- Analytical Coverage Support Programme 3.0 for 2021–2023 starts in July 2021
- The Programme’s new framework aims to increase the number of covered companies and research providers and offers more flexible selection criteria
- The objective of the Programme is to improve analytical coverage of companies listed on the Main Market (other than WIG20) and, for the first time, NewConnect
- Analytical Coverage Support Programme 3.0 is open to Exchange Members and investment firms which meet the Programme criteria
The Exchange’s Analytical Coverage Support Programme 3.0 supports investment firms in drafting analytical reports which are financed by GPW. The objective of the Programme is to improve the availability of research covering less liquid companies, facilitating investors’ informed investment decisions based on a reliable independent source of issuer information. Eligible to participate in the Programme are companies listed on the GPW Main Market (other than WIG20 participants) and on NewConnect. The Programme covers up to 50 issuers.
“The Analytical Coverage Support Programme framework has been consulted with market representatives. We have developed a scheme which addresses their expectations. The Analytical Coverage Support Programme 3.0 may cover up to 50 small and mid-cap companies on the Main Market and NewConnect. The Programme selection criteria are now more flexible than ever before. More than 750 reports have been published in the Programme since 2019. Measured by the number of participants, GPW’s Analytical Coverage Support Programme is the biggest scheme of its class across the global capital markets,” said Izabela Olszewska, Member of the GPW Management Board.
Issuer selection criteria:
Eligible to enrol in the Programme are companies listed on the Main Market and NewConnect as at 31 May 2021 (other than WIG20 participants) which have not been covered by analysts in the last 12 months or have been covered by no more than one analyst (covered by reports including valuation and indicative recommendations), excluding analyses provided in the previous editions of the Programme (companies which have participated in the Programme and are also covered by an analyst outside the Programme are eligible to participate in the current edition). Additional criteria include company capitalisation of at least PLN 50 million (as at 31 May 2021) and free float over 20% (as at 31 May 2021). The specific selection criteria for participants are defined in the Programme regulations.
Investment firm selection criteria:
The Analytical Coverage Support Programme is open to investment firms which have had at least three analysts (as at 1 June 2021) and prepared at least 10 recommendations in Polish for companies listed on the Main Market (other than WIG20) or NewConnect in the last 12 months.
Analytical reports prepared in Programme 1.0 and Programme 2.0 are available on the GPW website and the websites of Exchange Members, and are distributed by the biggest local and international agencies and industry media.
