The first half of 2024 may still be challenging for industrial companies, but a new meter product line and entry into new markets should support revenue growth in Sonel's core business. In the long term, we count on the benefits resulting from the transformation of the energy sector (RES, energy storage) and the development of electromobility.
A safe balance sheet makes it possible to finance investments and maintain a dividend policy. We lowered our financial forecasts and on this basis we estimated the target price (9M) for the shares at PLN 12.36. Revenue growth driven by expansion of the offer and entry into new markets Already in 2024, Sonel's offer will include new products based on digital solutions, which will maintain high sales growth dynamics. In addition, the company is entering new sales markets (e.g. Germany).
We forecast that the metrics segment (core business) will drive revenue growth in 2024-25. Sonel is also active in the area of acquiring new customers for assembly services, thus increasing the diversification of its customer base. The biggest unknown remains the electricity meter segment, where the backlog for 2024 is small (approx. PLNm 20) and new tenders for supplies have not yet been resolved.
