This week, two new companies joined our portfolio: Getty and Shutterstock, both currently under regulatory merger review. Most of our holdings declined slightly, with the sharpest drop coming from CVS Group. On the other hand, Zalando started the week poorly with significant losses, but after reporting strong 3Q results, it recovered around 10%.
Bank Pekao
The Polish bank remains roughly in the same position as last week. There are still no major updates regarding the restructuring process with PZU, so our view remains unchanged.
Getty
As we discussed in our recent article explaining why we added Getty to the portfolio, the company remains undervalued and is currently awaiting approval for its potential acquisition by Shutterstock. If cleared, the deal could position Getty as an almost monopolistic player.
This week was highly volatile: the stock jumped +10% before falling around -15%, driven by both the acquisition process and a court case in the UK. In our view, neither of these legal developments affects the company’s fundamentals for now. Despite the risks, we continue to believe the transaction could be value-accretive.
Shutterstock
Also had a volatile week, but strong 3Q results may help recover early losses. We remain focused on the ongoing UK regulatory review.
CVS Group
The stock experienced a significant decline without an obvious reason. Despite maintaining positive analyst ratings, it fell about 5–6% this week. Our view remains unchanged: the company has solid growth potential in Australia, and the regulatory risk from the market study has diminished (at least for now).
GXO
The company reported strong third-quarter results. The share price is slightly lower than last week, but nothing noteworthy.
Safran
Slightly up from last week, with no significant moves to highlight.
Zalando
The stock initially dropped 8–9% during the week but recovered after releasing solid 3Q results. However, it remains below expectations, and if the trend doesn’t improve next week, we’ll likely remove it from the portfolio to limit losses.
Indra
As expected after a 40% rise in a single month, the stock lost some momentum, falling 2–3% this week. Still, the overall outlook remains positive.