Breaking News, Research 2 Aug 2023
BREAKING NEWS – 02.08.2023
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In a press release of July 31, 2023, Spindox, a leading company in the market of ICT (Information & Communication Technology) services and products for digital innovation in enterprise business, announced its consolidated unaudited financial highlights for the first half of the fiscal year 2023. As of June 30, 2023, the consolidated value of production amounted to € 49.40 million demonstrating a growth of 27.1% compared to the same period of the previous year. This significant growth was made possible thanks to the Group’s excellent performance in the sectors followed, and in particular, by the higher business volumes achieved in the Manufacturing & Retail, Automotive, Diversified Industries and Mobility, Travel & Logistics sectors as well as by the offering segment dedicated to cybersecurity. In this regard, in fact, the subsidiary Oplium Italia Srl, established at the beginning of 2022 and active in this sector, achieved in the first 6 months of 2023 a value of production of € 1.40 million showing significant growth compared to € 0.20 million in the first half of 2022. Likewise, growth in the value of production was supported by the integration of Deep Consulting Srl, a company whose share capital was fully acquired by Spindox at the beginning of the fourth quarter of 2022, which contributed approximately € 4.50 million to the result achieved by the Group. Consolidated EBITDA at the end of the first half of 2023 stood at € 3.60 million registering a growth of 26.2% compared to the results of 1H22A. EBIDTA margin, consequently stands at 7.4% remaining in line with the margin achieved in the first six months of 2022 and showing an increase compared to the results of the first quarter of 2023 where it stood at 7.1%. Similarly, the Group’s management expects margins to gradually improve in the second half of the fiscal year as well. NFP as of June 30, 2023, amounted to € 5.80 million registering a worsening compared to the value of € 3.90 million reached as of December 31, 2022. This negative variation of € 1.90 million is attributable to the following dynamics: – Investments of € 1.20 million of which approximately € 0.30 million is attributable to the Ublique© decision intelligence platform; – Lower use of non-recourse factoring lines for about € 1.30 million in order to contain the dynamics of financial expenses; – Cash generation through operations in the first half of 2023 for about € 0.60 million. Taking into account what has been communicated, we confirm our estimates: target price € 16.00, rating BUY and risk MEDIUM |