Modelleria Brambilla – Equity Update 23-03-2016
FY15 results are in line with our estimates and able to support them for 2016-18F. The value of production grew by 1.2% YoY, reaching € 16.7 million (€ 16.5 million in FY14), due to the positive contribution of all the main markets including the Italian. Ebitda grew by 7.9% YoY, reaching € 2.2 million, mainly thanks to the containment of growth in operating costs related to the business plan whose benefits will be fully visible starting from FY17F. Ebit and net profit were up by 4.4% and 126.5% respectively….