Pre-sales: The company reported pre-sales of 213 units in 3Q23 (+384% y/y and +51% q/q; the value of units sold amounted to PLN 134.2m, implying average value of ca. PLN 630.0k). As a reminder, the company had dwelling offer of 607 units as of end-2Q23.
Deliveries: At the same time, the company delivered 37 units (vs. 73 flats in 3Q22; with value of PLN 75m) mainly related to Rotunda Dynasy (7 units), Lazurova Concept (12 units) and Apartamenty Zielony Natolin project (17 units).
Revenues: We estimate that revenues arrived at PLN 75.2m (-12% y/y), which is in line with company’s current report, driven by two factors: drop in number of handed over apartments and increase in the average dwelling price (+74% y/y).
Gross margin: Given the above-mentioned deliveries mix, we expect gross margin to arrive at 37.5% (vs. 25.0% in 3Q22 and 32.3% in 2Q23).
EBITDA: We assume that the company will report ca. PLN 10.3m in SG&A costs (vs. PLN 9.7m in 3Q22). Thus, EBITDA could come in at PLN 19.1m (-7% y/y). We predict that profit on sales could reach PLN 18.0m (+55% y/y). Net profit: We expect that net financial profit amounted to PLN 6.2m, vs PLN 4.4m in 3Q22. Thus, the net profit should arrive at PLN 18.6m (-2% y/y).
