The Polish Deep Value Week – 2024/52
Non-Core Assets Sold, Real Estate Sold, Buybacks, New Contracts, Disputes and a few Governance Events
Companies mentioned
· Amica S.A. (AMC) - Sells 100% Stake in Stadion Poznań Sp. z o.o.
· Action SA (ACT) - Announces Further Share Buybacks
· Compremum (CPR) – Negotiations with Potential Investor in Either Compremum or Subsidiary
· Dekpol S.A. (DEK) - Secures General Contract for Northern Distribution Center
· Feerum S.A. (FEE) - Secures Contracts for Grain Storage and Technology in Pisz
· Fasing SA's (FSG) – Board Resignation & Proposed Resolutions for the EGM in January
· Introl S.A. (INL) - Selects UHY ECA Audyt as Audit Firm
· Kompap SA (KMP) – President Waldemar Lipka Increases Stake
· Libet S.A. (LBT) - Signs Agreements for Sale and Lease of Real Estate and Assets in Gościcino
· Monnari Trade S.A. (MON) - Updates on Share Buyback Transactions
· Mercator Medical (MRC) - Purchase Notification of Transactions by Related Party
· Mostostal Zabrze (MSZ) - Subsidiaries Sign Significant Contracts
· Rafamet SA (RAF) - Secures Significant Order and Initiates Restructuring Proceedings
· Ropczyce SA (RPC) - Confirms Strategic Priorities for 2025 and Plans Long-Term Development
· SoftBlue S.A. (SBE) - Finalizes Tripartite Agreement on Material Contracts
· Grupa Azoty Puławy (ZAP) - Files Lawsuit Over Delayed Coal-Fired Power Unit Construction
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable. Below is a net-net screen from Stockopedia.
Amica S.A. (AMC) - Sells 100% Stake in Stadion Poznań Sp. z o.o.
Real Estate Sell│ P/TB 0.48 │ Household Appliances│ URL
On December 20, 2024, Amica S.A. announced the sale of its 100% stake in Stadion Poznań Sp. z o.o., a subsidiary previously part of the Amica Capital Group. The sale of Stadion Poznań's shares aligns with Amica's strategic shift to focus exclusively on its core business of producing and selling household appliances. The buyer of the shares is KKS Lech Poznań S.A., the primary user of the ENEA Stadion in Poznań. Due to personal connections between Amica and the buyer, valuations were sought from two reputable advisory firms, Ernst & Young and Grant Thornton Frąckowiak Prosta S.A., to establish a market-based price.
The final price for the shares will be determined by March 2025, based on the performance results of Stadion Poznań and will consider the net current assets as of December 31, 2024. This price and its impact on Amica's 2024 financial results will be detailed in the company's annual report for 2024.
Action SA (ACT) - Announces Further Share Buybacks
Buybacks│ P/TB 0.89 │ Electronics│ URL
Action SA, in continuation of its share repurchase program authorized by the resolutions from the Annual General Meeting on June 19, 2024, has executed additional share buybacks. Between December 19 and December 23, 2024, the company purchased its own shares on the Warsaw Stock Exchange's main market:
On December 19, 2024, ACTION acquired 2,887 shares at an average price of PLN 19.42 per share, totaling PLN 56,073.30. These shares represent 0.0175% of the company's share capital and voting rights.
On December 20, 2024, 2,860 shares were bought at an average price of PLN 19.29 each, amounting to PLN 55,155.80. This purchase constitutes 0.0173% of the share capital and voting rights.
On December 23, 2024, the company bought 2,864 shares at an average price of PLN 19.19 per share, with a total value of PLN 54,950.02, equating to 0.0173% of the share capital and voting rights.
After these transactions, ACTION SA now holds 1,228,460 treasury shares, which is 7.43% of its share capital, providing the same percentage of total voting rights at the General Meeting.
Compremum SA (CPR) – Disclose Negotiations with Potential Investor in Either Compremum or Subsidiary
Refinancing│ P/TB 0.19 │ Industrial Group│ URL / URL
On December 26, 2024, Compremum SA, based in Poznań, disclosed confidential information which was delayed since October 2, 2024, under Article 17(4) of the MAR Regulation. The company had begun preliminary arrangements for negotiations with a potential investor to explore the financial involvement in either Compremum's shares or in up to 100% of the shares of its subsidiary, SPC-2 Sp. z o.o.
Sale of Shares in Subsidiary:
Following these arrangements, on December 23, 2024, Compremum SA entered into an agreement with Kelstern Sp. z o.o., based in Warsaw, to sell 50 shares in SPC-2 Sp. z o.o., representing 50% of the voting rights in the subsidiary. This sale was in exchange for extinguishing a PLN 15,000,000 loan and was secured by an option right from an earlier loan agreement. Compremum retains the right to repurchase these shares by no later than February 2027, during which time it will manage the subsidiary. The investor has agreed not to influence the subsidiary's management.
This transaction aims to optimize the financial structure of both Compremum and SPC-2, particularly to secure funding for the "Construction of the ERTMS/GSM-R System Infrastructure" project. The sale is also significant given the ongoing mediation proceedings previously disclosed, impacting the project's execution. The investor has expressed readiness to potentially increase its capital involvement based on the outcome of these legal discussions.
Dekpol S.A. (DEK) - Secures General Contract for Northern Distribution Center
New Contract│ P/TB 0.63 │ Construction│ URL
Dekpol S.A., in continuation from its current report No. 58/2024 dated November 22, 2024, about a letter of intent, announced that on December 20, 2024, its subsidiary, Dekpol Budownictwo Sp. z o.o., entered into a general contract with an unnamed third party for constructing a distribution center in the northern part of Poland, including area development and necessary infrastructure. The contract involves preparing documentation (excluding design and permits), undertaking comprehensive construction, assembly, and installation works, and securing all necessary consents and permits, culminating in the final use permit. The project is slated for completion in the first quarter of 2026. The estimated net remuneration for this project is approximately 31% of the sales revenue of Dekpol S.A.'s Capital Group in 2023.
The contract allows the Ordering Party to exclude certain works or request additional or replacement works. It includes provisions for contractual penalties, with a ceiling of 10% of the contract value for delays or defect corrections. If the contract is terminated due to the Contractor's fault, the Contractor must pay a 10% penalty of the contract value, and the Ordering Party can claim additional damages. Additionally, the Ordering Party can withdraw from the contract without compensation if, for example, they fail to secure the construction permit or the necessary land for the project within the stipulated time.
Feerum S.A. (FEE) - Secures Contracts for Grain Storage and Technology in Pisz
New Contract│ P/TB 0.88 │ Grain Storage│ URL / URL
On December 20, 2024, Feerum S.A., headquartered in Chojnów, announced the signing of three agreements with "Agra" - Stanisław Pietruszyński - Spółka Jawna from Zambrów.
Agreement No. 1: Feerum will construct a grain storage, warehousing, and distribution center, including foundations, a silo facility, and other infrastructure in Pisz, Warmian-Masurian Voivodeship.
Agreement No. 2: This contract involves the sale, delivery, assembly, and commissioning of advanced technology for grain silo storage, including a transport system, drying room, and cleaner.
Agreement No. 3: Feerum will sell a non-exclusive license for grain elevator management software, with installation and commissioning at the Buyer's specified location.
The total remuneration for these agreements is set at PLN 29,699,000.00 net, with most payable in installments during the project's execution and the remainder upon completion, confirmed by a final acceptance protocol. An advance payment of PLN 6,684,230.00 plus VAT will also be received by Feerum.
The software license under Agreement No. 3 is for an indefinite period, with a five-year lock on termination or withdrawal for both parties. Agreements No. 1 and No. 2 include provisions for withdrawal in case of significant breaches. Feerum offers a 24-month quality guarantee on the work and equipment, with liability for damages limited to 5% of the contracts' net value, excluding lost profits.
These contracts align with Feerum's strategy to enhance its brand as a leading provider of agricultural storage and processing technology. The availability of funds from the National Reconstruction Plan has led to a more than 300% increase in Feerum's contract portfolio compared to the previous year. By Q3 2024, the company's project revenue portfolio for the 2024/2025 periods was nearly PLN 95 million, with potential projects reaching PLN 182.4 million. EU subsidies significantly drive these agricultural sector investments in Poland.
Daniel Janusz, President of the Management Board at Feerum S.A., has announced the acquisition of shares in the company. On December 20, 2024, Janusz acquired 2,400 shares at a price of PLN 7.98 each and an additional 4,904 shares at PLN 8.00 each. In total, he purchased 7,304 shares at an average price of PLN 7.99 per share. These transactions took place on the Warsaw Stock Exchange.
Fasing SA's (FSG) – Board Resignation & Proposed Resolutions for the EGM on January 22, 2025
EGM│ P/TB 0.21 │ Equipment│ URL / URL
The Management Board of Kapitałowa FASING SA received on December 23, 2024 the resignation of Mr. Jerzy Wróbel from membership in the Supervisory Board of the current 11th term of office due to personal reasons, with effect from January 31, 2025.
Resolution No. 1/2025: Election of the Chairman of the Extraordinary General Meeting (EGM).
Resolution No. 2/2025: Adoption of the EGM's Agenda. This resolution confirms the agenda as announced on December 24, 2024, covering the meeting's formalities.
Resolution No. 3/2025: Election of Members to the Counting Committee. Three individuals are elected to this committee through a secret ballot.
Resolution No. 4/2025: Resignation from the Supervisory Board. This resolution accepts the resignation of Mr. Jerzy Wróbel from the Supervisory Board effective January 31, 2025.
Resolution No. 5/2025: Appointment to the Supervisory Board. Following the resignation, this resolution appoints a new member to the Supervisory Board for the current term.
Introl S.A. (INL) - Selects UHY ECA Audyt as Audit Firm
Auditor│ P/TB 1.31 │ Automation│ URL
On December 20, 2024, the Management Board of Introl S.A. announced that the company's Supervisory Board, following the recommendation of the Audit Committee, has selected UHY ECA Audyt Sp. z o.o., based in Warsaw, as the audit firm for the upcoming fiscal periods. The scope of their engagement includes:
Reviewing the Company's separate and consolidated financial statements for June 30, 2025, and June 30, 2026, prepared according to IAS and IFRS.
Auditing the Company's separate and consolidated financial statements for December 31, 2025, and December 31, 2026, also in line with IAS and IFRS.
Providing assurance services for the assessment of the remuneration reports for the Management and Supervisory Boards for the years 2025 and 2026.
Kompap SA (KMP) – President Waldemar Lipka Increases Stake
Insider Buying│ P/TB 1.37 │ Printing│ URL
Waldemar Lipka, President of the Management Board at Kompap, has recently engaged in multiple share acquisition transactions. The transactions took place over several days in December 2024. On December 12, 2024, Lipka acquired a total of 441 shares at an average price of PLN 21.02 per share. This was followed by a smaller purchase on December 13, 2024, where he bought 59 shares at PLN 22 each. His most substantial acquisition occurred on December 16, 2024, when he added 1010 shares to his portfolio, with an average price of PLN 22.01. All these transactions were executed on the Warsaw Stock Exchange (XWAR). The final transaction reported was on December 19, 2024, with Lipka acquiring 90 shares at PLN 22 each.
Libet S.A. (LBT) - Signs Agreements for Sale and Lease of Real Estate and Assets in Gościcino
Real Estate & Asset Sell│ P/TB 0.90 │ Construction Material│ URL
Libet S.A. has finalized key agreements with BRUK-BET Sp. z o.o. regarding its production facility in Gościcino, Poland. The transactions include:
Preliminary Real Estate Sales Agreement: Sale of land plots and buildings at 3 Kochanowska Street, totaling 3 hectares, for PLN 12.87m net plus VAT.
Lease Agreement: LIBET will lease the property back from BRUK-BET until 30 June 2025.
Sales Agreements for Individual Assets: Sale of production-related assets, including concrete production lines and batching plants, for PLN 17.0m net plus VAT.
These agreements follow a letter of intent signed on 2 October 2024 and the Polish Office of Competition and Consumer Protection's approval issued on 28 October 2024. A final real estate sales agreement is expected by 30 June 2025. BRUK-BET intends to continue operations at the Gościcino plant, ensuring the facility's ongoing production capacity. The transactions align with LIBET's strategic goals and represent significant steps in optimizing its asset base.
Monnari Trade S.A. (MON) - Updates on Share Buyback Transactions
Buybacks│ P/TB 0.43 │ Apparel│ URL
Monnari Trade S.A. has disclosed details of recent transactions under its share repurchase program. On 19 December 2024, the company acquired 2,373 shares at an average price of PLN 5.00 per share. This was followed by the purchase of 1,726 shares on 20 December 2024 at the same price and a further 2,320 shares on 23 December 2024 at an average price of PLN 4.99 per share.

Following these transactions, Monnari Trade now holds a total of 5,209,082 shares, representing 17.04% of the company’s share capital and granting 14.82% of the total voting rights at the General Meeting. The buyback program allows the repurchased shares to be redeemed, resold, used as collateral, or transferred to settle financial liabilities or strategic investments.
Mercator Medical (MRC) - Purchase Notification of Transactions by Related Party
Insider Buying│ P/TB 0.55 │ Medical Products│ URL
Mercator Medical S.A. has received a notification regarding share transactions conducted by Anabaza RAIF V.C.I.C. LTD., a party closely associated with Wiesław Żyznowski, Chairman of the Supervisory Board, and Urszula Żyznowska, Vice Chair of the Supervisory Board. The transactions involved the acquisition of ordinary shares on the Warsaw Stock Exchange (XWAR) across multiple dates in December 2024.
17 December 2024: 4,000 shares purchased at PLN 51.00 per share.
18 December 2024: 2,000 shares purchased at an average price of PLN 49.55 per share, with individual transactions ranging from PLN 49.45 to PLN 49.90.
19 December 2024: 2,000 shares purchased at PLN 49.70 per share.
20 December 2024: 2,720 shares purchased at an average price of PLN 49.67 per share, with individual prices ranging from PLN 49.40 to PLN 50.00.
In total, 10,720 shares were acquired.
Mostostal Zabrze (MSZ) - Subsidiaries Sign Significant Contracts
New Contract│ P/TB 1.27 │ Construction│ URL / URL
Agreement with Primetals Technologies Germany GmbH:
Mostostal Zabrze Realizacje Przemysłowe SA (MZRP), a subsidiary of Mostostal Zabrze SA, signed an agreement on 20 December 2024 with Primetals Technologies Germany GmbH for the prefabrication and assembly of piping at a German steel mill. The contract’s value is estimated at 3.4% of the Mostostal Zabrze Capital Group’s 2023 revenues, based on fixed unit rates. The final remuneration will be determined after project completion, scheduled for Q4 2026. Contractual penalties are capped at 10% of the final net remuneration, and MZRP’s liability will not exceed 100% of the contract value.
Agreement with the National Institute of Oncology:
Mostostal Zabrze Gliwickie Przedsiębiorstwo Budownictwa Przemysłowego SA, another subsidiary, signed a contract with the Maria Skłodowska-Curie National Institute of Oncology on 20 December 2024. The project involves designing and constructing a facility for the Department of Nuclear Medicine and Oncological Endocrinology in Gliwice, including equipment delivery and securing a usage permit. The contract is valued at PLN 88.05 million net (PLN 107.77 million gross) and is to be completed by Q1 2026. Non-compliance with the timeline could lead to termination of the contract without compensation, given the project's financing through the National Reconstruction Program. Contractual penalties include up to 10% of the gross remuneration for delays or termination due to contractor fault, with additional claims possible under general legal principles.
Rafamet SA (RAF) - Secures Significant Order and Initiates Restructuring Proceedings
Restructuring│ P/TB 0.85 │ Rail Parts│ URL / URL
Rafamet SA has signed a contract with RYKO as from the Czech Republic for the delivery of a TOK 80 N axis lathe. The contract, valued at EUR 1,032,000 (approx. PLN 4,399,725.60), is scheduled for completion by 4 December 2025. The agreement terms align with standard market practices, and the order’s value represents a significant contribution to RAFAMET’s sales performance, emphasizing the company’s continued operational activity in the precision machinery sector.
Rafamet SA’s Management Board has filed an application with the District Court in Gliwice to initiate restructuring proceedings under the Restructuring Law. Following an internal audit by the newly appointed board in mid-2024, it was determined that restructuring measures are essential to address the company’s economic challenges and restore its competitive advantage. The restructuring aims to ensure the rights of shareholders, employees, and creditors are preserved while achieving a positive economic outcome for the company. Rafamet SA will continue to provide updates on the progress of the restructuring process as key milestones are reached. These developments reflect the company’s dual focus on maintaining operational continuity and implementing strategic recovery initiatives.
Ropczyce SA (RPC) - Confirms Strategic Priorities for 2025 and Plans Long-Term Development
Strategic Plan│ P/TB 0.31 │ Steel Processing│ URL
Ropczyce SA has announced that its Supervisory Board approved the company’s strategic goals for 2025, building on the success of its established operational strategy since 2017. Despite challenging macroeconomic conditions, the company has achieved positive financial results and strengthened its presence in international markets. These achievements validate the effectiveness of its existing strategic framework, which will be extended into 2025.
Key objectives for the upcoming year include further transforming Ropczyce into an engineering and production group delivering customized, turnkey solutions. The company will continue to diversify its operations across geography, industry, and products, expand its tailored offerings based on customer needs, and enhance energy security for both the company and its capital group. Additionally, Ropczyce will prioritize sustainable practices by integrating alternative raw materials and adopting solutions aligned with circular economy principles to reduce its carbon footprint.
SoftBlue S.A. (SBE) - Finalizes Tripartite Agreement on Material Contracts
Legal│ P/TB 0.43 │ IT Solutions│ URL
SoftBlue S.A., based in Bydgoszcz, announced the conclusion of a tripartite agreement on 20 December 2024, updating payment terms with two counterparties as referenced in previous ESPI reports from October 2021 and August 2023. The agreement outlines the repayment structure for debts associated with a share sale agreement.
Under the agreement, Counterparty 1 committed to repaying its entire outstanding debt within two business days. As of the report's publication, the full amount has been credited to SoftBlue’s bank account.
Counterparty 2 agreed to an immediate repayment of 10% of its debt, which has also been received. The remaining debt from Counterparty 2 will be repaid in six equal semi-annual installments, each accounting for 15% of the total debt, starting from January 1, 2025, with the final payment due by 31 December 2027.
This agreement strengthens SoftBlue’s financial position by ensuring a structured and timely recovery of funds while addressing outstanding obligations from earlier contracts.
Grupa Azoty Puławy (ZAP) - Files Lawsuit Over Delayed Coal-Fired Power Unit Construction
Legal Claim│ P/TB 0.28 │ Chemicals│ URL
Grupa Azoty Zakłady Azotowe "Puławy" S.A. has initiated legal action against a consortium consisting of Polimex Mostostal S.A., Polimex Energetyka sp. z o.o., and SBB Energy S.A. The lawsuit, filed on 23 December 2024 in the District Court in Lublin, seeks to address issues related to delays and disputes over the September 2019 contract for constructing a coal-fueled power unit in Puławy.
The Company is demanding PLN 249.2 million, which includes PLN 243.0 million in contractual penalties for project delays and PLN 6.2 million in accrued interest. Additionally, the lawsuit seeks declarations that the Contractor’s withdrawal from the contract, announced on 12 December 2024, is unfounded and ineffective, and that the Company is not liable for the PLN 189.2 million claimed by the Contractor as outstanding remuneration. The Company also requests the court to limit the Contractor's entitlement to demand payment guarantees to PLN 2.3 million and to suspend the effects of the withdrawal declaration until a final ruling is made.
This legal move reflects Grupa Azoty Puławy's efforts to recover financial losses and clarify its obligations under the contested contract while seeking protection against further claims by the Contractor.
The writer may own shares of the companies mentioned. This communication is for informational purposes only.