Virtual Polish stock exchange share price recommendation goodwill
– We are changing our recommendation due to the upper RFR, establishing arrangements agreed with the online / e-commerce industry and lowering our EBITDA forecasts for 22E / 23E by 3% / 3% due to increasing cost pressure and weaker results of e-commerce companies Domodi / Homebook / Totalmoney.pl / Extradom. On the other hand, We expect a two-barrel growth on the high-margin internet advertising market, a continuation of the rebound in Turkish trade (Holidays .pl, Nocowanie .pl) and a high platform at Superauto24 .pl. – it was written.
It was emphasized that “Wirtualna Polska has already proved its commercial effectiveness and a leader in the online advertising market in the past.”
– So that it should be visible that there will be a place where the entrance will take place. For this reason, we also expect that WPL will continue to be ahead of access in the advertising market, despite its unpredictable online delivery. Expecting also a reflection in the technology of Virtual Poland, but also as a special decoration on the battlefield. The investment in Restaumatic is the first acquisition of the company in 2018, a Clearly improved e-commerce services and small extensions can be virtual – added.
At the beginning of April, Wirtualna Polska agreed on an indirect acquisition of approx. 12 percent. Restaumatic sales company sales of the SaaS model system for the operation, operation and management of restaurants. The transaction will be finalized after obtaining the head of the Office of Competition and Consumer Protection.
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Forecast of the impact and profit of the Wirtualna Polska group in 2022
Haitong Bank predicts that in the first name of the Wirtualna Polska Polskei capital group, they will amount to PLN 205 million (+ 15% y / y), in TV, including online revenues PLN 194 million (+ 14% y / y), e-commerce PLN 65 million (+ 33% y / y), online shopping PLN 23 million and PLN 6 million.
EBITDA in this period was PLN 66.7 million (+ 17% y-o-y), and EBITDA was PLN 67.7 million (+ 11% y-o-y). The settlement with eSky .pl in the amount of PLN 7.2 million will have a positive impact on the first quarter. Therefore specifically at the level of PLN 36.2 million (+ 37% y / y) or limited net income at the level of PLN 30.4 million (+ 15% y / y).
Wub.r. holding Wirtualna Polska sales of sales by 38 percent. to PLN 872.24 million and net profit from PLN 81.7 million to PLN 187.8 million. Revenues from online advertising increased significantly, sales of Lato.pl continued to be the second-fifth note than in 2019.
The company recently began rolling out the P Ads panel to all advertisers for self-management. This year. wants to break PLN 35.3m in dividends, PLN 1.20 per share.