UPDATE

At the end of 1H25A, the value of production amounted to € 10.86 million, up 56.9% compared to € 6.92 million in 1H24A, driven by the traditional B2B lines and the increasing contribution of the new technological areas. EBITDA reached € 1.84 million, growing by 77.2% compared to € 1.04 million in the previous period. EBIT, after depreciation and amortization of € 1.17 million, stood at € 0.40 million, nearly tripling from € 0.13 million in 1H24A. Net Income remained positive at € 0.03 million, a significant improvement from € 0.002 million recorded in the same period of 2024. In a context of widespread slowdowns affecting the eyewear market, iVision has chosen to continue consistently along a path of strategic renewal, confirming the Group’s intention to strengthen its positioning through innovative and technologically advanced solutions, whose effects will progressively materialize in the near future. Within this framework, we confirm the estimates for the FY25E closing and slightly adjust the projections for the following years. For FY25E, we estimate a value of production of € 18.50 million and an EBITDA of € 2.80 million, corresponding to a margin of 15.1%. In the subsequent years, we expect the value of production to grow to € 26.50 million in FY27E (CAGR 25E–27E: 19.7%), with an EBITDA of € 4.15 million (corresponding to a margin of 15.7%), compared to € 2.76 million in FY24A (corresponding to an EBITDA margin of 15.1%). From a balance sheet perspective, we estimate a Net Financial Position for FY27E of € 4.59 million in debt. We conducted the equity valuation of iVision Tech based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, in the WACC calculation, prudently includes a specific risk of 2.5%) yields an equity value of € 28.4 million. The equity value of iVision Tech based on market multiples amounts to € 23.0 million. This results in an average equity value of approximately € 25.7 million. The target price is € 3.25, with a BUY rating and MEDIUM risk profile.

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