| The value of production in 1H23A came in at € 24.70 million, recording a growth of 5.8% compared to 1H22A (€ 23.35 million). EBITDA, equal to € 10.75 million, saw an increase of 12.1% compared to € 9.59 million in 1H22A. The EBITDA Margin, equal to 43.5%, also rose compared to the equivalent figure for the first half of the previous year (41.1%). EBIT came in at € 5.95 million (€ 6.03 million in 1H22A), with an EBIT Margin equal to 24.1%, compared to a figure of 25.8% in 1H22A. Net Income came in at € 3.90 million (€ 4.27 million in the first half-year of 2022). In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate a FY23E value of production of € 49.75 million, and an EBITDA of € 21.45 million, corresponding to a margin of 43.1%. In the following years, we expect the value of production to rise to € 67.35 million (CAGR 22A-26E: 10.0%) in FY26E, with EBITDA equal to € 29.15 million (corresponding to a margin of 43.3%), up compared to the € 19.85 million in FY22A (corresponding to an EBITDA Margin of 43.1%). On the balance sheet, for FY26E, we estimate an NFP of debt equal to € 5.27 million. We conducted the valuation of the equity value of Intred on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of € 371.1 million. Using market multiples, the equity value of Intred was calculated as € 248.4 million. The result is therefore an average equity value of approximately € 309.8 million. The target price is € 19.50, with a BUY rating, and MEDIUM risk. |