Alteris’s backlog for this year is estimated at PLN 70 million, albeit it may be raised, in our view. Alteris provides supplies for new diagnostic units and turnkey projects seeing a growing number of investments. It also offers cloud solutions in a cooperation with Radpoint and develops IT projects related to VNA (vendor neutral archive).
We raise our financial forecasts for the Group incorporating 1Q23 expectations. It looks like the Group’s 1Q23 financial results will be close to the parent company’s figures. Profits generated by Exira, RP, and Scanix should offset the loss generated by Vito-Med and Alteris. We believe Alteris will return to its typical seasonality pattern and will support the Group’s operating results mainly in 4Q. We forecast the Company’s EBIT and EBITDA to reach PLN 110 million and PLN 71 million, respectively, in 2023 (including PLN 7 million of write-offs for SARS-CoV-19 tests) which means a 3% and 6% yoy upgrade vs our previous expectations, thus the recurring results should be higher. We increase our operating forecasts for the following years as well.
Valuation
Our 12M EFV for Voxel constituting a 50%– 50% mix of DCF FCFF method and peer-relative valuation, rises to PLN 59.2 (previously PLN 47.7) per share, mainly due to upgrading financial forecasts and material increase of median peer multiples. We also updated the risk free rate. The DCF FCF/ peer relative valuation implies PLN 53.0/ PLN 65.3 per share (we include a 20% discount vs peers).
