| The value of production stands at € 10.78 million, marking a strong growth of 37.5% compared to the 1H22A figure, equal to € 7.84 million, despite the uncertainty of the general economic context. EBITDA stands at € 0.63 million, returning to positive value after the negative 1H22A result of € 0.21 million. The EBITDA margin came in at 5.8%, an improvement compared to the 1H22A figure of -2.7%. EBIT, after depreciation and amortization of € 0.26 million, stands at € 0.37 million, up, due to the investments made, compared to the 1H22A negative figure of € -0.36 million. The NFP is equal to € 0.27 million of debt, an improvement compared to the 2022 end-of-year figure, equal to € 0.87 million of debt. In light of the published 1H23A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of € 22.00 million, and an EBITDA equal to € 1.00 million, corresponding to a margin of 4.5%. In the following years, we expect the value of production to rise to € 52.35 million (CAGR 22Y-27E: 23.1%) in FY27E, with EBITDA equal to € 3.40 million (corresponding to a margin of 6.5%), up from € 0.14 million in FY22A (corresponding to an EBITDA Margin of 0.8%). On the balance sheet level, however, we estimate a cash positive NFP of € 0.06 million for FY23E. We conducted our valuation of the equity value of Acquazzurra based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of € 25.8 million. The target price is € 10.00, with a HOLD rating, and MEDIUM risk. |