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Bogdanka miner suffers as CEO guides for coal output below 10 mln tons in 2015, Equities News - EquitiesPoland.pl
Coverage of high-potential mid-market firms in Poland


Bogdanka miner suffers as CEO guides for coal output below 10 mln tons in 2015


Listed coal miner Bogdanka was the worst-performing large-cap stock on 3 March after the firm's CEO confirmed fears of a difficult market situation and indicated that 2015 output will be below 10 mln tons, DM BZ WBK chief equity analyst Pawel Puchalski told PAP.


"There are two main negative factors behind Bogdanka's share price performance: the first one is guidance for coal output in 2015 below 10 mln tons and the second one is that every contract for coal supplies may be terminated," Puchalski said. "These comments confirm . . . that the market situation is in fact as difficult as one may have estimated."


Bogdanka will have to adjust coal output in 2015 to market demand to prevent oversupply, and may hence produce less than 10 mln tons of coal this year, CEO Zbigniew Stopa told PAP in an interview published Tuesday morning. The firm also expects single-digit price declines this year and as a result of these factors may offer a more modest dividend proposal than 60% of net profit, the CEO suggested for Bloomberg newswire.


As far as the dividend comment is concerned, "it is up to the shareholders to decide what dividend to take," the analyst noted.


In any case, Bogdanka faces a difficult year, the analyst added.


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