This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program. 4.0. This is an excerpt from the Polish version of DM BOŚ SA’s research report.
We maintain our 12M EFV at PLN 103.0 per share and keep our recommendations: LT fundamental Buy and ST relative Overweight intact. 1Q24 financial results are strong and in line with our expectations regarding the reported figures, though with their structure somewhat better than we assumed. A c. PLN 4 million one-off event lowered the Company’s quarterly results. 1Q24 financials were supported by higher yoy volumes and higher prices of diagnostic tests coupled with the settlement of surplus services and improved results of Alteris. The Group’s adj NI on continuous operations stood at PLN 23 million in the discussed period which corresponds to 25% of our FY24 forecast.
In 1Q24 the Group’s diagnostic segment performed altogether c. 119,000 diagnostic tests (up 8% yoy) including c. 34,000 CT scans (up 3% yoy), c. 68,000 MRI scans (up 11% yoy), c. 4,500 PET scans (up 5% yoy), and c. 4,600 SPECT scans (up 21% yoy). Net revenues from diagnostic services reached PLN 87 million (up 19% yoy).
