Original-Research: Noctiluca S.A. (von East Value Research GmbH ):
Source: EQSClassification of
Company
ISIN: PLNCTLC00018
Reason for the research: Update
from:
Target price: PLN 208.90
Target price on sight of: 12-months
Last rating change:
Analyst:
Noctiluca (NCL) continues to make progress in terms of both revenues from
proprietary materials and the number of commercialised patented families of
chemicals compounds. According to management, these are two key elements in
building value for companies like Noctiluca. To date, the company has 4
patent applications, with one patent granted.
In Q1/2024, Noctiluca largely completed orders from 2023, resulting in
sales of materials of PLN 272k (Q1/23: PLN 2k). Operating expenses
increased by +95.7% y-o-y to PLN 2.45m, resulting in EBITDA of PLN -1.33m
(Q1/23: PLN -1.08m) and a net income of PLN -1.81m (PLN -1.19m). At the end
of Q1/2024,
For the full year 2024E, we have lowered our revenue estimates to PLN 4.05m (prev. PLN 4.67m), as our decision is motivated by the postponement of three JDP to 2025E. We now forecast an EBIT of PLN -5.22m (previously: PLN -4.6m) and a net profit of PLN -5.19m (PLN -4.57m).
You can download the research here:
http://www.more-ir.de/d/29821.pdf
For additional information visit our website
https://eastvalueresearch.com/.
Contact for questions
Email: ak@eastvalueresearch.com
Tel. +49 30 20609082
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