| At the end of the first half of 2024, the Group recorded revenues of €11.29 million, a growth of 114.7% compared to 1H23A, where they amounted to €5.26 million. EBITDA stands at €0.90 million, up (+15.8%) compared to 1H23A, where it was €0.78 million. However, the EBITDA margin, calculated on the value of production, decreased from 10.0% in 1H23A to 7.6% in the period under review. EBIT as of June 30, 2024, net of amortization and impairments of €0.33 million, is positive at €0.58 million, in line with the result of €0.60 million in 1H23A. The Net Income for 1H24A decreased to €0.28 million (€0.43 million in 1H23A). The NFP for the analysis period amounts to €2.24 million, compared to €3.65 million in FY23A*. In light of the results published in the half-year report for 1H24A, we fully confirm our estimates for both the current year and the coming years. Specifically, we estimate a Production Value for FY24E of €20.45 million and an EBITDA of €1.30 million, corresponding to a margin of 6.4%. For the following years, we expect the Production Value to increase to €57.85 million (CAGR 23A*-27E: 32.7%) in FY27E, with an EBITDA of €9.00 million (corresponding to a margin of 15.6%), up from €1.17 million in FY23A* (with an EBITDA Margin of 6.3%). We conducted the valuation of Bellini Nautica’s equity value based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €33.5 million. The target price is €5.25, with a BUY rating and a MEDIUM risk. |