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Noble Securities S.A – Analytical report of Ailleron S.A. 3Q21

According to the Noble Securities Report:

Ailleron ( TP 25,2 PLN)

3Q21 results: high year-on-year growth of revenues, EBITDA and EBIT

The company published record results for 3Q21. Revenues amounted to PLN 60.2m, up 72% y/y vs. our estimate of PLN 42.7m. EBITDA increased by 41% y/y, operating profit +75% y/y. Net profit amounted to PLN 4.0m vs. PLN 0.7m a year ago and PLN 2.4m forecasted by us. We have a positive view of the reported results, and we reiterate our belief that 2021 is likely to be a record year for the company, especially given that Q4 is statistically the best quarter of the year, accounting on average for 36% of the year’s revenue.(…)

Full text of the report: HERE

Analytical reports of Ailleron S.A. are commissioned by the Warsaw Stock Exchange as part of the WSE Analytical Coverage Support Programme.