| At the end of the analyzed period, Revenues reached € 7.53 mln, demonstrating a significant growth compared to € 2.17 mln of the 1H22A. EBITDA, as of June 30 2023 accounts for € 1.64 million, up 99,4% from 1H22A when it amounted to € 0.82 million. EBIT in 1H23A after depreciation, amortization and write-downs for € 0.49 million,improved as well, totaling € 1.15 million with an increase of 114.4% compared to € 0.54 milion of 1H22A. Net income amounts to €0.80 million, increasing respect to the previous period (€ 0.33 million for 1H22A). NFP as of June 30, 2023 is € 0.35 million (cash positive) slightly down from december 31, 2022 figure (€ 0.62 million). In accordance to the results published for 1H23A, we review our estimates for both the current year and the years to come. In particular, we estimate FY23E revenues to € 10.00 million, and EBITDA of € 2.40 million, corresponding to an EBITDA margin of 22.4%. Over the next few years we expect revenues to increase up to € 17.00 million (CAGR 22A-25E: 68.0%) in FY25E, and EBITDA of € 5.85 million (corresponding to an EBITDA margin of 33.1%). At balance sheet level we estimate an improvement of NFP which, according to our estimates, will reach a value of € 3.09 million (cash positive) in FY25E. We have conducted the valuation of Finanza,Tech’s equity value based on the DCF methodology. The DCF method (which in the calculation of the WACC also includes a specific risk of 2.5% for prudential purposes) provides an equity value of € 40.0 million. The target price is therefore € 3.00 (prev. € 2.90), we confirm BUY rating and MEDIUM risk. |