| During 2022, the Group generated total consolidated revenues of € 52.19 million, reporting a growth of 14.8% compared to the figure reported as of December 31, 2021 (€ 45.46 million), while the value of production came in at € 53.35 million (+11.2% versus FY21A). EBITDA for the period amounted to € 6.08 million, with EBITDA margin equal to 11,4%. EBIT, after amortization and depreciation of € 3.77 million, amounted to € 2.31 million, compared to € 2.62 million in FY21A. The Net Income was positive, amounting to € 1.75 million, down on the € 2.09 million reported in the previous year. In light of the results published in the annual report for FY22A and of the very recent acquisition of Filostamp Srl, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E consolidated value of production of € 61.00 million, and an EBITDA of € 7.20 million, corresponding to a margin of 11.8%. In the following years, we expect the value of production to rise to € 73.00 million (CAGR 22Y-25E: 11.0%) in FY25E, with EBITDA equal to € 9.50 million (corresponding to a margin of 13.0%), up from € 6.08 million in FY22A (corresponding to an EBITDA Margin of 11.4%). We conducted our valuation of the equity value of Vimi Fasteners based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 46.0 million. Using market multiples, the equity value of Vimi Fasteners is € 28.8 million (including a 25,0% discount). The result gives an average equity value of approximately € 37.4 million. The target price is € 2.75, with a BUY rating, and MEDIUM risk |