This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program 4.0
Event: Selected preliminary financial results for 2Q23. On September 12, during the WSE trading hours, Brandt24 released its selected consolidated 1H23 financial results featuring (i) revenues at c. PLN13.1 million vs PLN 10.3 million in 1H22, (ii) EBITDA at c. PLN 4.0 million of vs PLN 2.6 million in 1H22, (ii) EBIT at c. PLN 2.7 million vs PLN 1.4 million in 1.4 million in 1H22. After deducting 1Q23 results we are able to estimate some preliminary 2Q23 figures (see the table below).
2Q23 sales implied at PLN 6.7 million (up 25% yoy and 5% qoq) are a tad (by c. 3% or c. PLN 200,000 in absolute categories) higher than we expected (PLN 6.5 million), while EBITDA at PLN 2.1 million1 (up 52% yoy and 7% qoq) implies an increase of the EBITDA margin by c. 5 pp yoy (and qoq comparable increase) which indicates that in 2Q23 a yoy/ qoq growth of all the Company’s operating costs (excluding amortization) at 16%/5% was lower/ comparable to a yoy/ qoq growth of the Company’s revenues at 25%/ 5%. Brand24 will publish final consolidated 2Q23 and 1H23 results on October 2. We believe the implied preliminary figures are good and constitute some positive surprise, hence our slightly positive perception. On the other hand, the market’s reaction seems to have been overwhelmingly positive (a strong growth of the Company’s share price followed the release during Tuesday’s session), albeit by now this information should have been already discounted.
