Initiation of Coverage, Research 29 Set 2017
INITIATION OF COVERAGE 26.09.2017
![](https://integrae.it/wp-content/uploads/2021/03/tps-400x400-1-n8f28t8c2yq5opmrv3zcyp1p9185jxazx4myajsxi8.jpg)
1H17 sales rose by 12,3% YoYto €8,9 mln, while Ebitda rose by 8,3% to €2,0 mln (Ebitda margin is 21,9% vs, 22,7% of 1H16). Sales growth is mainly due to the acquisition of ICB Srl.
The average of the two valuation methodologies (€32,1 mlnand €43,8 mln) is our target price: €38,0 mln or €6,4 per share, rating Buy, risk medium.
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