Advertising
Advertising
twitter
youtube
facebook
instagram
linkedin
Advertising

Upgraded Forecasts and Strong 1Q23 Outlook: Voxel's Path to Growth

Upgraded Forecasts and Strong 1Q23 Outlook: Voxel's Path to Growth
Aa
Share
facebook
twitter
linkedin

We raise our financial forecasts for the Company and our 12M EFV goes up by 24% to PLN 59.2 per share (from PLN 47.7) which results in an upgrade of LT fundamental recommendation to Buy from Hold and ST relative market bias to Overweight from Neutral. We believe 1Q23 recurring results should be strong. A yoy comparison will be distorted due a material impact of testing for SARS-CoV-2 in 1Q22 (PLN 28 million/ PLN 2 million on sales/ EBIT) and write-offs for SARS-CoV-2 tests in 1Q23 (we assume PLN 4 million).

 

upgraded forecasts and strong 1q23 outlook voxel s path to growth grafika numer 1upgraded forecasts and strong 1q23 outlook voxel s path to growth grafika numer 1

 

In 1/2/3/4Q22 Voxel performed c. 72,000 (up 20% yoy)/ c. 76,000 (up 15% yoy)/ c. 77,000 (up 4% yoy)/ c. 82,000 (up 12% yoy) diagnostic tests. We expect the volume of diagnostic tests in 1Q23 to reach c. 87,000 (up 20% yoy) and assume the high demand for MRI, PET and SPECT scans to continue with a rising number of CT scans (we expect c. 50,000 (MRI), c. 4,000 (PET), c. 4 (SPECT), and c. 29,000 (CT) scans). According to our estimates, the diagnostic procedures performed by Rezonans Powiśle with Scanix and Exira should reach c. 17,000 (up 4% yoy) and c. 143 (up 18% yoy), respectively


GPW’s Analytical Coverage Support Programme 3.0

GPW’s Analytical Coverage Support Programme 3.0

The Warsaw Stock Exchange's (GPW's) Analytical Coverage Support Programme 3.0 supports investment firms in drafting analytical reports which are financed by GPW. The objective of the Programme is to improve the availability of research covering less liquid companies, facilitating investors' informed investment decisions based on a reliable independent source of issuer information. Eligible to participate in the Programme are companies listed on the GPW Main Market (other than WIG20 participants) and on NewConnect. The Programme covers up to 50 issuers.

Twitter | LinkedIn 


Topics

Advertising
Advertising