On April 21 Votum will release its FY22 financial report. We assume that 4Q22 was successful which should be especially visible in the results of the segment for pursuing claims from the abusive clauses in the loan agreements which at the moment affects most revenues and margins. We expect some improvement in the remaining business segments as well, albeit it will be slower and gradual. All in all, we envisage a very good quarter with a material improvement of revenues and rising margins. Strong revenues.
We expect a further sales yoy improvement in 4Q22 on the back of a rapidly increasing number of court sentences allowing the Company to recognize success fee revenues in the segment of pursuing claims from abusive clauses in FX loan agreements. Additionally, we assume that the sales in the segment of pursuing property and personal clauses should be flat yoy while expecting a further improvement of revenues in the rehabilitation segment. We believe the Group’s yoy dynamic of consolidated revenues should be double-digit. High profitability. We assume a material qoq improvement of EBITDA and EBIT margins resulting from accounting for the success fee and partially from 3Q22 low base (due to a write-off related to court proceedings against Getin Noble undergoing restructuring). We forecast the EBIT margin generated in 4Q22 at 42.5% vs 20.4% a year before which should translate into EBIT at PLN 38.9 million. Our 4Q22 NP forecast stands at PLN 30.5 million (up 316% yoy).
