2 620.1 719.3

EBITDA PLN m 85.7 215.6 253.1 291.7

EBIT PLN m 84.6 214.1 251.5 290.0

Net profit PLN m 76.4 194.1 229.9 265.6

EPS PLN 10.57 26.81 31.31 36.17

EPS yoy chg % 109 154 17 16

Net debt PLN m -75.2 -223.9 -300.1 -385.9

P/E x 42.8 16.9 14.5 12.5

P/CE x 42.2 16.8 14.4 12.4

EV/EBITDA x 37.3 14.2 12.0 10.1

EV/EBIT x 37.8 14.3 12.0 10.1


DPS PLN 3.78 3.78 19.83 23.48

No. of shares (eop) m 7.2 7.2 7.3 7.3


Stock performance

60

110

160

210

260

310

360

410

460

510WIG Ten Square Games

0.00

0.04

0.08

05.20

19

06.20

19

07.20

19

08.20

19

09.20

19

10.20

19

11.20

19

12.20

19

01.20

20

02.20

20

03.20

20

04.20

20

05.20

20

Volum

e(m)

Source: Bloomberg

Upcoming events1. Release of 1Q20 financial results: May 25, 20202. Launch of Fishing Clash in China (Android): July 2020 (our assumption)3. Release of 2Q20 financial results: August 24, 20204. Release of 3Q20 financial results: November 23, 2020

Catalysts1. Positive impact of the stay-home rules2. Growing revenues from Fishing Clash3. Potential success of new games not included in

our forecast4. Chinese approval for Fishing Clash5. Success of Fishing Clash on the Chinese market6. Successful acquisition 7. Attractive dividend policy8. Very good cash position9. Strong growth of the mobile games segment10. Strong US$ vs PLN

Risk factors1. Weak sales of Fishing Clash2. Delay/ failure of new games3. Lack of Chinese approval for Fishing Clash4. Failure of Fishing Clash in China5. Failure of acquisition 6. Weak US$ vs PLN


We increase our 2020-2022 forecasts for Ten Square Games accounting for (i) lower expected cost of user acquisition stemming from falling marketing budgets during the epidemic, (ii) positive impact of the stay-home rules effecting in higher revenues, (iii) US$ strengthening vs PLN. We currently do not assume any significant revenues loss resulting from a possible decrease in purchasing power of gamers resulting from the potential recession.

We assume that in 2020 the revenues from Fishing Clash (western markets) will grow at a 3% CAGR monthly (vs 2% previously assumed and 6% in 2019) to PLN 439.2 million (+113% yoy vs +133% yoy in 2019). Moreover, we expect that the Chinese Android version of the game should get certified within months and assume the first revenues in July. We currently expect that Fishing Clash will generate PLN 23.9 million revenues from the Chinese market in 2020E. Our forecasts are based on the assumptions including (i) 30.3% Chinese global mobile market share, (ii) 30% distribution fee, (iii) 50% publisher fee and some adjusting factor to reflect gradual fine-tuning of the game to better suit the local tastes and to reach its full potential.

In FY19 report the Company revealed that it was considering M&As activities on the free-to-play market. We believe that a well-thought-out acquisition may add significant value to the Company’s earning potential by skipping over a tiresome soft-launch stage. TSG’s team know-how in the area of monetization and marketing should allow for scaling acquired projects to a significantly higher size/revenue.

On the back of upgraded forecasts we increase our estimate of the Company’s 12M EFV to PLN 503 per share (from PLN 371 per share); up 36%. Based on our forecasts the Company currently trades at 2020E P/E of 16.9x, which implies a 18% discount vs foreign peers. We uphold our LT fundamental and ST market-relative recommendations at Buy and Overweight, respectively. At our target price of PLN 503 per share, TSG would trade at 2020 P/E of 18.8x, which would still imply c. 10% discount vs peer companies (which seems warranted as the valuation is heavily dependent on a single game). We also want to stress that the potential success of any of three games (that are currently in the soft-launch stage) would turn out to be a strong positive signal for investors.

Ten Square Games


Sector Report

Distribution of DM BOŚ's current market relative recommended weightings

Overweight Neutral Underweight Suspended Under revisionNumbers 32 28 13 12 0Percentage 38% 33% 15% 14% 0%

Distribution of DM BOŚ’s current market relative recommended weightings for the companies which DM BOŚ has supplied with material investment services within the last 12 months

Overweight Neutral Underweight Suspended Under revisionNumbers 2 7 2 3 0Percentage 14% 50% 14% 21% 0%

Distribution of DM BOŚ's current recommendations

Buy Hold Sell Suspended Under revisionNumbers 28 39 6 12 0Percentage 33% 46% 7% 14% 0%

Distribution of DM BOŚ’s current recommendations for the companies which DM BOŚ has supplied with material investment services within the last 12 months

Buy Hold Sell Suspended Under revisionNumbers 2 9 0 3 0Percentage 14% 64% 0% 21% 0%

BASIC DEFINITIONSA/R turnover (in days) = 365/(sales/average A/R))Inventory turnover (in days) = 365/(COGS/average inventory))A/P turnover (in days) = 365/(COGS/average A/P))Current ratio = ((current assets – ST deferred assets)/current liabilities)Quick ratio = ((current assets – ST deferred assets – inventory)/current liabilities)Interest coverage = (pre-tax profit before extraordinary items + interest payable/interest payable)Gross margin = gross profit on sales/salesEBITDA margin = EBITDA/salesEBIT margin = EBIT/salesPre-tax margin = pre-tax profit/salesNet margin = net profit/salesROE = net profit/average equityROA = (net income + interest payable)/average assetsEV = market capitalization + interest bearing debt – cash and equivalentsEPS = net profit/ no. of shares outstandingCE = net profit + depreciationDividend yield (gross) = pre-tax DPS/stock market priceCash sales = accrual sales corrected for the change in A/RCash operating expenses = accrual operating expenses corrected for the changes in inventories and A/P, depreciation, cash taxes and changes in the deferred taxes

DM BOŚ S.A. generally values the covered non bank companies via two methods: comparative method and DCF method (discounted cash flows). The advantage of the former is the fact that it incorporates the current market assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the valuation benchmark may be mispriced. The advantage of the DCF method is its independence from the current market valuation of the comparable companies. The weakness of this method is its high sensitivity to undertaken assumptions, especially those related to the residual value calculation. Please note that we also resort to other valuation techniques (e.g. NAV-, DDM- or SOTP-based), should it prove appropriate in a given case.

BanksNet Interest Margin (NIM) = net interest income/average assetsNon interest income = fees&commissions + result on financial operations (trading gains) + FX gainsInterest Spread = (interest income/average interest earning assets)/ (interest cost/average interest bearing liabilities)Cost/Income = (general costs + depreciation)/ (profit on banking activity + other net operating income)ROE = net profit/average equityROA = net income/average assetsNon performing loans (NPL) = loans in ‘basket 3’ categoryNPL coverrage ratio = loan loss provisions/NPLNet provision charge = provisions created – provisions released

DM BOŚ S.A. generally values the covered banks via two methods: comparative method and fundamental target fair P/E and target fair P/BV multiples method. The advantage of the former is the fact that it incorporates the current market assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the valuation benchmark may be mispriced. The advantage of the fundamental target fair P/E and target fair P/BV multiples method is its independence of the current market valuation of the comparable companies. The weakness of this method is its high sensitivity to undertaken assumptions, especially thoserelated to the residual value calculation. Assumptions used in valuation can change, influencing thereby the level of the valuation. Among the most important assumptions are: GDP growth, forecasted level of inflation, changes in interest rates and currency prices, employment level and change in wages, demand on the analysed company products, raw material prices, competition, standing of the main customers and suppliers, legislation changes, etc. Changes in the environment of the analysed company are monitored by analysts involved in the preparation of the recommendation, estimated, incorporated in valuation and published in the recommendation whenever needed.

KEY TO INVESTMENT RANKINGS

This is a guide to expected price performance in absolute terms over the next 12 months:Buy – fundamentally undervalued (upside to 12M EFV in excess of the cost of equity) + catalysts which should close the valuation gap identified;Hold – either (i) fairly priced, or (ii) fundamentally undervalued/overvalued but lacks catalysts which could close the valuation gap;Sell – fundamentally overvalued (12M EFV < current share price + 1-year cost of equity) + catalysts which should close the valuation gap identified.

This is a guide to expected relative price performance:Overweight – expected to perform better than the benchmark (WIG) over the next quarter in relative termsNeutral – expected to perform in line with the benchmark (WIG) over the next quarter in relative termsUnderweight – expected to perform worse than the benchmark (WIG) over the next quarter in relative terms

The recommendation tracker presents the performance of DM BOŚ S.A.’s recommendations. A recommendation expires on the day it is altered or on the day 12 months after its issuance, whichever comes first.Relative performance compares the rate of return on a given recommended stock in the period of the recommendation’s validity (i.e. from the date of issuance to the date of alteration or – in case of maintained recommendations – from the date of issuance to the current date) in a relation to the rate of return on the benchmark in this time period. The WIG index constitutes the benchmark. For recommendations that expire by an alteration or are maintained, the ending values used to calculate their absolute and relative performance are: the stock closing price on the day the recommendation expires/ is maintained and the closing value of the benchmark on that date. For recommendations that expire via a passage of time, the ending values used to calculate their absolute and relative performance are: the average of the stock closing prices for the day the recommendation elapses and four directly preceding sessions and the average of the benchmark’s closing values for the day the recommendation expires and four directly preceding sessions.

10

LT fundamental recommendation tracker

Analyst Recommendation Report date Reiteration date Distribution date Expiry date PerformanceRelative

performancePrice at issue/

reiteration*EFV

(12 months)11 bit studiosTomasz Rodak Buy - 13.02.2017 - 14.02.2017 13.02.2018 28% 18% 164.50 220.00 -Tomasz Rodak - → - 07.03.2017 08.03.2017 - - - 182.15 220.00 →Tomasz Rodak - → - 11.04.2017 12.04.2017 - - - 192.00 220.00 →Tomasz Rodak - → - 30.05.2017 31.05.2017 - - - 184.50 220.00 →Tomasz Rodak - → - 12.07.2017 13.07.2017 - - - 174.40 220.00 →Tomasz Rodak - → - 20.08.2017 21.08.2017 - - - 189.00 261.00 ↑Tomasz Rodak - → - 29.08.2017 30.08.2017 - - - 196.75 261.00 →Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 205.00 261.00 →Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 188.00 261.00 →Tomasz Rodak - → - 13.11.2017 14.11.2017 - - - 168.60 231.00 ↓Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 164.25 231.00 →Tomasz Rodak - → - 10.12.2017 11.12.2017 - - - 175.00 231.00 →Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 201.00 231.00 →Tomasz Rodak Buy → 13.02.2018 - 14.02.2018 16.07.2018 129% 156% 210.50 231.00 →Tomasz Rodak - → - 14.02.2018 15.02.2018 - - - 209.00 253.00 ↑Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 214.00 253.00 →Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 257.00 253.00 →Tomasz Rodak - → - 26.04.2018 27.04.2018 - - - 280.00 377.00 ↑Tomasz Rodak - → - 07.05.2018 08.05.2018 - - - 374.50 480.00 ↑Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 506.00 480.00 →Tomasz Rodak - → - 20.06.2018 21.06.2018 - - - 465.00 480.00 →Tomasz Rodak Hold ↓ 16.07.2018 - 17.07.2018 15.10.2018 -31% -31% 481.00 526.00 ↑Tomasz Rodak - → - 02.08.2018 03.08.2018 - - - 441.00 526.00 →Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 426.00 526.00 →Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 308.00 526.00 →Tomasz Rodak Buy ↑ 15.10.2018 - 16.10.2018 13.10.2019 14% 13% 333.00 416.00 ↓Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 293.50 416.00 →Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 295.00 416.00 →Tomasz Rodak - → - 09.12.2018 10.12.2018 - - - 259.00 400.00 ↓Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 259.50 400.00 →Tomasz Rodak - → - 04.02.2019 05.02.2019 - - - 279.00 400.00 →Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 267.00 400.00 →Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 302.50 400.00 →Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 374.00 471.00 ↑Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 369.00 471.00 →Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 395.00 471.00 →Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 430.00 471.00 →Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 414.00 471.00 →Tomasz Rodak - → - 27.08.2019 28.08.2019 - - - 392.00 471.00 →Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 405.00 471.00 →Tomasz Rodak Buy → 13.10.2019 - 14.10.2019 05.05.2020 9% 38% 380.00 471.00 →Tomasz Rodak - → - 21.10.2019 22.10.2019 - - - 352.00 481.00 ↑Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 343.50 481.00 →Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 345.00 481.00 →Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 374.50 506.00 ↑Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 408.50 506.00 →Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 440.00 506.00 →Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 444.00 506.00 →Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 431.00 506.00 →Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 350.00 506.00 →Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 406.00 506.00 →Tomasz Rodak Hold ↓ 05.05.2020 - 06.05.2020 Not later than

05.05.2021- - 415.00 538.00 ↑

* prices at issue/reiteration are the closing prices at the report or reiteration date

11

Market-relative recommendation tracker

AnalystRelative Recommendation

Report date Reiteration date Distribution date Expiry datePrice at issue/

reiteration*Relative

performance

11 bit studiosTomasz Rodak Overweight - 13.02.2017 - 14.02.2017 13.02.2018 164.50 18%Tomasz Rodak - → - 07.03.2017 08.03.2017 - 182.15 -Tomasz Rodak - → - 11.04.2017 12.04.2017 - 192.00 -Tomasz Rodak - → - 30.05.2017 31.05.2017 - 184.50 -Tomasz Rodak - → - 12.07.2017 13.07.2017 - 174.40 -Tomasz Rodak - → - 20.08.2017 21.08.2017 - 189.00 -Tomasz Rodak - → - 29.08.2017 30.08.2017 - 196.75 -Tomasz Rodak - → - 03.09.2017 04.09.2017 - 205.00 -Tomasz Rodak - → - 15.10.2017 16.10.2017 - 188.00 -Tomasz Rodak - → - 13.11.2017 14.11.2017 - 168.60 -Tomasz Rodak - → - 15.11.2017 16.11.2017 - 164.25 -Tomasz Rodak - → - 10.12.2017 11.12.2017 - 175.00 -Tomasz Rodak - → - 10.01.2018 11.01.2018 - 201.00 -Tomasz Rodak Overweight → 13.02.2018 - 14.02.2018 16.07.2018 210.50 156%Tomasz Rodak - → - 14.02.2018 15.02.2018 - 209.00 -Tomasz Rodak - → - 12.03.2018 13.03.2018 - 214.00 -Tomasz Rodak - → - 16.04.2018 17.04.2018 - 257.00 -Tomasz Rodak - → - 26.04.2018 27.04.2018 - 280.00 -Tomasz Rodak - → - 07.05.2018 08.05.2018 - 374.50 -Tomasz Rodak - → - 29.05.2018 30.05.2018 - 506.00 -Tomasz Rodak - → - 20.06.2018 21.06.2018 - 465.00 -Tomasz Rodak Neutral ↓ 16.07.2018 - 17.07.2018 11.10.2018 481.00 -37%Tomasz Rodak - → - 02.08.2018 03.08.2018 - 441.00 -Tomasz Rodak - → - 30.08.2018 31.08.2018 - 426.00 -Tomasz Rodak Overweight ↑ 11.10.2018 - 12.10.2018 01.09.2019 308.00 32%Tomasz Rodak - → - 15.10.2018 16.10.2018 - 333.00 -Tomasz Rodak - → - 23.10.2018 24.10.2018 - 293.50 -Tomasz Rodak - → - 14.11.2018 15.11.2018 - 295.00 -Tomasz Rodak - → - 09.12.2018 10.12.2018 - 259.00 -Tomasz Rodak - → - 10.01.2019 11.01.2019 - 259.50 -Tomasz Rodak - → - 04.02.2019 05.02.2019 - 279.00 -Tomasz Rodak - → - 26.02.2019 27.02.2019 - 267.00 -Tomasz Rodak - → - 26.03.2019 27.03.2019 - 302.50 -Tomasz Rodak - → - 22.04.2019 23.04.2019 - 374.00 -Tomasz Rodak - → - 24.04.2019 25.04.2019 - 369.00 -Tomasz Rodak - → - 30.05.2019 31.05.2019 - 395.00 -Tomasz Rodak - → - 17.07.2019 18.07.2019 - 430.00 -Tomasz Rodak - → - 30.07.2019 31.07.2019 - 414.00 -Tomasz Rodak - → - 27.08.2019 28.08.2019 - 392.00 -Tomasz Rodak Overweight → 01.09.2019 - 02.09.2019 21.10.2019 405.00 -14%Tomasz Rodak - → - 13.10.2019 14.10.2019 - 380.00 -Tomasz Rodak Neutral ↓ 21.10.2019 - 22.10.2019 08.12.2019 352.00 9%Tomasz Rodak - → - 24.10.2019 25.10.2019 - 343.50 -Tomasz Rodak - → - 17.11.2019 18.11.2019 - 345.00 -Tomasz Rodak Overweight ↑ 08.12.2019 - 09.12.2019 05.05.2020 374.50 38%Tomasz Rodak - → - 09.01.2020 10.01.2020 - 408.50 -Tomasz Rodak - → - 04.02.2020 05.02.2020 - 440.00 -Tomasz Rodak - → - 06.02.2020 07.02.2020 - 444.00 -Tomasz Rodak - → - 03.03.2020 04.03.2020 - 431.00 -Tomasz Rodak - → - 30.03.2020 31.03.2020 - 350.00 -Tomasz Rodak - → - 22.04.2020 23.04.2020 - 406.00 -Tomasz Rodak Neutral ↓ 05.05.2020 - 06.05.2020 Not later than 05.05.2021 415.00 -

* prices at issue/reiteration are the closing prices at the report or reiteration datepre-June 2014 recommendations issued at DM IDMSA

12




reiteration*EFV

(12 months)CD Projekt- Buy - 11.12.2011 - - 14.11.2012 8% -5% 5.00 7.80 -- - → - 01.01.2012 - - - - 5.27 7.80 →- - → - 25.01.2012 - - - - 6.05 7.80 →- - → - 29.02.2012 - - - - 5.87 7.80 →- - → - 20.03.2012 - - - - 6.50 7.80 →- - → - 15.04.2012 - - - - 6.35 7.80 →- - → - 01.05.2012 - - - - 5.55 7.80 →- - → - 15.05.2012 - - - - 4.80 7.80 →- - → - 21.06.2012 - - - - 5.04 7.80 →- - → - 19.07.2012 - - - - 4.71 7.80 →- - → - 02.09.2012 - - - - 4.45 7.80 →- - → - 10.10.2012 - - - - 5.31 7.80 →- Buy → 14.11.2012 - - 21.03.2013 32% 27% 5.40 7.80 →- - → - 13.12.2012 - - - - 6.30 8.10 ↑- - → - 23.01.2013 - - - - 6.65 8.10 →- - → - 18.02.2013 - - - - 7.43 8.10 →- Hold ↓ 21.03.2013 - - 13.08.2013 55% 42% 7.12 8.10 →- - → - 17.04.2013 - - - - 6.75 8.10 →- - → - 25.04.2013 - - - - 6.80 8.10 →- - → - 15.05.2013 - - - - 7.53 8.10 →- - → - 17.06.2013 - - - - 9.49 8.10 →- - → - 25.07.2013 - - - - 9.56 8.10 →- Buy ↑ 13.08.2013 - - 02.02.2014 66% 62% 11.06 13.80 ↑- - → - 01.09.2013 - - - - 12.37 13.80 →- - → - 20.10.2013 - - - - 14.20 19.70 ↑- - → - 14.11.2013 - - - - 15.60 19.70 →- - → - 12.12.2014 - - - - 15.99 19.70 →- - → - 21.01.2014 - - - - 17.26 19.70 →- Hold ↓ 02.02.2014 - - 16.04.2014 -22% -22% 18.34 19.70 →- - → - 17.02.2014 - - - - 17.40 19.70 →- - → - 11.03.2014 - - - - 16.75 19.70 →- - → - 23.03.2014 - - - - 15.00 19.70 →- - → - 13.04.2014 - - - - 14.77 19.70 →- Buy ↑ 16.04.2014 - - 19.04.2015 49% 37% 14.24 19.70 →- - → - 15.05.2014 - - - - 14.25 19.70 →- - → - 16.06.2014 - - - - 16.25 19.70 →- - → - 20.07.2014 - - - - 15.25 19.70 →- - → - 18.08.2014 - - - - 15.25 19.70 →- - → - 01.09.2014 - - - - 15.45 19.70 →- - → - 14.10.2014 - - - - 15.46 19.70 →- - → - 16.11.2014 - - - - 16.44 19.70 →- - → - 08.12.2014 - - - - 17.30 19.70 →- - → - 14.12.2014 - - - - 16.00 19.70 →Tomasz Rodak - → - 18.01.2015 19.01.2015 - - - 16.20 19.70 →Tomasz Rodak - → - 10.02.2015 11.02.2015 - - - 16.20 19.70 →Tomasz Rodak - → - 23.03.2015 24.03.2015 - - - 19.24 19.70 →Tomasz Rodak Hold ↓ 19.04.2015 - 20.04.2015 12.05.2015 9% 6% 21.24 23.20 ↑Tomasz Rodak Buy ↑ 12.05.2015 - 13.05.2015 13.04.2016 10% 31% 23.24 30.00 ↑Tomasz Rodak - → - 17.05.2015 18.05.2015 - - - 24.70 30.00 →Tomasz Rodak - → - 21.06.2015 22.06.2015 - - - 23.70 30.00 →Tomasz Rodak - → - 16.07.2015 17.07.2015 - - - 26.69 30.00 →Tomasz Rodak - → - 03.08.2015 04.08.2015 - - - 26.69 34.70 ↑Tomasz Rodak - → - 31.08.2015 01.09.2015 - - - 24.30 34.70 →Tomasz Rodak - → - 15.10.2015 16.10.2015 - - - 27.00 34.70 →Tomasz Rodak - → - 16.11.2015 17.11.2015 - - - 23.00 34.70 →Tomasz Rodak - → - 13.12.2015 14.12.2015 - - - 22.40 31.20 ↓Tomasz Rodak - → - 17.01.2016 18.01.2016 - - - 21.65 31.20 →Tomasz Rodak - → - 15.02.2016 16.02.2016 - - - 21.61 31.20 →Tomasz Rodak - → - 21.03.2016 22.03.2016 - - - 24.94 31.20 →Tomasz Rodak Buy → 13.04.2016 - 14.04.2016 31.08.2016 66% 67% 25.60 31.20 →Tomasz Rodak - → - 16.05.2016 17.05.2016 - - - 26.70 31.20 →Tomasz Rodak - → - 27.06.2016 28.06.2016 - - - 26.30 31.20 →Tomasz Rodak - → - 14.07.2016 15.07.2016 - - - 29.18 37.80 ↑Tomasz Rodak - → - 24.07.2016 25.07.2016 - - - 33.02 37.80 →Tomasz Rodak - → - 21.08.2016 22.08.2016 - - - 36.32 37.80 →Tomasz Rodak Hold ↓ 31.08.2016 - 31.08.2016 13.02.2017 63% 35% 42.50 42.90 ↑Tomasz Rodak - → - 12.10.2016 13.10.2016 - - - 39.65 42.90 →Tomasz Rodak - → - 02.11.2016 03.11.2016 - - - 39.70 42.90 →Tomasz Rodak - → - 04.12.2016 05.12.2016 - - - 51.66 42.90 →Tomasz Rodak - → - 12.01.2017 13.01.2017 - - - 54.85 42.90 →Tomasz Rodak - → - 08.02.2017 09.02.2017 - - - 63.50 42.90 →Tomasz Rodak Buy ↑ 13.02.2017 - 14.02.2017 13.02.2018 59% 46% 69.44 81.30 ↑Tomasz Rodak - → - 07.03.2017 08.03.2017 - - - 73.27 81.30 →Tomasz Rodak - → - 11.04.2017 12.04.2017 - - - 66.40 81.30 →Tomasz Rodak - → - 28.05.2017 29.05.2017 - - - 71.95 80.30 ↓Tomasz Rodak - → - 30.05.2017 31.05.2017 - - - 77.60 80.30 →Tomasz Rodak - → - 12.07.2017 13.07.2017 - - - 82.79 80.30 →Tomasz Rodak - → - 23.07.2017 24.07.2017 - - - 87.00 103.40 ↑Tomasz Rodak - → - 20.08.2017 21.08.2017 - - - 86.50 103.40 →Tomasz Rodak - → - 29.08.2017 30.08.2017 - - - 80.52 103.40 →Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 84.20 103.40 →Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 117.80 103.40 →Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 107.00 103.40 →

13



reiteration*EFV

(12 months)Tomasz Rodak - → - 10.12.2017 11.12.2017 - - - 94.00 138.20 ↑Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 98.15 138.20 →Tomasz Rodak Buy → 13.02.2018 - 14.02.2018 04.02.2019 75% 82% 109.10 138.20 →Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 114.50 138.20 →Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 119.30 138.20 →Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 145.00 138.20 →Tomasz Rodak - → - 20.06.2018 21.06.2018 - - - 165.80 138.20 →Tomasz Rodak - → - 16.07.2018 17.07.2018 - - - 197.40 240.00 ↑Tomasz Rodak - → - 02.08.2018 03.08.2018 - - - 195.40 240.00 →Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 210.40 240.00 →Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 152.00 240.00 →Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 144.30 240.00 →Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 146.50 240.00 →Tomasz Rodak - → - 09.12.2018 10.12.2018 - - - 144.00 205.20 ↓Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 171.00 205.20 →Tomasz Rodak Buy → 04.02.2019 - 05.02.2019 01.09.2019 33% 42% 190.70 205.20 →Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 185.70 205.20 →Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 185.80 205.20 →Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 202.00 250.10 ↑Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 211.20 250.10 →Tomasz Rodak - → - 29.05.2019 30.05.2019 - - - 208.70 249.00 ↓Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 214.30 249.00 →Tomasz Rodak - → - 20.06.2019 21.06.2019 - - - 207.60 249.00 →Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 219.30 249.00 →Tomasz Rodak - → - 22.07.2019 23.07.2019 - - - 224.90 258.00 ↑Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 225.90 258.00 →Tomasz Rodak - → - 27.08.2019 28.08.2019 - - - 245.20 258.00 →Tomasz Rodak Hold ↓ 01.09.2019 - 02.09.2019 Not later than

01.09.202041% 78% 253.00 258.00 →

Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 237.00 258.00 →Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 241.90 258.00 →Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 262.50 258.00 →Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 261.30 300.00 ↑Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 288.60 300.00 →Tomasz Rodak - → - 16.01.2020 17.01.2020 - - - 282.30 300.00 →Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 305.00 300.00 →Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 313.70 300.00 →Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 305.80 300.00 →Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 280.90 300.00 →Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 347.00 300.00 →Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 357.50 352.00 ↑


LT fundamental recommendation tracker (continued)

14





performance

CD Projekt- Overweight - 11.12.2011 - - 02.09.2012 5.00 -17%- - → - 01.01.2012 - - 5.27 -- - → - 25.01.2012 - - 6.05 -- - → - 29.02.2012 - - 5.87 -- - → - 20.03.2012 - - 6.50 -- - → - 15.04.2012 - - 6.35 -- - → - 01.05.2012 - - 5.55 -- - → - 15.05.2012 - - 4.80 -- - → - 21.06.2012 - - 5.04 -- - → - 19.07.2012 - - 4.71 -- Neutral ↓ 02.09.2012 - - 13.12.2012 4.45 26%- - → - 10.10.2012 - - 5.31 -- - → - 14.11.2012 - - 5.40 -- Overweight ↑ 13.12.2012 - - 21.03.2013 6.30 16%- - → - 23.01.2013 - - 6.65 -- - → - 18.02.2013 - - 7.43 -- Neutral ↓ 21.03.2013 - - 12.12.2013 7.12 97%- - → - 17.04.2013 - - 6.75 -- - → - 25.04.2013 - - 6.80 -- - → - 15.05.2013 - - 7.53 -- - → - 17.06.2013 - - 9.49 -- - → - 25.07.2013 - - 9.56 -- - → - 13.08.2013 - - 11.06 -- - → - 01.09.2013 - - 12.37 -- - → - 20.10.2013 - - 14.20 -- - → - 14.11.2013 - - 15.60 -- Overweight ↑ 12.12.2013 - - 11.03.2014 15.99 6%- - → - 21.01.2014 - - 17.26 -- - → - 02.02.2014 - - 18.34 -- - → - 17.02.2014 - - 17.40 -- Underweight ↓ 11.03.2014 - - 13.04.2014 16.75 -14%- - → - 23.03.2014 - - 15.00 -- Overweight ↑ 13.04.2014 - - 08.12.2014 14.77 15%- - → - 16.04.2014 - - 14.24 -- - → - 15.05.2014 - - 14.25 -- - → - 16.06.2014 - - 16.25 -- - → - 20.07.2014 - - 15.25 -- - → - 18.08.2014 - - 15.25 -- - → - 01.09.2014 - - 15.45 -- - → - 14.10.2014 - - 15.46 -- - → - 16.11.2014 - - 16.44 -- Neutral ↓ 08.12.2014 - - 18.01.2015 17.30 0%- - → - 14.12.2014 - - 16.00 -Tomasz Rodak Overweight ↑ 18.01.2015 - 19.01.2015 16.11.2015 16.20 47%Tomasz Rodak - → - 10.02.2015 11.02.2015 - 16.20 -Tomasz Rodak - → - 23.03.2015 24.03.2015 - 19.24 -Tomasz Rodak - → - 19.04.2015 20.04.2015 - 21.24 -Tomasz Rodak - → - 12.05.2015 13.05.2015 - 23.24 -Tomasz Rodak - → - 17.05.2015 18.05.2015 - 24.70 -Tomasz Rodak - → - 21.06.2015 22.06.2015 - 23.70 -Tomasz Rodak - → - 16.07.2015 17.07.2015 - 26.69 -Tomasz Rodak - → - 03.08.2015 04.08.2015 - 26.69 -Tomasz Rodak - → - 31.08.2015 01.09.2015 - 24.30 -Tomasz Rodak - → - 15.10.2015 16.10.2015 - 27.00 -Tomasz Rodak Neutral ↓ 16.11.2015 - 17.11.2015 15.02.2016 23.00 3%Tomasz Rodak - → - 13.12.2015 14.12.2015 - 22.40 -Tomasz Rodak - → - 17.01.2016 18.01.2016 - 21.65 -Tomasz Rodak Overweight ↑ 15.02.2016 - 16.02.2016 31.08.2016 21.61 82%Tomasz Rodak - → - 21.03.2016 22.03.2016 - 24.94 -Tomasz Rodak - → - 13.04.2016 14.04.2016 - 25.60 -Tomasz Rodak - → - 16.05.2016 17.05.2016 - 26.70 -Tomasz Rodak - → - 27.06.2016 28.06.2016 - 26.30 -Tomasz Rodak - → - 14.07.2016 15.07.2016 - 29.18 -Tomasz Rodak - → - 24.07.2016 25.07.2016 - 33.02 -Tomasz Rodak - → - 21.08.2016 22.08.2016 - 36.32 -Tomasz Rodak Neutral ↓ 31.08.2016 - 31.08.2016 08.02.2017 42.50 29%Tomasz Rodak - → - 12.10.2016 13.10.2016 - 39.65 -Tomasz Rodak - → - 02.11.2016 03.11.2016 - 39.70 -Tomasz Rodak - → - 04.12.2016 05.12.2016 - 51.66 -Tomasz Rodak - → - 12.01.2017 13.01.2017 - 54.85 -Tomasz Rodak Overweight ↑ 08.02.2017 - 09.02.2017 10.01.2018 63.50 34%Tomasz Rodak - → - 13.02.2017 14.02.2017 - 69.44 -Tomasz Rodak - → - 07.03.2017 08.03.2017 - 73.27 -Tomasz Rodak - → - 11.04.2017 12.04.2017 - 66.40 -Tomasz Rodak - → - 28.05.2017 29.05.2017 - 71.95 -Tomasz Rodak - → - 30.05.2017 31.05.2017 - 77.60 -Tomasz Rodak - → - 12.07.2017 13.07.2017 - 82.79 -Tomasz Rodak - → - 23.07.2017 24.07.2017 - 87.00 -Tomasz Rodak - → - 20.08.2017 21.08.2017 - 86.50 -Tomasz Rodak - → - 29.08.2017 30.08.2017 - 80.52 -Tomasz Rodak - → - 03.09.2017 04.09.2017 - 84.20 -Tomasz Rodak - → - 15.10.2017 16.10.2017 - 117.80 -Tomasz Rodak - → - 15.11.2017 16.11.2017 - 107.00 -

15




performance

Tomasz Rodak - → - 10.12.2017 11.12.2017 - 94.00 -Tomasz Rodak Overweight → 10.01.2018 - 11.01.2018 10.01.2019 98.15 91%Tomasz Rodak - → - 13.02.2018 14.02.2018 - 109.10 -Tomasz Rodak - → - 12.03.2018 13.03.2018 - 114.50 -Tomasz Rodak - → - 16.04.2018 17.04.2018 - 119.30 -Tomasz Rodak - → - 29.05.2018 30.05.2018 - 145.00 -Tomasz Rodak - → - 20.06.2018 21.06.2018 - 165.80 -Tomasz Rodak - → - 16.07.2018 17.07.2018 - 197.40 -Tomasz Rodak - → - 02.08.2018 03.08.2018 - 195.40 -Tomasz Rodak - → - 30.08.2018 31.08.2018 - 210.40 -Tomasz Rodak - → - 11.10.2018 12.10.2018 - 152.00 -Tomasz Rodak - → - 23.10.2018 24.10.2018 - 144.30 -Tomasz Rodak - → - 14.11.2018 15.11.2018 - 146.50 -Tomasz Rodak - → - 09.12.2018 10.12.2018 - 144.00 -Tomasz Rodak Overweight → 10.01.2019 - 11.01.2019 01.09.2019 171.00 55%Tomasz Rodak - → - 04.02.2019 05.02.2019 - 190.70 -Tomasz Rodak - → - 26.02.2019 27.02.2019 - 185.70 -Tomasz Rodak - → - 26.03.2019 27.03.2019 - 185.80 -Tomasz Rodak - → - 22.04.2019 23.04.2019 - 202.00 -Tomasz Rodak - → - 24.04.2019 25.04.2019 - 211.20 -Tomasz Rodak - → - 29.05.2019 30.05.2019 - 208.70 -Tomasz Rodak - → - 30.05.2019 31.05.2019 - 214.30 -Tomasz Rodak - → - 20.06.2019 21.06.2019 - 207.60 -Tomasz Rodak - → - 17.07.2019 18.07.2019 - 219.30 -Tomasz Rodak - → - 22.07.2019 23.07.2019 - 224.90 -Tomasz Rodak - → - 30.07.2019 31.07.2019 - 225.90 -Tomasz Rodak - → - 27.08.2019 28.08.2019 - 245.20 -Tomasz Rodak Neutral ↓ 01.09.2019 - 02.09.2019 08.12.2019 253.00 5%Tomasz Rodak - → - 13.10.2019 14.10.2019 - 237.00 -Tomasz Rodak - → - 24.10.2019 25.10.2019 - 241.90 -Tomasz Rodak - → - 17.11.2019 18.11.2019 - 262.50 -Tomasz Rodak Overweight ↑ 08.12.2019 - 09.12.2019 16.01.2020 261.30 3%Tomasz Rodak - → - 09.01.2020 10.01.2020 - 288.60 -Tomasz Rodak Neutral ↓ 16.01.2020 - 17.01.2020 03.03.2020 282.30 27%Tomasz Rodak - → - 04.02.2020 05.02.2020 - 305.00 -Tomasz Rodak - → - 06.02.2020 07.02.2020 - 313.70 -Tomasz Rodak Overweight ↑ 03.03.2020 - 04.03.2020 Not later than 03.03.2021 305.80 30%Tomasz Rodak - → - 30.03.2020 31.03.2020 - 280.90 -Tomasz Rodak - → - 22.04.2020 23.04.2020 - 347.00 -Tomasz Rodak - → - 05.05.2020 06.05.2020 - 357.50 -


Market-relative recommendation tracker (continued)

16




reiteration*EFV

(12 months)CI Games- Buy - 11.12.2011 - - 25.07.2012 -13% -15% 27.65 44.50 -- - → - 01.01.2012 - - - - 29.00 44.50 →- - → - 25.01.2012 - - - - 28.10 44.50 →- - → - 29.02.2012 - - - - 29.80 44.50 →- - → - 20.03.2012 - - - - 28.15 44.50 →- - → - 15.04.2012 - - - - 27.90 44.50 →- - → - 23.04.2012 - - - - 27.33 41.60 ↓- - → - 15.05.2012 - - - - 26.39 41.60 →- - → - 16.05.2012 - - - - 26.20 41.60 →- - → - 21.06.2012 - - - - 26.97 41.60 →- - → - 19.07.2012 - - - - 24.90 41.60 →- - → - 23.07.2012 - - - - 23.30 37.40 ↓- Hold ↓ 25.07.2012 - - 10.10.2012 -1% -12% 24.00 26.40 ↓- - → - 02.09.2012 - - - - 16.95 26.40 →- - → - 02.10.2012 - - - - 20.59 26.40 →- Buy ↑ 10.10.2012 - - 18.04.2013 -5% -4% 23.80 26.40 →- - → - 05.11.2012 - - - - 21.90 26.40 →- - → - 14.11.2012 - - - - 20.30 26.40 →- - → - 13.12.2012 - - - - 25.60 30.00 ↑- - → - 10.01.2013 - - - - 23.88 30.00 →- - → - 23.01.2013 - - - - 27.38 30.00 →- - → - 18.02.2013 - - - - 27.37 30.00 →- - → - 21.03.2013 - - - - 23.30 30.00 →- - → - 17.04.2013 - - - - 23.00 30.00 →- Hold ↓ 18.04.2013 - - 11.08.2013 -24% -33% 22.50 24.50 ↓- - → - 15.05.2013 - - - - 18.45 24.50 →- - → - 17.06.2013 - - - - 16.90 24.50 →- - → - 25.07.2013 - - - - 16.10 24.50 →- Sell ↓ 11.08.2013 - - 28.11.2013 -47% -52% 17.05 15.30 ↓- - → - 01.09.2013 - - - - 17.50 15.30 →- - → - 24.09.2013 - - - - 17.05 15.30 →- - → - 08.10.2013 - - - - 15.49 15.30 →- - → - 20.10.2013 - - - - 9.00 15.30 →- - → - 14.11.2013 - - - - 9.85 15.30 →- Suspended - 28.11.2013 - - 10.12.2013 11% 15% 9.00 n.a. -- Buy - 10.12.2013 - - 02.02.2014 28% 32% 10.00 15.00 -- - → - 12.12.2013 - - - - 9.60 15.00 →- - → - 21.01.2014 - - - - 13.35 15.00 →- Hold ↓ 02.02.2014 - - 22.06.2014 -23% -26% 12.75 15.00 →- - → - 17.02.2014 - - - - 10.37 15.00 →- - → - 23.03.2014 - - - - 9.89 15.00 →- - → - 03.04.2014 - - - - 10.85 15.00 →- - → - 13.04.2014 - - - - 11.41 15.00 →- - → - 16.04.2014 - - - - 11.01 15.00 →- - → - 15.05.2014 - - - - 10.25 15.00 →- - → - 16.06.2014 - - - - 10.04 15.00 →- Sell ↓ 22.06.2014 - - 18.08.2014 -21% -20% 9.80 9.30 ↓- - → - 20.07.2014 - - - - 7.94 9.30 →- Hold ↑ 18.08.2014 - - 23.10.2014 43% 40% 7.72 9.30 →- - → - 01.09.2014 - - - - 8.20 9.30 →- - → - 14.10.2014 - - - - 8.63 9.30 →- Sell ↓ 23.10.2014 - - 14.12.2014 -21% -19% 11.06 9.30 →- - → - 16.11.2014 - - - - 10.40 9.30 →Anrzej Bernatowicz Hold ↑ 14.12.2014 - 15.12.2014 11.08.2015 138% 135% 8.73 9.30 →Tomasz Rodak - → - 18.01.2015 19.01.2015 - - - 8.30 9.30 →Tomasz Rodak - → - 10.02.2015 11.02.2015 - - - 8.01 9.30 →Tomasz Rodak - → - 26.02.2015 27.02.2015 - - - 8.45 9.30 →Tomasz Rodak - → - 23.03.2015 24.03.2015 - - - 8.94 9.30 →Tomasz Rodak - → - 19.04.2015 20.04.2015 - - - 7.63 9.30 →Tomasz Rodak - → - 17.05.2015 18.05.2015 - - - 8.44 9.30 →Tomasz Rodak - → - 14.06.2015 15.06.2015 - - - 11.50 9.30 →Tomasz Rodak - → - 21.06.2015 22.06.2015 - - - 12.89 9.30 →Tomasz Rodak - → - 16.07.2015 17.07.2015 - - - 16.80 9.30 →Tomasz Rodak Sell ↓ 11.08.2015 - 12.08.2015 24.07.2016 31% 49% 20.81 16.80 ↑Tomasz Rodak - → - 31.08.2015 01.09.2015 - - - 18.65 16.80 →Tomasz Rodak - → - 15.10.2015 16.10.2015 - - - 23.50 16.80 →Tomasz Rodak - → - 16.11.2015 17.11.2015 - - - 20.80 16.80 →Tomasz Rodak - → - 17.11.2015 18.11.2015 - - - 22.99 16.80 →Tomasz Rodak - → - 13.12.2015 14.12.2015 - - - 20.30 17.40 ↑Tomasz Rodak - → - 17.01.2016 18.01.2016 - - - 20.70 17.40 →Tomasz Rodak - → - 15.02.2016 16.02.2016 - - - 20.86 17.40 →Tomasz Rodak - → - 21.03.2016 22.03.2016 - - - 22.85 17.40 →Tomasz Rodak - → - 13.04.2016 14.04.2016 - - - 25.68 17.40 →Tomasz Rodak - → - 16.05.2016 17.05.2016 - - - 24.42 17.40 →Tomasz Rodak - → - 27.06.2016 28.06.2016 - - - 23.50 17.40 →Tomasz Rodak Sell → 24.07.2016 - 25.07.2016 12.07.2017 -65% -73% 27.19 17.40 →Tomasz Rodak - → - 21.08.2016 22.08.2016 - - - 30.70 17.40 →Tomasz Rodak - → - 31.08.2016 01.09.2016 - - - 31.64 17.40 →Tomasz Rodak - → - 12.10.2016 13.10.2016 - - - 30.45 17.40 →Tomasz Rodak - → - 16.10.2016 17.10.2016 - - - 30.41 17.40 →Tomasz Rodak - → - 02.11.2016 03.11.2016 - - - 26.90 17.40 →Tomasz Rodak - → - 14.11.2016 15.11.2016 - - - 28.07 17.40 →Tomasz Rodak - → - 04.12.2016 05.12.2016 - - - 25.90 17.40 →

17



reiteration*EFV

(12 months)Tomasz Rodak - → - 12.01.2017 13.01.2017 - - - 28.10 17.40 →Tomasz Rodak - → - 08.02.2017 09.02.2017 - - - 27.49 17.40 →Tomasz Rodak - → - 15.02.2017 16.02.2017 - - - 29.00 21.70 ↑Tomasz Rodak - → - 22.02.2017 23.02.2017 - - - 2.82 2.17 ↓Tomasz Rodak - → - 07.03.2017 08.03.2017 - - - 2.53 2.17 →Tomasz Rodak - → - 11.04.2017 12.04.2017 - - - 2.93 2.17 →Tomasz Rodak - → - 08.05.2017 09.05.2017 - - - 1.58 1.16 ↓Tomasz Rodak - → - 30.05.2017 31.05.2017 - - - 1.01 1.16 →Tomasz Rodak Sell → 12.07.2017 - 13.07.2017 10.12.2017 10% 9% 0.96 1.16 →Tomasz Rodak - → - 12.07.2017 13.07.2017 - - - 0.96 1.16 →Tomasz Rodak - → - 20.08.2017 21.08.2017 - - - 1.16 0.72 ↓Tomasz Rodak - → - 29.08.2017 30.08.2017 - - - 0.99 0.72 →Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 1.05 0.72 →Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 1.07 0.72 →Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 1.07 0.72 →Tomasz Rodak Hold ↑ 10.12.2017 - 11.12.2017 09.12.2018 -17% -11% 1.06 0.86 ↑Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 1.09 0.86 →Tomasz Rodak - → - 13.02.2018 14.02.2018 - - - 0.99 0.86 →Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 1.01 0.86 →Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 0.89 0.86 →Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 1.01 0.86 →Tomasz Rodak - → - 16.07.2018 17.07.2018 - - - 0.87 0.86 →Tomasz Rodak - → - 02.08.2018 03.08.2018 - - - 0.86 0.86 →Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 1.36 0.86 →Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 0.87 0.86 →Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 0.89 0.86 →Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 0.83 0.86 →Tomasz Rodak Hold → 09.12.2018 - 10.12.2018 03.06.2019 27% 28% 0.88 0.74 ↓Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 0.96 0.74 →Tomasz Rodak - → - 04.02.2019 05.02.2019 - - - 1.13 0.74 →Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 1.25 0.74 →Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 1.10 0.74 →Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 1.07 1.05 ↑Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 1.02 1.05 →Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 1.13 1.05 →Tomasz Rodak Suspended - 03.06.2019 - 04.06.2019 17.07.2019 -11% -14% 1.12 - -Tomasz Rodak Hold - 17.07.2019 - 18.07.2019 08.12.2019 -13% -7% 0.99 1.05 -Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 0.98 1.05 →Tomasz Rodak - → - 27.08.2019 28.08.2019 - - - 0.98 1.05 →Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 0.97 1.05 →Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 1.01 1.05 →Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 1.12 1.05 →Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 0.89 1.05 →Tomasz Rodak Sell ↓ 08.12.2019 - 09.12.2019 30.03.2020 -29% -3% 0.86 0.60 ↓Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 0.81 0.60 →Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 0.81 0.60 →Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 0.81 0.60 →Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 0.68 0.60 →Tomasz Rodak Hold ↑ 30.03.2020 - 31.03.2020 Not later than

30.03.202115% 4% 0.61 0.60 →

Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 0.69 0.60 →Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 0.70 0.64 ↑


LT fundamental recommendation tracker (continued)

18





performance

CI Games- Overweight - 11.12.2011 - - 25.07.2012 27.65 -15%- - → - 01.01.2012 - - 29.00 -- - → - 25.01.2012 - - 28.10 -- - → - 29.02.2012 - - 29.80 -- - → - 20.03.2012 - - 28.15 -- - → - 15.04.2012 - - 27.90 -- - → - 23.04.2012 - - 27.33 -- - → - 15.05.2012 - - 26.39 -- - → - 16.05.2012 - - 26.20 -- - → - 21.06.2012 - - 26.97 -- - → - 19.07.2012 - - 24.90 -- - → - 23.07.2012 - - 23.30 -- Underweight ↓ 25.07.2012 - - 02.10.2012 24.00 -24%- - → - 02.09.2012 - - 16.95 -- Overweight ↑ 02.10.2012 - - 05.11.2012 20.59 8%- - → - 10.10.2012 - - 23.80 -- Neutral ↓ 05.11.2012 - - 10.01.2013 21.90 0%- - → - 14.11.2012 - - 20.30 -- - → - 13.12.2012 - - 25.60 -- Overweight ↑ 10.01.2013 - - 18.04.2013 23.88 3%- - → - 23.01.2013 - - 27.38 -- - → - 18.02.2013 - - 27.37 -- - → - 21.03.2013 - - 23.30 -- - → - 17.04.2013 - - 23.00 -- Neutral ↓ 18.04.2013 - - 11.08.2013 22.50 -33%- - → - 15.05.2013 - - 18.45 -- - → - 17.06.2013 - - 16.90 -- - → - 25.07.2013 - - 16.10 -- Underweight ↓ 11.08.2013 - - 24.09.2013 17.05 -2%- - → - 01.09.2013 - - 17.50 -- Neutral ↑ 24.09.2013 - - 08.10.2013 17.05 -9%- Underweight ↓ 08.10.2013 - - 28.11.2013 15.49 -46%- - → - 20.10.2013 - - 9.00 -- - → - 14.11.2013 - - 9.85 -- Suspended - 28.11.2013 - - 10.12.2013 9.00 15%- Overweight - 10.12.2013 - - 02.02.2014 10.00 32%- - → - 12.12.2013 - - 9.60 -- - → - 21.01.2014 - - 13.35 -- Neutral ↓ 02.02.2014 - - 03.04.2014 12.75 -18%- - → - 17.02.2014 - - 10.37 -- - → - 23.03.2014 - - 9.89 -- Overweight ↑ 03.04.2014 - - 22.06.2014 10.85 -10%- - → - 13.04.2014 - - 11.41 -- - → - 16.04.2014 - - 11.01 -- - → - 15.05.2014 - - 10.25 -- - → - 16.06.2014 - - 10.04 -- Underweight ↓ 22.06.2014 - - 18.08.2014 9.80 -20%- - → - 20.07.2014 - - 7.94 -- Overweight ↑ 18.08.2014 - - 23.10.2014 7.72 40%- - → - 01.09.2014 - - 8.20 -- - → - 14.10.2014 - - 8.63 -- Underweight ↓ 23.10.2014 - - 14.12.2014 11.06 -19%- - → - 16.11.2014 - - 10.40 -Anrzej Bernatowicz Neutral ↑ 14.12.2014 - 15.12.2014 26.02.2015 8.73 -5%Tomasz Rodak - → - 18.01.2015 19.01.2015 - 8.30 -Tomasz Rodak - → - 10.02.2015 11.02.2015 - 8.01 -Tomasz Rodak Underweight ↓ 26.02.2015 - 27.02.2015 14.06.2015 8.45 34%Tomasz Rodak - → - 23.03.2015 24.03.2015 - 8.94 -Tomasz Rodak - → - 19.04.2015 20.04.2015 - 7.63 -Tomasz Rodak - → - 17.05.2015 18.05.2015 - 8.44 -Tomasz Rodak Neutral ↑ 14.06.2015 - 15.06.2015 11.08.2015 11.50 84%Tomasz Rodak - → - 21.06.2015 22.06.2015 - 12.89 -Tomasz Rodak - → - 16.07.2015 17.07.2015 - 16.80 -Tomasz Rodak Underweight ↓ 11.08.2015 - 12.08.2015 17.11.2015 20.81 19%Tomasz Rodak - → - 31.08.2015 01.09.2015 - 18.65 -Tomasz Rodak - → - 15.10.2015 16.10.2015 - 23.50 -Tomasz Rodak - → - 16.11.2015 17.11.2015 - 20.80 -Tomasz Rodak Neutral ↑ 17.11.2015 - 18.11.2015 16.10.2016 22.99 37%Tomasz Rodak - → - 13.12.2015 14.12.2015 - 20.30 -Tomasz Rodak - → - 17.01.2016 18.01.2016 - 20.70 -Tomasz Rodak - → - 15.02.2016 16.02.2016 - 20.86 -Tomasz Rodak - → - 21.03.2016 22.03.2016 - 22.85 -Tomasz Rodak - → - 13.04.2016 14.04.2016 - 25.68 -Tomasz Rodak - → - 16.05.2016 17.05.2016 - 24.42 -Tomasz Rodak - → - 27.06.2016 28.06.2016 - 23.50 -Tomasz Rodak - → - 24.07.2016 25.07.2016 - 27.19 -Tomasz Rodak - → - 21.08.2016 22.08.2016 - 30.70 -Tomasz Rodak - → - 31.08.2016 01.09.2016 - 31.64 -Tomasz Rodak - → - 12.10.2016 13.10.2016 - 30.45 -Tomasz Rodak Underweight ↓ 16.10.2016 - 17.10.2016 02.11.2016 30.41 -13%Tomasz Rodak Neutral ↑ 02.11.2016 - 03.11.2016 14.11.2016 26.90 5%Tomasz Rodak Underweight ↓ 14.11.2016 - 15.11.2016 15.10.2017 28.07 -72%Tomasz Rodak - → - 04.12.2016 05.12.2016 - 25.90 -

19




performance

Tomasz Rodak - → - 12.01.2017 13.01.2017 - 28.10 -Tomasz Rodak - → - 08.02.2017 09.02.2017 - 27.49 -Tomasz Rodak - → - 15.02.2017 16.02.2017 - 29.00 -Tomasz Rodak - → - 22.02.2017 23.02.2017 - 2.82 -Tomasz Rodak - → - 07.03.2017 08.03.2017 - 2.53 -Tomasz Rodak - → - 11.04.2017 12.04.2017 - 2.93 -Tomasz Rodak - → - 08.05.2017 09.05.2017 - 1.58 -Tomasz Rodak - → - 30.05.2017 31.05.2017 - 1.01 -Tomasz Rodak - → - 12.07.2017 13.07.2017 - 0.96 -Tomasz Rodak - → - 12.07.2017 13.07.2017 - 0.96 -Tomasz Rodak - → - 20.08.2017 21.08.2017 - 1.16 -Tomasz Rodak - → - 29.08.2017 30.08.2017 - 0.99 -Tomasz Rodak - → - 03.09.2017 04.09.2017 - 1.05 -Tomasz Rodak Underweight → 15.10.2017 - 16.10.2017 11.10.2018 1.07 -5%Tomasz Rodak - → - 15.11.2017 16.11.2017 - 1.07 -Tomasz Rodak - → - 10.12.2017 11.12.2017 - 1.06 -Tomasz Rodak - → - 10.01.2018 11.01.2018 - 1.09 -Tomasz Rodak - → - 13.02.2018 14.02.2018 - 0.99 -Tomasz Rodak - → - 12.03.2018 13.03.2018 - 1.01 -Tomasz Rodak - → - 16.04.2018 17.04.2018 - 0.89 -Tomasz Rodak - → - 29.05.2018 30.05.2018 - 1.01 -Tomasz Rodak - → - 16.07.2018 17.07.2018 - 0.87 -Tomasz Rodak - → - 02.08.2018 03.08.2018 - 0.86 -Tomasz Rodak - → - 30.08.2018 31.08.2018 - 1.36 -Tomasz Rodak Underweight → 11.10.2018 - 12.10.2018 09.12.2018 0.87 -3%Tomasz Rodak - → - 23.10.2018 24.10.2018 - 0.89 -Tomasz Rodak - → - 14.11.2018 15.11.2018 - 0.83 -Tomasz Rodak Neutral ↑ 09.12.2018 - 10.12.2018 03.06.2019 0.88 28%Tomasz Rodak - → - 10.01.2019 11.01.2019 - 0.96 -Tomasz Rodak - → - 04.02.2019 05.02.2019 - 1.13 -Tomasz Rodak - → - 26.02.2019 27.02.2019 - 1.25 -Tomasz Rodak - → - 26.03.2019 27.03.2019 - 1.10 -Tomasz Rodak - → - 22.04.2019 23.04.2019 - 1.07 -Tomasz Rodak - → - 24.04.2019 25.04.2019 - 1.02 -Tomasz Rodak - → 30.05.2019 31.05.2019 - 1.13 -Tomasz Rodak Suspended - 03.06.2019 - 04.06.2019 17.07.2019 1.12 -14%Tomasz Rodak Neutral - 17.07.2019 - 18.07.2019 17.11.2019 0.99 -9%Tomasz Rodak - → - 30.07.2019 31.07.2019 - 0.98 -Tomasz Rodak - → - 27.08.2019 28.08.2019 - 0.98 -Tomasz Rodak - → - 01.09.2019 02.09.2019 - 0.97 -Tomasz Rodak - → - 13.10.2019 14.10.2019 - 1.01 -Tomasz Rodak - → - 24.10.2019 25.10.2019 - 1.12 -Tomasz Rodak Underweight ↓ 17.11.2019 - 18.11.2019 30.03.2020 0.89 -1%Tomasz Rodak - → - 08.12.2019 09.12.2019 - 0.86 -Tomasz Rodak - → - 09.01.2020 10.01.2020 - 0.81 -Tomasz Rodak - → - 04.02.2020 05.02.2020 - 0.81 -Tomasz Rodak - → - 06.02.2020 07.02.2020 - 0.81 -Tomasz Rodak - → - 03.03.2020 04.03.2020 - 0.68 -Tomasz Rodak Neutral ↑ 30.03.2020 - 31.03.2020 Not later than 30.03.2021 0.61 4%Tomasz Rodak - → - 22.04.2020 23.04.2020 - 0.69 -Tomasz Rodak - → - 05.05.2020 06.05.2020 - 0.70 -


Market-relative recommendation tracker (continued)

20




reiteration*EFV

(12 months)PlayWayTomasz Rodak Buy - 20.08.2017 - 21.08.2017 02.08.2018 201% 214% 56.10 84.30 -Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 63.27 84.30 →Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 67.00 84.30 →Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 62.40 84.30 →Tomasz Rodak - → - 10.12.2017 11.12.2017 - - - 63.80 84.30 →Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 68.00 84.30 →Tomasz Rodak - → - 13.02.2018 14.02.2018 - - - 86.00 84.30 →Tomasz Rodak - → - 27.02.2018 28.02.2018 - - - 89.00 111.00 ↑Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 94.40 111.00 →Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 106.00 111.00 →Tomasz Rodak - → - 27.05.2018 28.05.2018 - - - 175.00 223.20 ↑Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 173.00 223.20 →Tomasz Rodak - → - 08.07.2018 09.07.2018 - - - 126.00 220.80 ↓Tomasz Rodak - → - 16.07.2018 17.07.2018 - - - 122.00 220.80 →Tomasz Rodak Hold ↓ 02.08.2018 - 03.08.2018 30.07.2019 13% 13% 166.50 165.40 ↓Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 153.50 165.40 →Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 122.00 165.40 →Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 116.50 165.40 →Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 136.00 165.40 →Tomasz Rodak - → - 09.12.2018 10.12.2018 - - - 143.00 172.00 ↑Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 152.50 172.00 →Tomasz Rodak - → - 04.02.2019 05.02.2019 - - - 163.00 172.00 →Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 153.50 172.00 →Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 174.00 172.00 →Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 194.80 185.30 ↑Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 195.20 185.30 →Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 180.80 185.30 →Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 180.40 182.80 ↓Tomasz Rodak Hold → 30.07.2019 - 31.07.2019 01.12.2019 -4% -1% 185.20 186.40 ↑Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 178.80 186.40 →Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 189.00 186.40 →Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 182.00 186.40 →Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 179.40 186.40 →Tomasz Rodak Buy ↑ 01.12.2019 - 02.12.2019 04.02.2020 77% 77% 178.20 244.00 ↑Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 212.00 244.00 →Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 258.00 244.00 →Tomasz Rodak Hold ↓ 04.02.2020 - 05.02.2020 Not later than

04.02.202136% 74% 313.00 338.00 ↑

Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 320.00 338.00 →Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 340.50 338.00 →Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 300.00 338.00 →Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 416.00 338.00 →Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 426.50 376.00 ↑


21





performance

PlayWayTomasz Rodak Overweight - 20.08.2017 - 21.08.2017 02.08.2018 56.10 214%Tomasz Rodak - → - 03.09.2017 04.09.2017 - 63.27 -Tomasz Rodak - → - 15.10.2017 16.10.2017 - 67.00 -Tomasz Rodak - → - 15.11.2017 16.11.2017 - 62.40 -Tomasz Rodak - → - 10.12.2017 11.12.2017 - 63.80 -Tomasz Rodak - → - 10.01.2018 11.01.2018 - 68.00 -Tomasz Rodak - → - 13.02.2018 14.02.2018 - 86.00 -Tomasz Rodak - → - 27.02.2018 28.02.2018 - 89.00 -Tomasz Rodak - → - 12.03.2018 13.03.2018 - 94.40 -Tomasz Rodak - → - 16.04.2018 17.04.2018 - 106.00 -Tomasz Rodak - → - 27.05.2018 28.05.2018 - 175.00 -Tomasz Rodak - → - 29.05.2018 30.05.2018 - 173.00 -Tomasz Rodak - → - 08.07.2018 09.07.2018 - 126.00 -Tomasz Rodak - → - 16.07.2018 17.07.2018 - 122.00 -Tomasz Rodak Overweight → 02.08.2018 - 03.08.2018 30.07.2019 166.50 11%Tomasz Rodak - → - 30.08.2018 31.08.2018 - 153.50 -Tomasz Rodak - → - 11.10.2018 12.10.2018 - 122.00 -Tomasz Rodak - → - 23.10.2018 24.10.2018 - 116.50 -Tomasz Rodak - → - 14.11.2018 15.11.2018 - 136.00 -Tomasz Rodak - → - 09.12.2018 10.12.2018 - 143.00 -Tomasz Rodak - → - 10.01.2019 11.01.2019 - 152.50 -Tomasz Rodak - → - 04.02.2019 05.02.2019 - 163.00 -Tomasz Rodak - → - 26.02.2019 27.02.2019 - 153.50 -Tomasz Rodak - → - 26.03.2019 27.03.2019 - 174.00 -Tomasz Rodak - → - 22.04.2019 23.04.2019 - 194.80 -Tomasz Rodak - → - 24.04.2019 25.04.2019 - 195.20 -Tomasz Rodak - → - 30.05.2019 31.05.2019 - 180.80 -Tomasz Rodak - → - 17.07.2019 18.07.2019 - 180.40 -Tomasz Rodak Overweight → 30.07.2019 - 31.07.2019 03.03.2020 185.20 118%Tomasz Rodak - → - 01.09.2019 02.09.2019 - 178.80 -Tomasz Rodak - → - 13.10.2019 14.10.2019 - 189.00 -Tomasz Rodak - → - 24.10.2019 25.10.2019 - 182.00 -Tomasz Rodak - → - 17.11.2019 18.11.2019 - 179.40 -Tomasz Rodak - → - 01.12.2019 02.12.2019 - 178.20 -Tomasz Rodak - → - 08.12.2019 09.12.2019 - 212.00 -Tomasz Rodak - → - 09.01.2020 10.01.2020 - 258.00 -Tomasz Rodak - → - 04.02.2020 05.02.2020 - 313.00 -Tomasz Rodak - → - 06.02.2020 07.02.2020 - 320.00 -Tomasz Rodak Neutral ↓ 03.03.2020 - 04.03.2020 Not later than 03.03.2021 340.50 40%Tomasz Rodak - → - 30.03.2020 31.03.2020 - 300.00 -Tomasz Rodak - → - 22.04.2020 23.04.2020 - 416.00 -Tomasz Rodak - → - 05.05.2020 06.05.2020 - 426.50 -


22




reiteration*EFV

(12 months)Ten Square GamesTomasz Rodak Buy - 22.04.2019 - 23.04.2019 15.01.2020 106% 114% 114.60 154.00 -Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 119.00 154.00 →Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 135.00 154.00 →Tomasz Rodak - → - 03.06.2019 04.06.2019 - - - 129.20 150.00 ↓Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 120.60 150.00 →Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 122.80 150.00 →Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 138.00 150.00 →Tomasz Rodak - → - 10.10.2019 11.10.2019 - - - 148.40 193.00 ↑Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 149.60 193.00 →Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 146.80 193.00 →Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 167.40 193.00 →Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 178.20 205.00 ↑Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 243.00 205.00 →Tomasz Rodak Hold ↓ 15.01.2020 - 16.01.2020 20.02.2020 16% 18% 232.00 252.00 ↑Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 263.50 252.00 →Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 263.00 252.00 →Tomasz Rodak Buy ↑ 20.02.2020 - 21.02.2020 Not later than

20.02.202168% 116% 269.50 371.00 ↑

Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 305.00 371.00 →Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 277.00 371.00 →Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 371.00 371.00 →Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 453.00 503.00 ↑






performance

Ten Square GamesTomasz Rodak Overweight - 22.04.2019 - 23.04.2019 15.01.2020 114.60 114%Tomasz Rodak - → - 24.04.2019 25.04.2019 - 119.00 -Tomasz Rodak - → - 30.05.2019 31.05.2019 - 135.00 -Tomasz Rodak - → - 03.06.2019 04.06.2019 - 129.20 -Tomasz Rodak - → - 17.07.2019 18.07.2019 - 120.60 -Tomasz Rodak - → - 30.07.2019 31.07.2019 - 122.80 -Tomasz Rodak - → - 01.09.2019 02.09.2019 - 138.00 -Tomasz Rodak - → - 10.10.2019 11.10.2019 - 148.40 -Tomasz Rodak - → - 13.10.2019 14.10.2019 - 149.60 -Tomasz Rodak - → - 24.10.2019 25.10.2019 - 146.80 -Tomasz Rodak - → - 17.11.2019 18.11.2019 - 167.40 -Tomasz Rodak - → - 08.12.2019 09.12.2019 - 178.20 -Tomasz Rodak - → - 09.01.2020 10.01.2020 - 243.00 -Tomasz Rodak Neutral ↓ 15.01.2020 - 16.01.2020 20.02.2020 232.00 18%Tomasz Rodak - → - 04.02.2020 05.02.2020 - 263.50 -Tomasz Rodak - → - 06.02.2020 07.02.2020 - 263.00 -Tomasz Rodak Overweight ↑ 20.02.2020 - 21.02.2020 Not later than 20.02.2021 269.50 116%Tomasz Rodak - → - 03.03.2020 04.03.2020 - 305.00 -Tomasz Rodak - → - 30.03.2020 31.03.2020 - 277.00 -Tomasz Rodak - → - 22.04.2020 23.04.2020 - 371.00 -Tomasz Rodak - → - 05.05.2020 06.05.2020 - 453.00 -


Institutional sales

Bartosz Janczytel.: +48 (22) 504 32 46

[email protected]

Tomasz Grabowskitel.: +48 (22) 504 32 [email protected]

Grzegorz Kołodziejczyktel.: +48 (22) 504 33 34

[email protected]

Michał Zawadatel.: +48 (22) 504 33 36

[email protected]

Maciej Bąktel.: +48 (22) 504 33 78

[email protected]

Bartosz Zielińskitel.: +48 (22) 504 33 35

[email protected]

Marcin Kozerskitel.: +48 (22) 504 33 35

[email protected]

Marcin Stosiotel.: +48 (22) 504 33 37

[email protected]

Research

Sobiesław Pająk, CFA(Equity strategy, TMT)

tel.: +48 (22) 504 32 [email protected]

Sylwia Jaśkiewicz, CFA(Construction materials, Consumer staples

& discretionary, Health care)tel.: +48 (22) 504 33 [email protected]

Maciej Wewiórski(Residential construction,

Construction, Real estate)tel.: +48 (22) 504 33 [email protected]

Michał Sobolewski, CFA, FRM(Financials)

tel.: +48 (22) 504 33 [email protected]

Jakub Viscardi(Telco, Consumer staples & discretionary,

IT – hardware distribution, Utilities)tel.: +48 (22) 504 32 58

[email protected]

Łukasz Prokopiuk, CFA(Chemicals, Mining,

Mining – machinery, Oil & gas)tel.: +48 (22) 504 32 [email protected]

Tomasz Rodak, CFA(Consumer discretionary, Video games)

tel.: +48 22 504 33 [email protected]

Wojciech Romanowski(Construction, Construction materials,

Consumer discretionary)tel.: +48 22 504 33 88

[email protected]

Copyright © 2020 by DM BOŚ S.A.

Dom Maklerski Banku Ochrony Środowiska Spółka Akcyjna

ul. Marszałkowska 78/8000-517 Warszawa

www.bossa.plInformation: (+48) 0 801 104 104

This material was produced by DM BOŚ based in Warsaw.

The production of the recommendation report was completed on May 6, 2020 at 7.45 a.m. The recommendation was distributed on May 6, 2020 at 7.55 a.m.

The report is an investment research within the meaning of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.This report constitutes a recommendation within the meaning of Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest. This report is for information purposes only.This report constitutes neither investment advice nor provides investment service as referred to in Article 76 of the Act on Financial Instruments Trading as of 29 July 2005 (Journal of Laws, 2017, Item 1768 as amended); it does not constitute any legal or tax advice, neither does it constitute an indication whether an investment is suitable or appropriate in an individual situation of an investor. Neither the information nor the opinions expressed in the report constitute a solicitation or an offer to buy or sell any securities referred herein. The opinions expressed in the report reflect independent, current judgment of DM BOŚ. This report was prepared with due diligence and scrutiny. The information used in the report is based on all public sources such as press and branch publications, company’s financial statements, current and periodic reports, as well as meetings and telephone conversations with company’s representatives prior to the date of report’s release. We believe the above mentioned sources of information to be reliable, however we do not guarantee their accuracy and completeness. All estimates and opinions included herein represent our judgment as of the date of the issue. DM BOŚ SA is an investment firm within the meaning of the Act on Financial Instruments Trading as of 29 July 2005 (Journal of Laws, 2017, Item 1768 as amended). The legal entity supervising DM BOŚ is Polish Financial Supervision Authority in Warsaw (Komisja Nadzoru Finansowego, Pl. Powstańców Warszawy 1, 00-950 Warszawa, KNF in Polish abbreviation). DM BOŚ, its management and supervisory bodies and employees do not take any responsibility for decisions taken on the basis of this report and opinions stated herein. Investors bear all responsibility for investment decisions taken on the basis of the contents of this report. The report is intended exclusively for private use of investors – retail and professional clients of DM BOŚ. No part or excerpt of the report may be redistributed, reproduced or conveyed in any manner or form written or oral without the prior written consent of DM BOŚ. This report is released on the day it is issued to retail and professional clients of DM BOŚ upon the Agreement on providing the recommendations prepared by DM BOŚ or any agreement containing the commitment of DM BOŚ to providing recommendations on behalf of those clients. This report can be made available to other clients of DM BOŚ within time limits and upon terms as indicated by the General Manager of DM BOŚ. The short version of the report is made available to the public no sooner than 7 days after the first release.DM BOŚ follows internal regulations for handling of conflicts of interest which include in particular internal organizational and administration arrangements as well as information barriers established for prevention and avoidance of conflicts of interest related to recommendations. A special organizational arrangement that constitutes an information barrier is so called Chinese walls prohibiting an uncontrolled flow of information among particular organizational units or employees of DM BOŚ. Where justified, DM BOŚ can create Chinese walls upon the realization of a particular project. Potential conflicts of interests referring to a specific recommendation which is made available to the public or to a wide range of persons are disclosed either in the recommendation or in the document attached.The person(s) responsible for covering the securities referred to in this report receives compensation based upon the overall profitability of DM BOŚ which includes profits derived from investment banking activities, although the analyst compensation is not directly related thereto. DM BOŚ releases analytical reports via mail or electronic mail to selected clients (professional clients) and via indicated software of DM BOŚ for logged customer pursuant to the notation as entered in the appropriate agreement on provision of the brokerage services.DM BOŚ has not held any long or short position net exceeding 0.5% of the issuer’s basic capital in total for the companies indicated.

During the last 12 months DM BOŚ S.A. rendered brokerage services on behalf of 11 bit studios pursuant to the agreement signed and received a remuneration by virtue of this.DM BOŚ S.A. is the market maker for the stock and the futures contracts of CD Projekt.During the last 12 months DM BOŚ S.A. rendered brokerage services on behalf of CI Games pursuant to the agreement signed and received a remuneration by virtue of this.During the last 12 months DM BOŚ S.A. rendered brokerage services on behalf of PlayWay pursuant to the agreement signed and received a remuneration by virtue of this.

Apart from the mentioned above, there are neither ties of any kind between DM BOŚ, the analyst/ analysts involved in the preparation of the report and the issuer(s) of securities as referred to in the report nor circumstances that can justifiably be expected to have a negative impact on objectivity of the recommendation with regard to interests or conflicts of interests on their part or on the part of any natural person or legal entity which pertains to the security or the issuer.DM BOŚ has not signed with the company/ companies any contracts for recommendation writing. The report was not shown to the analyzed company/companies before the distribution of the report to clients.

this is a selected fragment of dm boŚ sa’s research report. … · 2020. 5. 13. · capcom 4,188...

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