Millennium DM about PBG
Analysts from Millennium DM in their report from August 19, 2009, have kept “neutral” recommendation for PBG shares and in the same time had increased target price from PLN 187 to PLN 201,9. At the day of submitting recommendation the price of PBG shares was at the level of PLN 224.
“With help of DCF method (discounted cash flows) we estimate the value of the stock at the level of PLN 235,8. PBG, thanks to the good backlog of orders and expectations connected with it concerning future financial results, is quoted with significant bonus when compared to other construction companies and that is why comparative evaluation is at the level of PLN 168. Final evaluation of the PBG shares is at the level of PLN 201,9. That is why we keep our neutral attitude to the company” – was written in the report.