PortHow to Read ESPI Reports for WSE Companies
ESPI is the primary source of information about companies listed on the Warsaw Stock Exchange. Everything you read later in other services is usually a summary of an announcement from ESPI.
What goes into ESPI
A listed company is obliged to immediately publish any inside information — that is, information that could influence investors' decisions. It does this through the Electronic Information Transmission System (ESPI), operated by the Polish Financial Supervision Authority (KNF).
- Periodic reports — quarterly, semi-annual, and annual.
- Significant agreements — contracts material in relation to the scale of operations.
- Changes in company bodies — management board and supervisory board.
- Tender offers and share transactions — including those entered into by management.
- Forecasts and their revisions, dividend decisions, share issues.
Which announcements move the share price
Most current reports are formalities that the market ignores. A reaction occurs when an announcement changes the outlook for a company's future earnings or its risk.
A practical measure of significance: compare the number from the announcement to the company's scale. A contract for 400 million PLN with annual revenues of 1.2 billion PLN is significant information. The same contract with revenues of 40 billion PLN is noise.
What to watch out for when reading
Announcements are written in legal language, where it's easy to overlook caveats. Look for conditions precedent ("the agreement will come into effect after obtaining consent..."), implementation periods spread over years, and information about contractual penalties.
Also, be wary of announcements published after market close and on Friday afternoons — this is a classic time for information that the company doesn't want to publicize.
Frequently Asked Questions
Where to find ESPI reports?
On the company's investor relations website and on services that aggregate announcements. Portevo additionally analyzes their sentiment and links the announcement to a specific ticker.
What is the difference between ESPI and EBI?
ESPI is used for publishing inside information and periodic reports, while EBI is for announcements resulting from stock exchange regulations, mainly of a corporate nature. Price-sensitive information goes through ESPI.
Does every piece of information in ESPI affect the share price?
No. Most are formalities. A reaction occurs when an announcement changes expectations regarding the company's future earnings or its risk.
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Announcements read by AI
Portevo monitors company announcements, assesses their sentiment, and measures the share price movement one hour later.
Portevo is not an investment advisor. The data and analyses are for informational and educational purposes only and do not constitute a recommendation or an offer to buy or sell financial instruments. Quotes are from external providers and may be delayed. You make investment decisions at your own risk.
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