The report on GKI states that the company is one of the most product-diversified among those listed on the Warsaw Stock Exchange, "which significantly reduces the sensitivity of the Company's results to economic fluctuations, and also enables development in the most lucrative market segments". Growth factors included growing spending on e-commerce, improvement in the housing situation, a record-breaking order portfolio of the subsidiary Atrem and acquisitions in the fashion segment. The operating profit growth forecast also includes the completion of key construction projects and the handover of apartments to customers as well as further improvement of the efficiency of the Focus hotel chain.
 GKI was valued at PLN 3.9 and PLN 6.7 per share, using the DCF and comparative methods. "We did not assign any weights to them, and the valuation was presented in the above-mentioned range" - the analysts explain. The current exchange rate is PLN 2.84.

In the report on Atrem S.A. it was reminded of the record-breaking order portfolio, which in Q1 2023 amounted to PLN 450 million. According to analysts, the DCF and comparative valuation ranges from PLN 8.80 to PLN 10.40 per share. The current exchange rate is 6.60.
 Among the growth factors, the need to modernize and expand transmission networks in Poland, increase in electricity consumption, acceleration of GDP growth, slowdown in the growth rate of construction materials prices and energy transformation of the Polish economy were mentioned. It was reminded that the company has unique competences in the niche area of the construction market, which is automation and power engineering.

In the analysis of the PJP Makrum S.A. Industrial Group, we read that "growing spending on e-commerce and a potential rebound in economic activity will allow PJP to participate in the expansion of warehouse bases or office and residential investments and increase results starting from 1H2024".
 According to analysts' estimates, PJP will return to the path of earnings growth "due to the expected decline in interest rates, which should improve the IRR of investment projects, and thus increase the demand for building/industrial construction facilities." The company was valued using the DCF method and the comparative method (WSE and foreign companies) in the range from PLN 24.90 to PLN 30.6 per share. The current exchange rate on the Warsaw Stock Exchange is approx. PLN 13.50.
 In the longer term, according to Santander, the growth in results should be driven by: growing e-commerce spending supporting the construction and expansion of warehouse bases, solid foundations of the warehouse segment, the trend of moving European production from Asian countries, a rebound in economic activity, product synergies, and geographical expansion.