【出版时间及名称】：2010年2月波兰石油天然气行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：54
        【目录或简介】：

Table of Contents
Investment theme ............................................................................. 6
Performance .............................................................................................................................8
Relative valuation ......................................................................................................................8
Historical valuation ....................................................................................................................9
Our price targets .....................................................................................................................10
Financial performance in perspective: do not fall for high 2010 growth rates ........................12
DB est. vs. consensus: downside risk in PKN and Lotos........................................................13
Risks ......................................................................................................................................13
Industry drivers................................................................................ 15
Crude oil.................................................................................................................................15
Refining..................................................................................................................................16
Retail (marketing) ....................................................................................................................20
Petrochemicals .......................................................................................................................20
Gas prices ...............................................................................................................................21
Currency.................................................................................................................................22
Company drivers.............................................................................. 23
MOL: INA is the group’s primary growth option.....................................................................23
PKN Orlen ...............................................................................................................................27
PGNiG ....................................................................................................................................29
Lotos......................................................................................................................................32
Forecasts .......................................................................................... 34
4Q09 preview .........................................................................................................................34
Changes in our estimates .......................................................................................................35
Detailed financial forecasts and assumptions.........................................................................37
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