Solid World Group S.p.A.
6/07/2022
On 1 July 2022 Solid World Group S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 06 July 2022.
The enterprise Solid World Group S.p.A. is the head of a group of 11 companies founded in the early 2000s by engineer Roberto Rizzo. The Group is a leader in the development and integration of the most modern and complete 3D digital technologies, in the field of software and hardware, within manufacturing companies to support and accelerate their transformation toward Factory 4.0.
Ultima Ricerca Solid World Group S.p.A.
UPDATE| During the first half of 2025, Solid World Group experienced a phase of profound transformation, marked by steady revenues and a temporary decline in profitability due to the transition of its business model and continued investments in the biomedical and defense sectors. Production value amounted to € 31.69 million, slightly down from € 36.94 million in 1H24A, which, however, included a non-recurring item of € 5.30 million related to the valorisation of the Electrospider project; net of this effect, the figure was essentially stable. EBITDA decreased to € 0.51 million (1.6%) from € 6.40 million (15.6%, including the aforementioned non-recurring item) in the previous year. Consolidated Net Income closed with a loss of € -1.87 million, compared with a profit of € 2.60 million recorded in the first half of 2024. Net Financial Position moved from € 14.59 million of debt as of 31 December 2024 to € 16.64 million of debt at the end of 1H25, reflecting the impact of industrial investments and the increase in net working capital. In light of the results published in the half-yearly report, we are updating our estimates for the three-year period 2025–2027. Specifically, we estimate that FY25E production value will grow to € 63.50 million and EBITDA will be € 2.00 million. For the following years, we expect production value to increase to € 78.90 million (CAGR FY24A-FY27E: 6.0%) in FY27E, with EBITDA of €5.15 million and a margin of 6.8%. From a financial standpoint, we estimate an NFP of € 12.26 million for FY27E, an improvement on the € 14.59 million recorded in FY24A. We have assessed the equity value of Solid World Group using the DCF method. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) returns an equity value of € 28.98 million. The target price is therefore € 1.55 (previously € 3.00). We confirm our BUY rating and MEDIUM risk. |
