Consolidated total revenues for 2024 amounted to €21.57 million, reflecting an 11.7% increase compared to €19.31 million in the previous year, fully in line with the forecasts outlined in our previous report. In 2024, IDNTT Group’s EBITDA recorded solid growth, The Group’s consolidated revenues amounted to €13.23 million, representing an increase of 35.3% compared with €9.78 million reported in 1H24A. In 1H25A, IDNTT’s EBITDA recorded significant growth, reaching €2.10 million compared with €1.51 million in the previous period (+38.8%), with the EBITDA Margin improving from 15.5% in 1H24A to 15.9% in 1H25A. EBIT, after depreciation and amortisation of €0.73 million (compared with €0.34 million in 1H24A), amounted to €1.36 million, up +15.9% versus €1.17 million in 1H24A. Following financial expenses of €0.73 million, Net Income totalled €0.47 million, compared with €0.60 million in 1H24A. From a balance sheet perspective, Net Financial Position moved from €1.61 million of debt at year-end 2024 to approximately €1.86 million of debt as of 1H25A.
In light of the results published in the half-year report for 1H25A and the new guidance communicated by the Company, we have partially revised our estimates for both the current year and the coming years. In particular, we now forecast FY25E revenues of €27.00 million and EBITDA of €4.85 million, corresponding to a margin of 18.0%. For the following years, we expect revenues to increase to €38.00 million by FY27E (CAGR 24A–27E: 20.8%), with EBITDA reaching €7.55 million (equivalent to a margin of 19.9%), compared with €3.73 million in FY24A (corresponding to an EBITDA margin of 17.3%). Finally, we estimate a Net Financial Position for FY25E of €2.05 million in debt. We conducted our valuation of the equity value of IDNTT based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of €58.1 million. Using market multiples, the equity value of IDNTT was calculated to be €34.2 million (including a 25% discount). The results give an average equity value of approximately €46.2 million. The target price is €6.00, with a BUY rating and MEDIUM risk |
