We assume that the implementation process of the largest change to 'Unsolved' (metagame) will commence in 2H'24. We expect the release of new functionalities to be gradual, thus the effect of improving KPIs as a result of this modification will be spread over several quarters. This scenario assumes the initial release of 'Unsolved 2.0' to a small number of new players, after which, with each month, after thorough testing and feedback from the audience, the user base will gradually expand. Next year, we expect 'Unsolved' revenue progression of 49% y/y to c.
PLN 106,6m with UA at the level of PLN 62,5m. For the full year 2024, we forecast the company to generate PLN 39,9m of adjusted EBITDA and PLN 29,9m of net income.
The results estimated by us imply an attractive multiple valuation for the company (adjusted P/E at a level of 7x). In our opinion, there is a big chance that, for the first time ever, the company will share with shareholders the profits generated over the record 2023 (dividend or share buyback). Taking into account generated cash flows, funds needed for further product development and user acquisition, we assume that the potential DPS could amount to PLN 0,6 per share (DY = 3,5%)
