ELEKTROBUDOWA SA on Warsaw Stock Exchange
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The Company on the Warsaw Stock Exchange

The initial public offering of shares of ELEKTROBUDOWA SA was on 9 February 1996. They are listed in the GPW main market in continuous trading.

Abbreviated name ELBUDOWA
Ticker ELB
Debut 1996-02-09
Debut price 23,10 zł
Number of issued shares 4 747 608
Market/Segment Primary
Sector Industrial construction

Indices in which shares of ELEKTROBUDOWA SA are included (as at 31 December 2017)

IndexDescriptionParticipation of shares of ELEKTROBUDOWA  SA in the index
sWIG80TR sWIG80TR index has been calculated since 18 September 2017, based on the value of portfolio of 80 smaller companies on the WSE Main List. Unlike sWIG80, sWIG80TR is the total return index, which means that it is calculated taking into account prices of underlying shares and dividend income. 1,58%
RESPECT RESPECT Index has been calculated since 19 November 2009. RESPECT Index includes socially responsible companies listed on the WSE Main Market, which position in the ranking classification (calculated based on the Management Board resolution no. 871/2013 as amended) isn’t lower then 150. 0,30%
WIG-Poland WIG-Poland (previously WIG-PL) is the first national index and has been calculated since December 22, 2003. The index comprises exclusively shares in domestic companies listed at WSE Main List that meet base eligibility criteria. WIG-Poland is a total return index and thus when it is calculated it accounts for both prices of underlying shares and dividend and subscription rights’ income. 0,11%
InvestorMS InvestorMS is an external index calculated by WSE in co-operation with Investors TFI S.A. The index tracks the performance of the shares of small and mid-cap companies in the investment focus of the fund Investor Top 25 Małych Spółek FIO. The InvestorMS index is the fund’s investment performance benchmark. 0,38%
WIG-budownictwo WIG-construction is a sector index and its portfolio includes WIG constituents belonging to the ‘construction’ sector. Weightings in the index are the same as in the WIG index portfolio. Methodology of the sub-index is the same as for the WIG index, which means that it is an income-based index and thus when it is calculated it accounts for both prices of underlying shares and dividend and pre-emptive rights’ income. 5,71%
sWIG80 sWIG80 index has been calculated since 31 December 1994 and comprises 80 smaller companies listed at WSE Main List. sWIG80 is a price index and thus when it is calculated it accounts only for prices of underlying shares whereas dividend income is excluded. 1,58%
WIG WIG index is the first exchange index. At present WIG index comprises all companies listed at WSE Main List that meet base eligibility criteria. The WIG index follows the diversification principle, aimed at the limiting the share of a single company and a single exchange sector. It is a total return index and thus when it is calculated it accounts for both prices of underlying shares and dividend and subscription rights’ income. 0,11%

Source: WSE

The Company on Warsaw Stock Exchange in 2017

The year 2017 was a subsequent successful year which brought substantial growth in major stock exchange indices. From the first to the last session in 2017 the main index of the Warsaw bourse (WIG) rose by 22.81 per cent, while WIG20, which includes the biggest companies, gained 25.78 per cent. The medium-sized companies index (mWIG40) was weaker, and increased its value by 15.4 per cent, while sWIG80 rose by mere 1.74 per cent.

On 11 October 2017 the WIG and WIG20 indices had their annual highs. The mWIG40 index recorded its high on 29 September, whereas WIG-Budownictwo (WIG-Construction) established its annual high during the session on 6 March 2017.

Shares of ELEKTROBUDOWA SA are included in WIG, sWIG80, RESPECT indices and in the sector sub-index WIGConstruction, which in 2017 was losing again (price drop by 2.45 per cent).

Near the end of March 2017 the British government officially announced their intention to exit the European Community, what initiated a two-year negotiation period after which, by 29 March 2019 at the latest, Great Britain will have ceased to be a member state of the EU. The negotiations started in June, and in December the Prime Minister T. May informed that the rights of the three million EU citizens living in the UK and the million Britons living in the EU will be protected post- Brexit. So an important point of negotiations was closed and the next stage, relating to trade, safety and future relations issues, began. However, those events did not have impact on the financial markets, which were primarily focused on the improving perspectives of global economic growth, growing inflation and actions taken by central banks.

Last year the US Federal Reserve raised the interest rates three times (March, June, December) by total 75 p.p. up to 1.25-1.50 per cent, which was well communicated by the Fed and generally expected by the financial markets. Accompanied by the improving global economic situation, the increase in the US rates did not involve outflow of global capital from the emerging markets to which Poland is included as well. On the other hand, in October the European Central Bank announced prolongation of the QE monetary easing programme until September 2018, with scaling back from €60bn to €30bn a month starting from January 2018. In the end of December the US enacted the tax reform law announced by President D. Trump, which is expected to spur the economic growth.

During the whole previous year Poland’s Monetary Policy Council (RPP) kept the National Bank of Poland’s (NBP) main interest rate on the level of 1.50 per cent, signaling the possibility that they might remain unchanged until mid-2018 or longer.

After the weak 2016 the share price of ELEKTROBUDOWA SA continued to behave markedly weaker than the whole market and worse than shares of the companies in the sector subindex WIG-Construction, which lost 2.45 per cent during last year. On the first 2017 session (2 January), the price closed at 107.90 PLN, while on closing of the last session in 2016 (29 December) the share price closed at 77.50 PLN. Within the year the quotation price of ELEKTROBUDOWA’s shares dropped 28.17 per cent (closing prices, from the closing of the first session in January). The price hit its closing high on 4 April at 139.90 PLN, while its closing low was established on 29 December at 77.50 PLN. The annual average closing price of the Company’s shares was 111.05 PLN and was 5.64 per cent higher than in the previous year, when it amounted to 105.12 PLN.

In the first half of 2017 the investor sentiment on the Company’s shares was not much different than the trends of the whole market, although the moods became darker in the second half of the year. The shares of the Company behaved definitely weaker than the market (WIG, WIG20, sWIG80, WIG-Construction) and since July they were moving in a clearly falling trend, which concerned also the sWIG80, WIG-Construction indices. Consequently, from their high in April until the end of the year the share price of ELEKTROBUDOWA SA dropped 44.6 per cent. Last years’ weak sentiment on medium- and small-sized companies was caused by investors’ fears about future results. Because of the decreasing unemployment rate (record low 6.5 per cent in November) and difficulties with recruitment of employees and dynamically rising salaries, entities in the construction industry had to face growing problems concerning employment or labour costs.

Share price of ELEKTROBUDOWA SA against indices in 2016 and 2017.

Source of data: GPW

ELEKTROBUDOWA’S share price performance versus WSE WIG, WIG20, sWIG80 and WIG-Budownictwo indices in 2017 (closing prices; index values scaled to the company’s price).

The share price of the Company were negatively correlated with the behavior on the whole market, and the correlation coefficient between shares of ELEKTROBUDOWA and the WIG index was reduced to -0.51 from -0.29 in 2016. Total trading volume of the Company’s shares in continuous trading in 2017 was 544 105 shares and was 82 per cent lower than the volume in 2016. Average trading volume was 2 176 shares per session. The highest volume was recorded on the 9 January session, when 93 082 shares of the Company changed their holders.

Data of shares of ELEKTROBUDOWA SA on the Warsaw Stock Exchange

Number of shares (pieces) 4 747 608 4 747 608
Closing price on the last trading session of the year (in PLN) 77,50 106.45
Capitalization of the Company at end of year (in millions of PLN) 367,9 505,4
Maximum price during the year (in PLN) 139,90 130,55
Minimum price during the year (in PLN) 77,50 87,00
Average annual price (in PLN) 111.05 105.12
Average trading volume per session (in pieces of shares) 2 176 1 189
Total trading volume for the year (in pieces of shares) 544 105 298 329

File in XLSX format 
Data of shares of ELEKTROBUDOWA SA on the Warsaw Stock Exchange file .xlsx11,9 kB

Recommendations for shares of ELEKTROBUDOWA SA

In 2017 five financial institutions issued eight recommendations for shares of ELEKTROBUDOWA SA.

Date of issuePrice on the day of issueInstitutionRecommendationPrice target
2017-12-10 86,50 PLN DM BOŚ SA HOLD 96,00 PLN
2017-11-27 86,50 PLN Noble Securities DM SA HOLD 83,80 PLN
2017-10-03 103,25 PLN Erste Group REDUCE 92,90 PLN
2017-09-01 109,50 PLN DM mBank SA BUY 134,00 PLN
2017-07-30 108,00 PLN Noble Securities DM SA ACCUMULATE 158,70 PLN
2017-07-18 117,00 PLN DM BOŚ SA HOLD 114,90 PLN
2017-05-08 120,55 PLN DM mBank SA BUY 146,00 PLN
2017-04-05 137,00 PLN DM mBank SA HOLD 146,00 PLN

File in XLSX format 
Price on the day of issue file .xlsx11,5 kB

ELEKTROBUDOWA SA for the eleventh time in RESPECT Index composition

In 2017 the Company was for the eleventh time included in the composition of RESPECT Index – the index of socially responsible companies. RESPECT Index includes Polish companies listed on the Main Market of the Warsaw Stock Exchange which act in accordance with the highest management standards in respect of investor relations, corporate and information governance and also in adherence to environmental, social and personnel criteria. To be included in the index, companies have to pass three stages of verification in respect of the above areas, conducted by the Warsaw Stock Exchange and the Polish Association of Listed Companies, and to be audited by an external body.

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