Announcement.

DM mBank recommends & quot; overweight & quot; AC shares

"In our opinion, the current balance sheet condition and good prospects for the upcoming quarters would allow us to increase debt up to 2x EBITDA, which would allow us to pay up to 30% of timeless DYield. We start issuing investment positioning for the AC company with the recommendation prevailing" - wrote the report.
DM mBank estimates that AC is a beneficiary of the growing disproportion of gasoline / LPG prices, which means that the introduction of the broadcasting fee and other subsidies for the development of ecological fuels positively translates into the demand for the company's products.
Analysts estimate that AC revenues in 2018 will increase by 18%. up to PLN 229.8 million, and EBITDA by 21%. up to PLN 57.4 million. They estimate that in 2019-20 EBITDA will increase by 5.3%. and 4.3 percent up to PLN 60.4 million and PLN 63 million.
"A potential threat for the company is the conflict between Russia and Ukraine (a relatively large share of both countries in exports), however, the escalation of 2014 did not translate into a significant change in the situation on these markets" - wrote the report.

Source: company website, investor relations, current and periodic reports.

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Company information
Company name:mBank SA
ISIN:PLBRE0000012
NIP:526-021-50-88
Adress: ul. Senatorska 18 00-950 Warszawa
Phone:+48 22 8290000
website:www.mbank.pl

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