Unibep S.A. – Analytical report

Unibep is one of the largest construction groups in Poland, with a strong position in the residential construction segment. Over the last 15 years, the capital group's revenues have increased 5.5 times. In the second quarter of 2023, profitability in the construction business deteriorated, but high profitability in the development segment was maintained. Due to the difficult situation in the construction industry, we expect relatively poor results of the Unibep group in the second half of 2023. In the following years, we see the potential for significant improvement in financial results, primarily in the industrial, energy and road construction sectors. We set the target price per share at PLN 12.5.