1H17 results are higher than our estimates. Revenues rose +22,2% YoY (6,2% vs our estimates) to €13,5 mln, while Ebitda and Ebit rose +148,3% and +251,7% YoY respectively (+111,3% and 209,7% vs our estimates) reaching €1,76 mlnand €1,4 mln respectively.
We upgrade our 2017-22F Ebitda and Ebit margin forecast, leaving unchanged the sales level.
Fope’s equity value is therefore the average of the two valuations, € 28,0 mln, and the target price is €6,10 (€4.1 in our note of April 4, 2017) per share.
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