The Polish Deep Value Week – 2025/25
An Acquisition, Secured Orders, Credit Financing and AGM’s
Market: 5
Companies mentioned
· Bowim (BOW) - Signs preliminary deal to acquire majority stake in BPT Steel
· Fasing (FSG) - Secures over $1.2m in new orders from U.S. subsidiary
· Hydrotor (HDR) - Extends PLN 10m credit facility with Santander Bank
· Lena Lighting (LEN) - Renews PLN 10m credit line with Santander until mid-2026
· Pepees (PPS) - Shareholders approve 2024 reports, loss coverage, and merger authorization
· Relpol (RLP) - Shareholders Approve 2024 Loss Coverage and Statute Amendments – All Resolutions Passed Unanimously
· Tesgas (TSG) - Wins Majority of Pipeline Diagnostics Contracts from GAZ-SYSTEM
“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.
Bowim (BOW) - Signs preliminary deal to acquire majority stake in BPT Steel
P/TB 0.28 │ URL
On June 23, 2025, Bowim S.A. signed a preliminary agreement with Astako Kopera sp.j. to acquire 60% of the shares in BPT Steel sp. z o.o., which will give Bowim control of the company. The agreed purchase price is PLN 600,000, payable within three days of signing the final agreement, which is expected within 90 days after regulatory clearance from Poland’s competition authority (UOKiK). BPT Steel operates a sheet metal burnout production plant in Trębaczew. The deal aims to integrate BPT Steel into Bowim's capital group and expand its presence in the sheet metal processing market. The agreement includes standard warranties and conditions, and will expire automatically by March 31, 2026 if not finalized.
Fasing (FSG) - Secures over $1.2m in new orders from U.S. subsidiary
P/TB 0.22 │ URL
On June 23, 2025, the management board of Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa Fasing S.A. announced it had accepted new orders from its U.S. subsidiary, Fasing America Corp. (based in Wheeling), worth $1,216,827.02. The orders include chain wheels, wheel parts, cable parts, and connecting links. Cumulatively, the total value of all orders from Fasing America to the parent company from January to date now amounts to $4,835,693.09, covering a range of mining-related components such as chains, scrapers, and mechanical parts.
Hydrotor (HDR) - Extends PLN 10m credit facility with Santander Bank
P/TB 0.43 │ URL
On June 16, 2025, PHS Hydrotor S.A. signed Annex No. 6 to its existing credit agreement with Santander Bank Polska, securing continued financing of up to PLN 10m to support ongoing operations in PLN or EUR. The credit line, originally established in June 2017, is subject to a variable interest rate based on WIBOR or EURIBOR plus a margin. Collateral includes a PLN 15m mortgage on real estate, pledges on inventories, assigned receivables from insurance contracts, and a blank promissory note. The company considers the agreement material due to the total value of the credit facility.
Lena Lighting (LEN) - Renews PLN 10m credit line with Santander until mid-2026
P/TB 0.63 │ URL
On June 16, 2025, Lena Lighting S.A. signed Annex No. 11 to its existing credit agreement with Santander Bank Polska, extending a current account loan facility of PLN 10m until June 30, 2026. The loan is intended to finance the company’s ongoing operations in PLN or EUR and carries a variable interest rate based on WIBOR or EURIBOR plus the bank’s margin. The agreement, originally signed in May 2016, remains secured by a blank promissory note. The company deemed the information price-sensitive due to the total credit amount and disclosed it in line with Article 17 of the EU Market Abuse Regulation.
Pepees (PPS) - Shareholders approve 2024 reports, loss coverage, and merger authorization
P/TB 0.46 │ URL
On June 16, 2025, PEPEES S.A.’s Annual General Meeting approved all proposed resolutions, including the adoption of the company’s 2024 standalone and consolidated financial statements, both showing net losses (PLN 10.6m and PLN 15.5m respectively). The loss will be covered from reserve capital. The meeting also granted discharge to all management and supervisory board members for 2024, approved the remuneration report, and adopted a revised remuneration policy for board members. Additionally, shareholders approved compensation for supervisory committee participation (PLN 300 per meeting) and authorized the management board to initiate a merger process with two subsidiaries: Zakłady Przemysłu Ziemniaczanego "Lublin" and Bronisław S.A. All resolutions passed unanimously with 50.94% shareholder participation.
Relpol (RLP) - Shareholders Approve 2024 Loss Coverage and Statute Amendments – All Resolutions Passed Unanimously
P/TB 0.63 │ URL
On June 17, 2025, Relpol S.A. held its Annual General Meeting, during which shareholders unanimously approved the 2024 standalone and consolidated financial statements. The company reported a net loss of PLN 6.47 million on a standalone basis and PLN 7.54 million at the group level. Both losses will be covered from reserve capital. All proposed resolutions were passed, including the discharge of management and supervisory board members, a positive opinion on the remuneration report, and amendments to the company’s Articles of Association to expand its business activities. The results reflect continued financial challenges, with a decline in equity and cash levels, highlighting the need for operational improvement in 2025.
Tesgas (TSG) - Wins Majority of Pipeline Diagnostics Contracts from GAZ-SYSTEM
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On 23 June 2025, TESGAS S.A. announced it had been selected as the preferred contractor for 11 out of 13 lots in a public tender held by GAZ-SYSTEM S.A. concerning the diagnostics of high-pressure gas pipelines using intelligent pigging technology. The total gross value of the awarded contracts is PLN 10.13 million. The work is to be completed within 16 months from the signing of the agreements. The contracts cover various pipeline sections across Poland, including major lines like Gąbinek–Gustorzyn and Przywodzie–Dolna Odra. Final contracts will be signed assuming no appeals are filed by other bidders.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.