| IIn 1H25A Energy Time recorded a consolidated value of production of € 6.30 mln, up 26.5% compared to € 4.98 mln in 1H24A. It should be noted that the comparison with the first half of 2024 is based on the results of the Parent Company only, prepared internally by the Group and not subject to audit. EBITDA amounted to € 0.38 mln, with an EBITDA margin of 6.1%, improving from the negative EBITDA of € 0.60 mln recorded in 1H24A. This trend reflects the effectiveness of efficiency measures and the progressive operational stabilization, despite delays related to the FERX Decree. EBIT reached € 0.29 mln, compared to a loss in the same period of the previous year, while Net Income amounted to € 0.24 mln, reversing the € 0.67 mln loss recorded in 1H24A. On the balance sheet side, NFP stood at € 5.99 mln debt compared to € 4.47 mln at year-end 2024, reflecting the financial needs related to the ongoing pipeline. In light of the results published in the half-year report for 1H25A, we confirm our estimates for the current year and the following years, without making any changes. In particular, we estimate FY25E value of production at € 27.60 mln and EBITDA at € 4.75 mln, corresponding to a margin of 17.2%. For the following years, we expect the value of production to increase up to € 61.45 mln (CAGR 24A-27E: 51.5%) in FY27E, with EBITDA reaching € 11.25 mln (corresponding to a margin of 18.3%), compared to € 3.14 mln in FY24A (corresponding to an EBITDA margin of 17.6%). On the balance sheet side, we estimate a cash positive NFP of € 6.70 mln in FY27E. We carried out the valuation of Energy Time’s equity value based on the DCF methodology and the multiples of a peer group of comparable companies. The DCF method (which, in the calculation of the WACC, prudentially includes a specific risk premium of 2.5%) returns an equity value of € 40.2 mln. The equity value of Energy Time using market multiples amounts to € 41.8 mln. The average equity value therefore stands at around € 41.0 mln. We confirm the target price of € 5.25, with a BUY rating and MEDIUM risk. |
