On 14th February 2024 Palingeo S.p.A. announces that it has received from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan Pro”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 16th February 2024.
The total equivalent of the resources collected through the placement is equal to Euro 8,1millions.
The enterprise Palingeo S.p.A. è un’azienda leader nei settori della geotecnica e della geognostica, per la realizzazione di opere edili, infrastrutturali e per il consolidamento di terreni di fondazione o sostegno di fonti di scavo
Ultima Ricerca Palingeo S.p.A.
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UPDATE – 09.10.2024
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In the consolidated financial statements as of June 30, 2024, Palingeo reports revenues of €33.13 million, an increase of 28.7% compared to the result of €25.74 million for the same semester of the previous year. The EBITDA for the period amounts to €6.93 million, reflecting a notable growth of 66.3% compared to the figure of €4.17 million in 1H23A. The EBITDA margin stands at 20.0%, a significant increase from the first semester of 2023 (15.3%). EBIT, after depreciation and amortization of €1.88 million (including provisions for risks amounting to approximately €0.50 million), amounts to €5.06 million. As a result, the EBIT margin is 14.6%, compared to 9.9% in 1H23A. The Net Income amounts to €3.30 million, an increase of 70.9% compared to the first semester of 2023, which was €1.93 million.
In light of the results published in the semi-annual report for 1H24A, we confirm nearly all of our estimates for both the current year and the coming years. In particular, we confirm a Value of Production for FY24E of €71.45 million and an EBITDA of €15.35 million, corresponding to a margin of 21.5%. For the following years, we expect the Value of Production to increase to €80.75 million (CAGR 23A-27E: 7.0%) in FY27E, with EBITDA reaching €17.85 million (corresponding to a margin of 22.1%), an increase from €13.14 million in FY23A (which corresponds to an EBITDA margin of 21.4%). On the asset side, we estimate a positive Net Financial Position (NFP) of €9.71 million for FY27E.
We conducted the valuation of Palingeo’s equity value based on the DCF methodology and the multiples from a sample of comparable companies. The DCF method (which includes a prudential specific risk of 2.5% in the WACC calculation) yields an equity value of € 77.9 million. The equity value of Palingeo using market multiples is € 80.6 million. This results in an average equity value of about € 79.3 million. The target price is € 12.00, with a BUY rating and MEDIUM risk.
Ultime Ricerche Palingeo S.p.A.
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UPDATE – 09.10.2024
In the consolidated financial statements as of June 30, 2024...
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UPDATE – 17.04.2024
In the consolidated financial statement as of December 31, 2...
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Initiation of Coverage – 22.02.2024
Palingeo SpA is an Italian company operating in the geotechn...