KGHM has cancelled an IT project worth PLN 100m, according to KGHM CEO Mr. Skora cited by Polish daily “Puls Biznesu”. Skora has stated that the company would reconsider its IT needs and repeat the tender procedure. However, we believe that it could take a year or longer. We expect this news to have a negative impact on Prokom stock price, as the company has already been chosen by the former KGHM management. We also expect a mildly negative impact on ComputerLand, as the company was to some small extent to benefit from the contract. Nonetheless, we reiterate our Buy rating for Prokom with PLN 162.9 fair value estimate. We reiterate our Hold rating for ComputerLand with PLN 102.7 fair value estimate.