Finlogic – Equity Update 21-09-2017
1H17 results are slightly higher than our forecast. Value of production rose by 21,2% (17,3% our forecast) to €11,3 mln, while the Ebitda and Ebit rose by 12,8% and 7,2% respectively (5,8% and 1,5% our forecast) to €1,78 mln and €1,39 mln respectively. Both Ebitda margin and Ebit margin decline to 15,2% (16,8% in 1H16) and 12% (13,8% in 1H16) respectively, due to higher personnel costs and the cost of listing. Net financial position is cash for €3,39 mln and takes into account both the IPO proceeds of €6,3 mln and the dividend distributed of €3,5 mln. It does not considered the further cash of €0,9 mln coming from the sale of no. 250.000 own shares to Hydra SpA since it took place in July, 13.