Trade union representatives are using their political connections to force a resignation of Mr. Skora, the new CEO, who ended a period of cordial relations between former BoD and the unions, according to today’s “Puls Biznesu”. We view the news as confirmation of internal relationships returning to “normal” rather than a real threat, as there has not been any sign of criticism from the State Treasury ministry. We reiterate our Buy rating for the stock with PLN 146.9 fair value estimate.