3Q23E preview
Miraculum is due to publish its 3Q23E results on 10 November 2023.
Opinion: We expect Miraculum to deliver slight y/y improvement of operating profit in 3Q23E, despite y/y deterioration of revenues.
Revenues. Miraculum has already reported its preliminary monthly data with revenues of PLN 3.2m in July (-6% y/y), PLN 3.6m in August (+7% y/y) and PLN 3.9m in September (-9% y/y). We note that negative y/y growth rate in 3Q23E was also related to high base of 3Q22 (contracts to Saudi Arabia). Summing up, we expect revenues of PLN 10.8m (-4% y/y).
Gross profit. We expect the company to delivery another y/y improvement of gross margin by 4.5pp y/y to 39.7% (supported by sales of high-margin Chopin products), resulting in gross profit of PLN 4.3m (+9% y/y).
EBIT. We expect SG&A costs at comparable q/q level of PLN 2.7m (+5% y/y). Given lower y/y growth rate in operating costs than gross profit, we expect slight improvement of operating profit by 2% y/y to PLN 320k.
Net profit. We forecast net income of PLN 20k.
