TPSA share price rises, but still short of expectations

However, despite the rise, the valuation is still but a small percentage of the assessment of one analyst at Merrill Lynch, whose recommended share price for the telco was zł.29. Tuesday saw the share price rise following Thomson Financial published summary of the Merrill Lynch report. The article said that TPSA's president Maciej Witucki delivered important information to the bank's analyst related to investments, dividends and plans of further employment cuts. He apparently also called the telco's core business "a sinking ship", promised to focus on business processes, IT systems, evolution of the network and restructuring of the company's real estate portfolio. On Wednesday TPSA commented on the report, calling the strategic plans described by ML and Thompson as "alleged", although it did not deny that its CEO spoke with the author of the report. "Many remarks attributed to the president of TPSA did not fully reflect his real views and opinions," said the company in a statement. It also said that information published in the report reflected the opinion of the analyst and not decisions or plans approved by TPSA. In the statement TPSA's only strong disagreement with the report ended up being with allegations it will cut its workforce from 11,000 to 4,000 workers. (Parkiet, pp. 1, 3; Puls Biznesu, p. 10) M.M.