SFD
HOLD
FV PLN 2.94
12% upside
Price as of 21 October 2022 PLN 2.63
SFD is due to publish its 3Q22E results on 14 November 2022.
Opinion: We expect SFD to report sound 3Q22E results. Although the company has reported solid improvement of revenues (+39% y/y in 3Q22), we expect the results to remain under pressure related to operating costs inflation. Nevertheless, we expect SFD to report 80% y/y improvement of EBITDA.
Revenues. The company has already reported its preliminary monthly sales with revenue of PLN 83m in 3Q22E (+39% y/y) with PLN 24.4m in July (+48% y/y), PLN 29.4m in August (+48% y/y) and PLN 29.1m in September (+25% y/y).
EBIT. We expect SFD to report gross margin at comparable q/q level of 36.0% (+1.5pp y/y), as the management pointed at stabilization of gross margin despite pressure on cost of materials. We assume salaries at comparable q/q level (PLN 8.1m). As a result, we forecast EBIT of PLN 5.6m and EBITDA of PLN 6.4m (margin of 7.7%).
Net profit. At the bottom line, we forecast profit of PLN 4.4m (vs. PLN 2.3m in 3Q21).
Analyst: Marek Szymański
marek.szymanski@ipopema.pl
+ 48 22 236 94 12
GPW’s Analytical Coverage Support Programme 3.0
