| In FY24A, the Group’s revenues amounted to € 36.89 million, marking a 3.1% increase compared to 2023, although slightly below previous estimates. The Parent Company remains the main growth driver, contributing 75.2% of total revenues. EBITDA rose to € 0.88 million, with an EBITDA margin of 2.4%, supported by an improvement in contribution margin and ongoing efficiency measures. EBIT reached € 0.28 million, also benefiting from a reduction in amortization. Net Income remained negative, though showing an improvement over the previous year. Net Financial Position improved to € 6.03 million in debt, reflecting progress in the Group’s financial sustainability. In light of the results published in the FY24A annual report, we have revised our estimates for both the current year and the years ahead. Specifically, we forecast FY25E revenues of € 39.85 million and EBITDA of € 1.20 million, corresponding to a margin of 3.0%. In the following years, we expect revenues to increase to € 46.45 million by FY27E (CAGR 24A–27E: 8.0%), with EBITDA reaching € 1.70 million (margin of 3.7%), up from € 0.88 million in FY24A (EBITDA margin of 2.4%). On the balance sheet side, we estimate a Net Financial Position of € 4.73 million in debt for FY27E. Due to the lack of directly comparable companies, we have assessed Longino & Cardenal’s equity value using only the DCF method. The DCF model (which prudently includes a 2.5% specific risk premium in the WACC calculation) yields an equity value of € 15.6 million. The target price is € 2.50, with a BUY rating and MEDIUM risk profile. |
