Unibep S.A. – Analytical Report

Internal work has been underway for several months to improve the operational efficiency of the Unibep group. The main directions of activities include improving supervision over implemented contracts, better cooperation with support departments, strengthening the contract acquisition department, improving operational control and risk management (an Operational Controlling Team was created). President Blocher claims that the first good effects of this work are already visible. The Management Board maintains its estimates of achieving by Unibep S.A. throughout 2024. operating margin between 1.0% and 1.5% (without taking into account the result on the revaluation of assets). We assume a gradual improvement in results from Q2'24 and a slow reduction in the capital group's debt. We hope that the effects of the internal reorganization will allow for a significant increase in profits in 2025 and 2026. We set the target price per share at PLN 12.8 (previously - PLN 12.0).