Bioton – (Last valuation: 5.41 PLN/share as of 19.09.2023) 3Q23 earnings forecast - high base a year ago
- We assume that sales in 3Q23 will be similar to 2Q23 levels, i.e. about PLN 50 million - in 3Q22 there was a high base supported by higher export sales, this year the company is making more export sales characterized by lower profitability,
- Therefore, due to a less favorable product mix, we assume a lower gross margin on sales - about 35% vs. 46% in 1H23,
- In total, we expect EBIT of -1 million, EBITDA of 10.6 million and net income of -2.9 million.
