A thorough analysis of PROJPRZEM MAKRUM S.A. and recently published financial statements for last year and the first quarter of 2018 was published on the Stockwatch portal at the end of June. “It seems that there is further potential for increasing profits in 2018, compared with 2017, and valuations are not exorbitant” – this is how an author of the analysis summed up its conclusions
The rigorous analysis of PROJPRZEM MAKRUM company’s standing was published on the Stockwatch portal’s forum. A link to the full text of the analysis is available below. We encourage you to familiarise yourself with it:
At the beginning, the author shortly discussed the company’s business and sectors in which it runs its activities. Afterwards, he went on to a detailed analysis of the results achieved. He pointed to very good results for the 1st quarter of this year and analysed particular operating segments’ impact on them. Sales and EBIT in segments were compared in diagrams:
“And here the first surprise is waiting for us. Firstly, industrial building, which increased its sales by PLN 17.6 million and operating result by PLN 2.2 million, recorded a significant growth. Obviously the sales rise is spectacular and mainly connected with take-over of Makrum, but it is important to remember that the comparison base was very low. Nevertheless, being aware of orders on hand falling within the range of PLN 90-100 million, it must be admitted that the company is evolving imposingly in this respect. Sales in the first quarter in the value of PLN 19 million and signing of 19 contracts within last 15 months in the amount of more than PLN 134 million show that the objective is by far achievable” – source
The text points to good prospects for the docking segment in view of dynamic development of e-commerce, and in consequence, of retail trade moving to the Internet and a necessity to ensure warehouse space with infrastructure such as the products of Grupa PROJPRZEM MAKRUM in fact. Industrial building is perceived well too – as a reasonably developed segment, based on good margins and implementation of selected projects. The impressive orders on hand within the scope of building for this year forecast further increase in the performance.
The analysis sets much store by PROJPRZEM MAKRUM’s strategy, published last year, and level of fulfilling its assumptions so far which was appraised very well.
The Management Board clearly communicates that they intend to immolate sales in this segment to achieve the rate of return they are interested in. It is hard to argue with such an attitude. Results for the first quarter show that the company tries to implement such a strategy” – source
Apart from the analysis of figures, the text pays attention to a good communication policy carried out by the company:
“Before we start to analyse, a word of praise for running a quite transparent information policy, after all just as in the case of GK Immobile. The company does not only provide a great deal of significant information in its reports, but it also prepares quarterly performance presentations, a monthly newsletter as well as it is accessible to individual investors during chats and conferences. Moreover, the investor relations department responds to investors’ questions asked by email” – source
We encourage you to read the full text of the analysis on the Stockwatch forum.
Analityk Fundamentalny [Fundamental Analyst] user, dealing with capital market companies on the Stockwatch portal since 2011, is the author of the said analysis.