As announced previously GTC will implement 1:10 stock split effective as of tomorrow, August 9. Thus the nominal value of the stock will change from PLN 1 to PLN 0.1.
Our view: The stock split will increase the number of shares to 217,648,410 from 21,764,841. While the stock split does not have any fundamental implications it should be positive from a trading point of view as it increases liquidity and makes the stock more attractive to retail investors. Our fair value will thus be technically reduced from PLN 334 to PLN 33.4 per share and we reiterate our Buy recommendation.