| The value of production at the end of the period considered stood at € 13.16 million, marking a notable growth of 19.5%, compared to the equivalent figure for 1H22A, which stood at € 11.01 million. EBITDA, equal to € 1.82 million, saw a significant increase of 29.6%, compared to the value of the first half of 2022 (€ 1.41 million). EBIT amounted to € 1.03 million (€ 0.74 million in 1H22A), with an EBIT margin equal to 7.8%, up compared to the equivalent figure for 1H22A, in which EBIT stood at € 0.74 million, and the EBIT margin was approximately 6.7%. The Net Income of the Group came in at € 0.76 million, compared to € 0.54 million reported in 1H22A. NFP went from € 3.14 million of debt in FY22A to € 3.80 million of debt in 1H23A. In light of the results published in the half-year report for 1H23A, we can almost fully confirm our estimates for both the current year and the coming years. In particular, we estimate the FY23E value of production at € 26.00 million, with EBITDA of € 3.45 million, corresponding to a margin of 13.3%. In the following years, we expect the value of production to rise to € 33.20 million (CAGR 22Y-25E: 13.5%) in FY25E, with EBITDA equal to € 6.00 million (corresponding to a margin of 18.1%), up from € 2.81 million in FY22A (corresponding to an EBITDA Margin of 12.4%). We conducted our valuation of the equity value of Lindbergh 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 € 47.0 million. Using market multiples, the equity value of Lindbergh is estimated at € 31.1 million (including a discount of 25%). The result is an average equity value of approximately € 39.1 million. The target price is € 4.60, with a BUY rating, and MEDIUM risk. |