| The value of production for 1H24A stands at € 26.29 million, showing a 6.4% growth compared to 1H23A (€ 24.70 million). EBITDA reached € 11.47 million, marking a 6.7% increase compared to € 10.75 million in 1H23A. The EBITDA margin, at 43.6%, also saw a slight improvement from last year’s first half result (43.5%). EBIT amounted to € 5.84 million (€ 5.95 million in 1H23A). Net income stood at € 3.54 million (€ 3.90 million in the first half of 2023). As of June 30, 2024, the NFP shows a debt of € 27.37 million. In light of the results published in the 1H24A interim report and the presentation of the 2024-2027 Strategic Plan, we are revising our estimates for the current year and the coming years. Specifically, we estimate a production value of € 57.45 million for FY24E, with an EBITDA of € 24.85 million, corresponding to a margin of 43.3%. For the subsequent years, we expect the production value to increase to € 71.45 million (CAGR 23A-27E: 9.1%) by FY27E, with an EBITDA of € 35.70 million (corresponding to a margin of 50.0%), up from € 22.53 million in FY23A (with an EBITDA margin of 44.6%). On the balance sheet, for FY27E, we estimate an NFP debt of € 10.02 million. We have conducted a valuation of Intred’s equity value using the DCF methodology and multiples from a peer group of comparable companies. The DCF method (which prudently includes a specific risk premium of 1.0% in the WACC calculation) results in an equity value of € 387.4 million. Intred’s equity value using market multiples amounts to € 295.6 million. As a result, the average equity value is approximately € 341.5 million. The target price is set at € 21.50, with a BUY rating and a MEDIUM risk level. |