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POLAND

4 Defensive stocks listed

Poland is a fast growing economy in Central Europe playing catch up with Western Europe. As an ex communist state, it has less large multinationals and the interesting stocks will be mostly small caps with shorter history. Information in English is often scarce.

Poland: Accessibility Policy

AMBRA SA

Industry: Beverages

Defensiveness: Very high (Wines, Sparkling Wines and Liquors)

Accessible listing: No, only Poland

Concentration Risk: High, most of the sales are only in Poland, maybe 1/3rd is Slovakia/Czechia/Romania

Growth: Growth due to premium strategy and customer tastes moving into wines

Link: https://www.ambra.com.pl/en/investor-relations/

Quick note: A high quality stock, management able to acquire and grow brands, or build brands, and obtain good market share.

Poland: Text

PBKM

Industry: Healthcare

Defensiveness: Very high (Stem cell bank)

Accessible listing: No, only Poland

Concentration Risk: Low, sales across the whole of Europe

Growth: Organic and acquisitions, growing sector.

Link: https://akcjonariusze.pbkm.pl/

Quick note: A high quality stock with a very high european marketshare.

Poland: Text

TOYA

Industry: Industrial distribution

Defensiveness: high (Construction and repair tools - like Black&Decker)

Accessible listing: No, only Poland

Concentration Risk: Medium, sales across the whole of Europe and China

Growth: Good grow with geographical expansion

Link: https://yato.com/relacje-inwestorskie/?lang=en

Quick note: A good profitable growth stock, with a moat difficult to judge without local knowledge.

Poland: Text

WARSAW STOCK EXCHANGE

Industry: Stock exchange

Defensiveness: Very very moaty company with network effect and making money with volatility.

Accessible listing: No, only Poland

Concentration Risk: It is focused on Poland, but more and more foreign companies list here.

Growth: Quite low, but should grow faster in the future as Poland is a very fast digitally changing economy, with 1.more digital stocks listing, and 2. higher savings to invest.

Link: https://www.gpw.pl/investor-relations

Quick note: A very good business at the right price

Poland: Text
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