| Redelfi closes the first half of the year exceeding expectations in terms of revenues, recording €10.22 million. The period’s EBITDA is €5.71 million, marking an increase compared to the first half of 2023 (€1.78 million), resulting in an EBITDA Margin of 55.1%. The EBIT also follows a positive trend, rising from €1.57 million to €5.46 million, with an EBIT Margin of 53.4%. Net Income shows a significant growth of 162.4%, reaching €3.55 million. In light of the results published in the half-year report for 2024, we are adjusting our estimates for both the current year and the following years. Specifically, we are keeping our revenue forecast unchanged while revising the margin due to resource optimization and improved operational management. We therefore confirm the value of production for FY24E at € 18.25 million, increasing the EBITDA estimate to € 8.00 million, corresponding to a margin of 44.2%. For subsequent years, we expect the value of production to increase to € 34.85 million (CAGR FY23A – FY26E: 47.3%) in FY26E, with EBITDA reaching € 24.15 million (corresponding to a margin of 69.6%), up from € 5.06 million in FY23A (corresponding to an EBITDA margin of 47.0%). We conducted the equity value assessment of Redelfi based on the DCF methodology and the multiples of a comparable company sample. The DCF method (which includes a specific risk of 2.5% in the WACC calculation for prudential purposes) yields an equity value of €105.4 million. The equity value of Redelfi using market multiples is estimated at €112.4 million (including a discount of 25.0%). This results in an average equity value of approximately €108.9 million. The target price is set at €12.00, with a rating of BUY and a risk level of MEDIUM. |