![Resilient Growth Prospects and Enhanced Financial Outlook Drive Reiteration of BUY Recommendation for [Company Name] - Target Price Adjusted to PLN 10.07 per Share](https://admin.es-fxmag-com.usermd.net/api/image?url=media/pics/resilient-growth-prospects-and-enhanced-financial-outlook-drive-reiteration-of-buy-recommendation-for-company-name-target-price-adjusted-to-pln-10-07-per-share.jpeg&w=1200)
We update our financial forecasts and WACC assumptions and reiterate a BUY recommendation, concurrently with a FV of PLN 10.07 per share (previously PLN 10.49ps.). We point to expected further rebound in pre-sales driven by the demand recovery and offer expansion, which in turn should underpin 2025E results (we anticipate a net profit of PLN 58m; we note that 2024E are likely to deteriorate in y/y terms, due to presented project’s pipeline; on the other hand, we upgraded our estimates regarding the net profit from PLN 35m to PLN 44m in 2024E).
Moreover, we assume that the developer will return to regular dividend payments, starting from 2024E (we predict a DPS of PLN 0.67). Thirdly, we do not underestimate the group’s exposure to stable logistics activity (we do not exclude potential disposals in 2024E) and solid balance sheet. On our forecasts, the company currently trades at P/E ratios of 5.3x in 2023E, 6.8x in 2024E and 5.2x in 2025E, concurrently with a P/BV of 0.4x.
