Revenue Beat: Voxel S.A. Beat Analyst Estimates By 5.9%

Investors in Voxel S.A. (WSE:VOX) had a good week, as its shares rose 8.7% to close at zł145 following the release of its quarterly results. Results overall were respectable, with statutory earnings of zł9.38 per share roughly in line with what the analysts had forecast. Revenues of zł185m came in 5.9% ahead of analyst predictions. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Voxel after the latest results.

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Taking into account the latest results, the current consensus, from the four analysts covering Voxel, is for revenues of zł598.0m in 2026. This implies a perceptible 6.7% reduction in Voxel's revenue over the past 12 months. Statutory earnings per share are expected to decline 18% to zł9.17 in the same period. In the lead-up to this report, the analysts had been modelling revenues of zł614.8m and earnings per share (EPS) of zł8.94 in 2026. If anything, the analysts look to have become slightly more optimistic overall; while they decreased their revenue forecasts, EPS predictions increased and ultimately earnings are more important.

See our latest analysis for Voxel

There's been no real change to the average price target of zł149, with the lower revenue and higher earnings forecasts not expected to meaningfully impact the company's valuation over a longer timeframe. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on Voxel, with the most bullish analyst valuing it at zł162 and the most bearish at zł141 per share. Still, with such a tight range of estimates, it suggeststhe analysts have a pretty good idea of what they think the company is worth.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. We would highlight that revenue is expected to reverse, with a forecast 13% annualised decline to the end of 2026. That is a notable change from historical growth of 9.1% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 5.3% per year. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - Voxel is expected to lag the wider industry.

The Bottom Line

The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Voxel following these results. Unfortunately, they also downgraded their revenue estimates, and our data indicates underperformance compared to the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. Even so, long term profitability is more important for the value creation process. The consensus price target held steady at zł149, with the latest estimates not enough to have an impact on their price targets.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have forecasts for Voxel going out to 2028, and you can see them free on our platform here.

However, before you get too enthused, we've discovered 2 warning signs for Voxel (1 is a bit concerning!) that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.