News Parkiet

Banking

PKO BP shares may cost 167-200 zloty

Shares of PKO BP, Poland?s biggest lender, could be worth between 167 and 200 zloty after its IPO this fall based on valuation of other banks already listed on the WSE. State-owned bank could earn as much as 1.43 billion zloty ($390 million) this year, chief executive Andrzej Podsiadło said earlier. However, based on more conservative minimum profit estimate of PLN 1.23 billion and the price of 167 zloty per share, PKO BP?s forward price-earnings ratio would reach 13.6. That compares with the existing P/E ratio of 19.5 of its biggest competitor, Pekao SA. It and other large banks are trading 60 percent higher than the state-owned firm.

Its price-to-book ratio, at 2.32 to 2.79 is comparable to other big banks.

Polish government plans to raise up to 6 billion zloty in this year?s largest privatization IPO later this year.

Petrochemicals

Walczykowski named as new CEO

of PKN Orlen

PKN Orlen, Poland?s largest refinery and fuel distributor, named Jacek Walczykowski as its new chief executive officer yesterday after an eighteen-hour marathon meeting of its board of directors. Walczykowski, a senior official at Nafta Polska government privatization agency and a former legal counsel and board member at Elektrim power and telecoms group, replaced Zbigniew Wróbel, who offered to resign in disgrace several weeks ago under government pressure. The new CEO said Orlen doesn?t have to sell its 19.6 percent stake in Polkomtel mobile phone company, as planned earlier. Walczykowski, who has the backing of the Polish Treasury Ministry, also said he isn?t worried about possible halt in oil supplies from Russia because of troubles at Yukos, Orlen?s main supplier. Shares of PKN plunged 3.25 percent to 29.8 zloty yesterday in heavy trading. However, analysts attribute yesterday?s decline to Thursday?s ex-dividend date and profit-taking instead of CEO appointment.

Metals

Kęty?s 2Q net higher

Grupa Kęty SA, Central Europe?s top aluminum packaging maker, reported second-quarter earnings of PLN 26.6 million ($7.3 million), up 46 percent from the same period a year ago. Earnings per share totaled 2.53 zloty. Quarterly ales rose almost 15 percent to PLN 188 million. Shares of the WIG20 company fell 2.7 percent to 146 zloty despite better than expected results as investors used earnings report to take their profits.