2Q23/24 net loss at PLN -0.2m vs. our estimates of PLN 2.0m net profit
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2Q23/24 net loss at PLN -0.2m vs. our estimates of PLN 2.0m net profit
â– In 2Q2023/24 (calendar 4Q23) Skarbiec Holding reported net loss at PLN -0.2m vs. our expectations of net profit at PLN 2.0m (and vs. PLN 0.1m net profit in calendar 3Q23 and PLN -3.5m net loss in 4Q22). Weaker than expected bottom line was driven by slightly lower revenues (-4% vs. our estimates due to lower success fee) coupled with slightly higher costs (+4% vs. our estimates) and slightly weaker net financial income (PLN 1.4m vs. PLN 1.9m expected).
â– Fixed fee increased 24% y/y (8% q/q) and was slightly above our expectations with margin on average AUM at 1.10% (vs. 1.07% in 3Q23 and 0.98% in 4Q22). Growth of fixed fee was driven not only by rising AUM (23% y/y, 9% q/q), but also by rising share of equity funds in AUM (41% in 4Q23 vs. 39% in 3Q23 and 39% in 4Q22).
â– Success fee in 4Q23 came in at PLN 2.9m (vs. PLN 0.4m in 3Q23 and PLN 1.5m in 4Q22) vs. our estimates at PLN 4.2m.
