The Polish Deep Value Week – 2025/27
Governance, EGMs and Business Update
Market: 5
Companies mentioned
· Compremum (CPR) - Appoints New Board, Elects Management Following Shareholder Meeting
· Dębica (DBC) - Cuts 2025 Tire Production Following Reduced Orders from Goodyear
· Pepees (PPS) - Court Dismisses Epsilon's Lawsuit Against Board Discharge Resolutions
· Relpol (RLP) - Registers Changes to Articles of Association
· Grupa Azoty Puławy (ZQP) - Extraordinary General Meeting Resolutions
“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.
Compremum (CPR) - Appoints New Board, Elects Management Following Shareholder Meeting
P/TB 0.28 │ URL
Compremum S.A. announced a reshuffle in its corporate governance following its AGM on June 30, 2025. Two members of the Supervisory Board—Chairman Łukasz Fojt and Secretary Piotr Matras—resigned, with replacements Grzegorz Sanocki and Radosław Śliwerski appointed. The Supervisory Board then elected a new management team: Bogusław Bartczak as President and Łukasz Fojt as Vice President. Shareholders representing 59.45% of voting rights attended the AGM, with Fojt himself controlling nearly 50% of total votes.
Dębica (DBC) - Cuts 2025 Tire Production Following Reduced Orders from Goodyear
P/TB 0.82 │ URL
The Management Board of Firma Oponiarska Dębica S.A. announced it will reduce tire production in 2025 due to lower orders from its key export client, Goodyear. As a result, forecasted output for the year will decline by 2.6% for passenger car tires and 5.67% for truck tires compared to the original production plan. The company warned that this reduction may adversely affect its financial performance.
Pepees (PPS) - Court Dismisses Epsilon's Lawsuit Against Board Discharge Resolutions
P/TB 0.51 │ URL
On July 4, 2025, the District Court in Białystok dismissed the lawsuit filed by Epsilon FIZ AN seeking to annul or invalidate resolutions no. 9 and 10 adopted at the Ordinary General Meeting of PEPEES S.A. on April 21, 2020, which granted discharge to members of the Management Board. The court's decision is not yet final. The company reported the outcome based on § 19(1)(10) of the Regulation of the Minister of Finance of March 29, 2018, concerning current and periodic information provided by issuers of securities.
Relpol (RLP) - Registers Changes to Articles of Association
P/TB 0.63 │ URL
On July 4, 2025, Relpol S.A. received confirmation from the District Court in Zielona Góra of the official registration of amendments to its Articles of Association, effective as of July 3, 2025. The updates, stemming from resolutions adopted at the Annual General Meeting on June 17, 2025, include significant revisions to §7 (scope of business activities) and §25(1) (selection of auditors). Notably, §25(1) was updated to clarify that an audit firm will be selected not only to review financial statements, but also to attest sustainability reporting. A consolidated version of the updated Articles of Association has been published as an attachment to the announcement.
Grupa Azoty Puławy (ZQP) - Extraordinary General Meeting Resolutions
P/TB 0.35 │ URL
On July 4, 2025, the Management Board of Grupa Azoty Zakłady Azotowe “Puławy” S.A. published the full content and voting results of the resolutions adopted during the Extraordinary General Meeting held that day. Additionally, the company disclosed the draft of a resolution that was presented for a vote but not adopted. No objections were raised during the meeting. The documents are available on the company's website and were also attached to current report no. 27/2025 from June 3, 2025.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.