SFD
2Q22E preview
SFD is due to publish its 2Q22E results on 16 August 2022.
Opinion: We expect the company to report solid 2Q22E results with operating profit of PLN 7.6m and net profit of PLN 6.1m, driven by y/y growth of revenues and stabilization of gross margin (related to increase of product prices and stabilization of cost of materials).
Revenues. SFD has already reported its preliminary revenues of PLN 91.0m (+53% y/y), with PLN 30.0m reported in April (+29% y/y), PLN 30.2m in May (+63% y/y) and PLN 30.9m in June (+73% y/y). We note that solid top line was mainly driven by double-digit growth of product prices rather than increase in volumes, and recovery of product offer.
EBIT. Based on the monthly reports, we expect the company to report comparable y/y gross margin of 36.6% (higher cost of materials offset by increase of prices) and gross profit of PLN 33.3m. As we assume stabilization of salaries (at PLN 7.5m) and pressure on external services (PLN 15.9m, +68% y/y), we forecast operating profit of PLN 7.6m in 2Q22E (margin of 8.4%).
Net profit. At the bottom line, we forecast profit of PLN 6.1m (vs. PLN 3.2m in 2Q21).
Analyst Marek Szymański marek.szymanski@ipopema.pl + 48 22 236 94 12
