This year, the high season for the company started earlier, as evidenced by a significant increase in flight operations in May (approximately +25% y/y). In the second half of 2Q'23, three new Boeing 737 MAX 8 aircraft joined the carrier's fleet and Enter Air entered the most intensive period of the year with a fleet of 31 aircraft. According to our estimates, further improvement in demand for the company's services, combined with fleet expansion, has translated into a growth of around 30% y/y in the number of flights operated during 2Q'23. Throughout 2Q'23, we anticipate a progression of EBITDA MSSF 16 at approximately 27,2% y/y to PLN 143,1 million, along with a net profit of PLN 90,8 million (compared to a loss of PLN 31,0 million in 2Q'22).
These projected results exceed our expectations from the previous recommendation. As a result, we are revising our assumptions upwards for the upcoming periods as well, increasing the number of flight operations by Enter Air in 2023 from 25% to 30%, which translates to record figures for the company in this period. For the entire year 2023, we anticipate revenues at the level of PLN 2,7 billion, gross sales profit of PLN 287,4 million, EBITDA of PLN 468,4 million and a net profit of PLN 186,7 million.
We also point out on ENT's and TUI's plans to create a joint company offering aircraft leasing and charter services. We view this initiative positively, as it could potentially become a new source of revenue for the company in the future. Additionally, the decrease in the risk-free rate positively impacts the valuation. After updating our pricing model, we set the target price at PLN 59.8, which implies an upgrade from Accumulate to Buy.
