Mabion (Last valuation PLN 23.6/share as of 02/10/2023) 3Q23 earnings forecast - positive EBIT despite shutdown
- We estimate revenue in 3Q23 at about PLN 25 million; in accordance with the methodology, the model for accounting for the NovaVax contract allows revenue to be booked as a mark-up for costs incurred directly related to the performance of the obligation, even though there was a plant shutdown and production was not carried out,
- We expect that despite the shutdown, EBIT will be positive at around PLN 3.5 million, EBITDA at PLN 5.4 million and net income at around PLN 4 million,
- We estimate that cash levels have decreased from PLN 38 million at the end of 2Q23 to about PLN 20 million at the end of 3Q23
