Lindbergh S.p.A.
On December 16, 2021, Lindbergh 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 20 December 2021.
The total equivalent of the resources collected through the placement is equal to Euro 4,547,500.
The enterprise Lindbergh S.p.A. operates in the Field Service Management sector, whose activities fall within the Maintenance, Repair & Operations (MRO) market. Operating in Italy and France, Lindbergh specializes in night delivery for maintenance technicians in industry and manufacturing, but over the years has expanded its service area and is currently active through three transversal Business Units: Network management (core business), which concerns the sale to itinerant maintenance technicians of services and products, provided by overnight delivery directly onboard vehicles in use (in-boot in-night service by 7 am); Waste management, which concerns the management service of all procedures concerning the life cycle of waste, including special ones; Warehouse management, which manages the execution of logistics and storage operations concerning new and used forklifts of clients.
Ultima Ricerca Lindbergh S.p.A.
UPDATE| In FY25A, Lindbergh reported a Value of Production of € 32.82 million, up 36.0% from € 24.13 million in FY24A. Revenues from sales and services amounted to € 32.35 million (+37.4% YoY), supported by the positive performance across all Business Units and, in particular, by the strong expansion of the HVAC BU, which reached € 15.07 million (+88.7%), benefiting from the consolidation of companies acquired during the year. EBITDA increased to € 6.21 million (+43.6%), with a margin of 18.9%, up from 17.9% in FY24A. EBIT also showed strong growth, reaching € 3.88 million (+64.9%), while Net Income rose to € 2.61 million (+61.7%). From a balance sheet perspective, net financial position stood at € 8.64 million of net debt, compared to € 3.42 million in FY24A. Following the publication of FY25A results, we revise our estimates for the current year and the medium term. We forecast FY26E Value of Production at € 41.80 million and EBITDA at € 7.90 million, corresponding to a margin of 18.9%. Looking ahead, we expect Value of Production to reach € 46.70 million by FY28E (CAGR 25A–28E: 12.5%), with EBITDA of € 9.00 million (19.3% margin), up from € 6.22 million in FY25A (18.9% margin). From a balance sheet perspective, we estimate a cash-positive net financial position of € 2.09 million by FY28E. We have assessed Lindbergh’s equity value based on both the DCF methodology and a sample of comparable companies’ market multiples. The DCF method (which prudently includes a specific risk of 1.5% in the WACC calculation) yields an equity value of € 133.7 million. The market multiples approach results in an equity value of € 80.6 million. The average equity value is therefore approximately € 107.1 million. The target price is set at € 11.00, with a BUY rating and MEDIUM risk. |
