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ZUE Company: Strong Performance in 2023, Future Forecasts, and Evaluation Ratios

ZUE Company: Strong Performance in 2023, Future Forecasts, and Evaluation Ratios
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  1. Forecasts, ratios

    Forecasts, ratios

    ZUE has had a strong Q1-Q3'23 in terms of revenue, and we also expect a seasonally strong Q4'23. At the same time, higher-than-forecast throughput in 2023 translates into less available backlog for 2024. Part of this gap could potentially be filled by contracts from tenders on which the company has the most favourable bids. Currently, our forecasts for 2023/24/25 assume PLN 1.3 / 1.0 / 1.1bn revenue and PLN 16 / 12 /17m net profit respectively (2023 includes PLN 5m positive other activities). The company is trading at EV/EBITDA=5.5x for 2023-24 and 3.8x for 2025 on our forecasts. Our forecasts do not take into account potential valorisation and surcharges requested by the company.

     

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    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.

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