| The Company’s revenues amounted to approximately € 5.89 million, with Value of Production equal to € 6.49 million, compared to € 5.54 million in FY21A. EBITDA, equal to € -0.34 million, was significantly down on the positive value of FY21A (€ 0.54 million); due to a series of relevant factors and project launches and developments during the year, which led to an increase in the costs of services and personnel, due to new hires of center operators and contractor. EBIT, after amortization and depreciation of € 0.66 million, stood at a negative value of € -1.00 million. Net Income stood at € -0.86 million, compared to € -0.09 million in FY21A. In light of the results published in the Annual Report for FY22A, we substantially confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production of € 7.30 million, and an EBITDA of € 0.25 million, corresponding to a margin of 3.6%. In the following years, we expect the Value of Production to rise to € 11.30 million (CAGR 22Y-25E: 20.3%) in FY25E, with EBITDA equal to € 2.70 million (corresponding to a margin of 24.5%), up from € -0.34 million in FY22A (corresponding to an EBITDA Margin of -5.8%. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 19.0 million. The target price is € 4.20 (prev. € 5,20), with BUY rating and MEDIUM risk. |