Unibep S.A. – Analytical report

In our opinion, the internal reorganization in the Unibep group and the increased role of controlling will bring positive effects in the financial results of the coming years. After the weak seasonally in Q1, we expect a systematic improvement in results in the following periods. From Q2'25, additional costs of problematic contracts acquired 3 years ago should no longer be a burden. We expect a clear improvement in margins, primarily in the energy segment, and maintaining margins at a similar level in general and infrastructure construction. Unidevelopment will continue to make a large contribution to the results of the capital group - according to our forecasts, at the level of net profit in the next 3 years it will amount to approx. 60%. We count on a slow improvement in Unihouse thanks to the larger number of orders acquired in Poland (Social Housing Initiatives and military orders) and a potential economic recovery in Germany. Due to significant increases in the prices of shares of other construction companies, we obtain a clearly higher valuation of Unibep, primarily in comparative analysis. We increase the target price per share from PLN 11.7 to PLN 14.3 in a 9-month horizon.