Investors sniff the words of the prime minister about “pursuit of profit of state -owned companies”

The prime minister's statement regarding SP companies is not very encouraging from the point of view of minority investors, but it is not known yet whether it is not only for the use of an election campaign. If the government would like energy companies to offer energy below costs, it would be more honest if it removed them from the stock exchange – says Robert Maj, an analyst of IPopema Securities.

Prime Minister Donald Tusk said on Tuesday during the European forum of new ideas that state -owned companies are not necessarily to maximize profit, and the task of energy companies is to ensure energy security and cheap energy. The time has come for the reconstruction and repolonization of the national economy, market and capital – said Tusk.

He emphasized that Polish companies should count on the preferences of the Polish state and demanded that the State Treasury companies and implementing investments on behalf of the state, reporting on all investments and orders, especially larger, in the context of how the policy of preference for Polish capital and entrepreneurs is implemented.

“The prime minister's statement does not sound encouraging from the point of view of minority investors, it is not optimistic,” Robert Maj, an Ipopema Securities analyst, told PAP.

Energy companies' quotations reacted with declines. Ok time. 16.00 The WIG-Energia stock index loses 4.4 percent PGE shares reduce 7.9 percent, the Tauron exchange rate loses 4.1 percent. Enea goes down 0.3 percent

“The courses of energy companies react today, it is difficult to say whether this reaction is adequate. It is also worth remembering that from the beginning of the year all energy has gained very strongly and current declines may be the implementation of profits in the face of these announcements, which may cause in the future that these companies will actually be less worth” – said Ipopemy analyst.

In his opinion, if these announcements were to find a translation in real activities, harmful from the point of view of minority investors, it would be more honest if the energy sector were removed from the stock exchange.

“The prime minister has the right to determine the policy towards state -owned companies, but if it turned out that the energy one would, in an extreme scenario, distribute electricity for free or sell it below the production costs, it would be a very negative signal for minority investors. If the prime minister would like these companies to be public utilities, then he should propose a call to the shares of energy companies and a photo of them, just like it, just like it French EDF was nationalized.

“It is possible, however, that this statement is only for the use of an election campaign, and the topic of energy prices is widely discussed. If this does not translate into any drastic reduction in the results of energy companies in the turnover segment, then in the long run it will not find a translation in sentiment to companies” – added the analyst.

As the analyst pointed out, the first “check” will be the first. According to the project adopted on Tuesday by the Council of Ministers by the end of July, energy companies are to submit tariff applications. The starting date of the electricity prices changed in the tariffs of July 1 to October 1, 2025 is to be postponed.

“We will see what will happen. Energy cannot be determined by these tariffs in isolation from the costs incurred. The tariff was introduced for a last year and by the middle of this year with such an assumption that the companies had losses from 2024 to cover profits in 2025.” – said May.

The analyst noted that the prime minister's statement may also mean that state -owned companies, e.g. Orlen or PGE, will implement some unprofitable investment projects.

“However, it is hard for me to imagine that the management boards of the company should make decisions that would have to harm the results in the long run. After all, the Code of Commercial Companies applies and there is a prospect of future notifications to the prosecutor's office on charges of mismanagement,” he said.

Asked if it could translate into a change of dividend policies of the Treasury companies, he replied: “There was no subordinate to pay dividends so far, Orlen pays even a greater dividend than expectations. Dividend is not harmful to the government. It must share it with minority shareholders, but the stock market serves to invites investors to the investment. Orlen, PZU or banks have deleted dividend policy.

In his opinion, it is hard to imagine now some further repolonization of assets, especially since, for example, in banking, the participation of the Treasury is already very high.

“With the possible takeover of Santander by the state bank, concentration could be too big. I would read it more as an announcement that you should not expect further privatization,” said Ipopemy analyst. (PAP Biznes)

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