Forecasts and Valuation Adjustments Following Fabrity Holding's Marketing Business Sale
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Forecasts and valuation
The marketing business has been classified as a discontinued operation, so we are not changing our long-term revenue and operating profit forecasts from 2025 and beyond as a result of the transaction. In the short term, we are instead allocating some of the holding company costs previously charged to marketing to the software business. We expect their impact on earnings to gradually diminish.
As a result, we slightly lower our 2024 EBIT estimate from PLN 8.2m to PLN 7.6m. The lower net profit forecast is due to the discontinuation of the recognition of marketing profit below EBIT and the assumption of high dividends (lower financial income).
In our valuation, we no longer use the sum-of-the-parts method and base 100% of our PT on the DCF model, where we add the value of the PerfectBot stake (we assume PLN 7.5m) to the enterprise value based on the software business cash flows and subtract 20% of the value of Fabrity (minority interests). Our DCF valuation increases by 11% to PLN 37 per share
