Dividends – growing payouts in the coming years. We assume that in the coming years the Company will be able to pay an increasing dividend as its ability to generate cash flows should improve on the back of increase in second instance court judgments.
Risk to financial forecasts. Moderate, in the short term related to the pace of customer acquisition and the level of initial fees. Similarly, the success fees level in the coming reporting periods is determined mainly by a number of first instance court judgments.
Valuation. Considering (i) the update of the comparative valuation, (ii) the forward shift of the valuation horizon in time, and (iii) the update of the risk-free rate, our 12-month EFV for the stock – a combination of the DCF valuation and the valuation comparison in the ratio of 80%-20% – increases slightly to PLN 81.3 per share.
