Program Wsparcia Pokrycia Analitycznego GPW
W ramach Programu Wsparcia Pokrycia Analitycznego, Noble Securities tworzy na zamówienie GPW materiały wybranych dotyczące spółek.
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Unibep S.A. – Analytical report
Dodano: 21.04.2026
The last quarter of last year was very good for Unibep, especially in the field of construction
activities. The margins realized by the company both in 4Q'25 and in the whole of 2025
were the highest in several years. In 2026, it will almost certainly not be possible to achieve
such high levels of profitability – we forecast a slight increase in revenues, but slightly lower
profits. The long-term outlook for the company remains positive, and the good results of
2025 and a strong balance sheet confirm the improvement in the quality of the group's
management. We are raising the target price per share from PLN 15.0 to PLN 17.5 within
12 months, but due to the nearly 50% increase in the share price since our previous
recommendation from September 26 last year, we are lowering the recommendation to
"accumulate".
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Unibep S.A. – Summary of 2025 results
Dodano: 02.04.2026
The results of 4Q'25 are in line with the preliminary results published on February 16 this year. "We assessed them positively: revenues
were slightly lower than our estimates, profits were clearly above our forecasts. The most positive surprise was the high gross margin on
sales achieved in the construction segment. In the last quarter, the results were also improved by the settlement with Umicore, as a result
of which Umicore withdrew the contractual penalty for PLN 6.1 million and paid Unibep PLN 5.3 million in cash.
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