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 1H25A, the Group recorded a Value of Production of € 15.84 million (+51.0% vs € 10.46 million in 1H24A). The HVAC BU reached revenues of € 7.16 million (+220.0%), driven by acquisitions and organic growth, while the Waste/Circular Economy BU generated € 2.26 million (+27.0%), and the Network & Warehouse Management BU remained stable at € 6.23 million. EBITDA was € 2.80 million (+36.0%) with a margin of 17.7%, EBIT was € 1.73 million with a margin of 10.9%, and Net Income grew 37.0% to € 1.11 million. NFP rose to € 5.27 million of net debt (vs € 3.42 million in FY24A), reflecting HVAC-related acquisition investments. In light of the results published in the 1H25A half-year report, we partially confirm our estimates for both the current and future years. Specifically, we forecast FY25E Value of Production of € 33.00 million and EBITDA of € 5.30 million (margin of 16.1%). For the following years, we expect Value of Production to reach € 43.10 million in FY27E (CAGR 24A–27E: 21.3%), with EBITDA of € 7.40 million (margin of 17.2%), up from € 4.33 million in FY24A (margin of 17.9%). At the balance sheet level, we estimate a cash-positive NFP of € 1.22 million for FY27E. 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 2.5% in the WACC calculation) yields an equity value of € 91.3 million. The market multiples approach results in an equity value of € 50.8 million. The average equity value is therefore approximately € 71.1 million. The target price is set at € 7.30, with a BUY rating and MEDIUM risk. |
