The Polish Deep Value Week – 2025/28
Unit Statistics & a Loan Agreement
Market: 5
Companies mentioned
· Dekpol (DEK) - 354 units sold in H1 2025, strong activity in Gdańsk region
· Fasing (FSG) - Signs PLN 10m Loan Agreement with Polish Industrial Development Agency
“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.
Dekpol (DEK) - 354 units sold in H1 2025, strong activity in Gdańsk region
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Dekpol S.A. reported preliminary sales data for H1 2025, with 354 residential units sold through reservation, development, and preliminary agreements. Of these, 234 units were in Gdańsk and surrounding areas, 107 on Sobieszewo Island and the Vistula Spit, and 13 in Warsaw. A total of 288 units are expected to be recognized in the Group’s financial results. As of June 30, the Group had 729 units available for sale, primarily in Warsaw (278), Gdańsk (260), and Sobieszewo/Vistula (191).
Fasing (FSG) - Signs PLN 10m Loan Agreement with Polish Industrial Development Agency
P/TB 0.22 │ URL
FASING Group has entered into a PLN 10m loan agreement with the Industrial Development Agency (ARP) to support its ongoing operations. The loan, bearing a variable interest rate based on 1M WIBOR plus margin, will be repaid in installments through April 30, 2027. Standard collateral terms apply, including pledges on machinery, insurance rights assignments, and enforcement declarations.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.