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Tuesday, December 30 (11:07)
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We have decided to maintain Buy recommendation raise our target price for GCH to PLN 52.1 / share.
We emphasize that GCH is our one of the favorites for the year 2015 in terms of investment attractiveness, and we hope that future updates already take into account the assumptions affect the valuation of the theme park will have a positive effect on the long-term evaluation of investment attractiveness.
Valuation GCH made on the basis of the sum of the values of the main assets, because after the sale to the Cineworld cinema segment, the company became a holding company. Cineworld reported that they successfully carried out an operational link with cinema, Cinema City.
In the simulation, yet we do not include effects of the amusement park in Mszczonów. We hope that at the end of 1H’15 company will give more details on this project and will be able to take account of changes in our valuation (with a focus on increasing the valuation given the current market multiples listed on foreign stock exchanges other actors who specialize in theme parks).
According to analysts DM BDM, we hope that future updates already take into account the assumptions affect the valuation of the theme park will have a positive effect on the long-term evaluation of investment attractiveness – they added.
Maciej Bobrowski
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