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    MBK   PLBRE0000012

MBANK S.A.

(MBK)
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Restricted default of Polish debt collector GetBack shocks market

04/26/2018 | 10:37am EDT

WARSAW (Reuters) - Polish debt collector GetBack has so far failed to redeem bonds worth $25 million (18 million pounds), it said on Thursday, augmenting worries about the remaining $719 million worth of bonds of a firm that only last year used to be a darling of capital markets.

The sudden crash of the bonds and shares of GetBack has taken investors, analysts and regulators by surprise, weighing on share prices of other listed firms.

The ratings agency Fitch cut its rating for GetBack's debt to 'restricted default' on Thursday.

"The downgrade reflects Fitch's view that the partial non-payment on bonds (...) constitutes an uncured payment default,"

the rating agency said.

Earlier this week, Poland's financial regulator KNF asked prosecutors to investigate GetBack, adding that nearly 200 institutions and over 9,000 retail investors held the firm's bonds.

The company's shares have lost nearly 90 percent of their value since October. GetBack debuted in the stock market in July last year, attracting investors with its aggressive growth strategy.

The firm bought up large portfolios of distressed debt at much higher prices than its competitors at a time of robust economic growth in Poland, coupled by record low unemployment and quickly rising wages.

Several respected brokerages had a 'buy' recommendation on GetBack shares until late last year.

The mBank DM brokerage, indirectly controlled by Germany's Commerzbank, had recommended buying GetBack shares in November last year, praising the company's "above average effectiveness" and setting a target price of 33.4 zlotys (7 pounds). The recommendation was suspended on Apr. 16.

The shares of GetBack have since plunged to 3.75 zlotys and trading was indefinitely suspended by the regulator last week.

In February this year, GetBack said that rating agency S&P Global changed the outlook on the firm's B rating to 'positive', citing the growth outlook. S&P has since cut the outlook to negative and suspended the rating altogether.

GetBack Chief Executive Konrad Kakolewski was dismissed earlier this month.

The troubles of GetBack, which is controlled by the private equity funds led by Abris Capital Partners, have dragged down shares of other listed firms, including investment fund Quercus TFI.

GetBack had been planning share issues worth up to 70 percent of existing capital and said last week the new board was aiming to restore investors' trust in the company.

(Reporting by Marcin Goettig; Editing by Alexandra Hudson)

By Marcin Goettig


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
HAITONG SECURITIES CO., LTD. -1.13% 12.22 End-of-day quote.-4.98%
MBANK S.A. 0.40% 400 End-of-day quote.123.21%
QUERCUS TFI S.A. -0.68% 4.4 End-of-day quote.20.22%
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More news
Analyst Recommendations on MBANK S.A.
More recommendations
Financials
Sales 2021 6 027 M 1 537 M 1 537 M
Net income 2021 1 040 M 265 M 265 M
Net Debt 2021 - - -
P/E ratio 2021 18,9x
Yield 2021 -
Capitalization 16 947 M 4 305 M 4 322 M
Capi. / Sales 2021 2,81x
Capi. / Sales 2022 2,65x
Nbr of Employees -
Free-Float 30,7%
Chart MBANK S.A.
Duration : Period :
mBank S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends MBANK S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 400,00 PLN
Average target price 293,09 PLN
Spread / Average Target -26,7%
EPS Revisions
Managers and Directors
Cezary Stypulkowski Chairman-Management Board
Andreas B÷ger Head-Finance & VP-Management Board
Maciej Stanislaw Lesny Chairman-Supervisory Board
Krzysztof Dabrowski Head-Operations & IT
Adam Pers Head-Corporate Banking & Investments
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