Unimot shares drop following disappointing Q2 results and rating downgrade

Unimot shares have experienced a significant decline following the release of second-quarter financial results and a subsequent rating downgrade by BM Pekao. Analysts lowered their recommendation from ‘buy’ to ‘sell,’ reducing the target price from 194.5 PLN to 142.1 PLN, a decrease of 52.4 PLN.

The downward pressure is primarily attributed to disappointing performance within the company’s fuel segment. While Unimot reported revenues of 4.37 billion PLN for the second quarter, it recorded a net loss of 76.93 million PLN. Despite this reported loss, the company achieved an adjusted net profit of 120.81 million PLN and an adjusted EBITDA of 146 million PLN.