One word from Leszek Czarnecki is worth PLN 111m (EUR 31.4m)

MAG
28-03-2008, 18:35

Warsaw (Puls Biznesu) – Stock of LC Corp jumped 9.7 percent yesterday on the news published by “PB” that Leszek Czarnecki is going to buy more shares of the homebuilding company he had founded.

 

Leszek Czarnecki said that unless the stock price grew substantially in the near future, he would start to buy the shares. Yesterday, the stock jumped to PLN 2.84 a share while the volume of trade amounted to PLN 14m and was several times higher than last month’s average of PLN 1.6m. Grzegorz Kujawski, BM BGZ analyst believes, however, that the transactions made by the businessman won’t influence the stock price in longer term.

“It won’t change anything in the image of the company. In order for investors to better perceive the homebuilding company, a financial report is necessary showing that flats are selling good. We need to wait for this for at least several quarters”, Grzegorz Kujawski said.

In his opinion, poor stock price in recent months was caused by the fact that LC Corp started operations relatively late and the funds raised in its IPO were mainly spent to buy land at quite high prices as compared with rivals.

Andrzej Knigawka, ING Securities analyst, is not surprised with Leszek Czarnecki’s decision.

“LC Corp is evaluated below the value of Arkady Wroclawskie shopping mall which it had built and below the net debt so I’m not surprised with Leszek Czarnecki’s decision. Especially that he sold the stock in the IPO at PLN 6.5 and now he can buy them below PLN 3”, Andrzej Knigawka said.

 

(PLN 1 = EUR 0.283)

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