| In 1H25A, the Group recorded a Value of Production of € 2.95 million (vs € 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. The Torart division maintained a stable performance with € 1.25 million in revenue (vs € 1.40 million), supported by new projects, while Robotor generated € 0.42 million (vs € 1.86 million), delivering three robotic systems during the period. Aivox contributed € 0.21 million, consolidating growth in the technology and biomedical sectors through the More for Neuro project. At the end of the period, work in progress totaled € 3.87 million, ensuring strong visibility on 2H25 revenues. EBITDA amounted to € 0.37 million (vs € 0.61 million), with an EBITDA margin of 12.5% (vs 17.8%). EBIT stood at € 0.08 million (vs € 0.26 million), with an EBIT margin of 2.6%, while Net Income was € 0.05 million (vs € 0.26 million). The NFP moved from € -0.11 million cash positive to € 0.82 million in debt. In light of the results published in the 1H25A report, we have revised our estimates for both the current and future years. Specifically, we now estimate a Value of Production for FY25E of € 6.50 million and an EBITDA of € 0.85 million, corresponding to a margin of 13.1%. For the following years, we expect the Value of Production to reach € 9.50 million by FY27E (CAGR 24A–27E: 13.9%), with an EBITDA of € 1.45 million (margin of 15.3%), up from € 0.78 million in FY24A (margin of 12.1%). At the balance sheet level, we forecast a cash-positive NFP of € 1.25 million by FY27E. We conducted the equity valuation of Litix using both the DCF method and a market multiples approach based on a peer group of comparable companies. The DCF method (which prudently includes a 2.5% specific risk premium in the WACC calculation) yields an equity value of € 12.9 million. The market multiples method indicates an equity value of € 11.1 million. The resulting average equity value is approximately € 12.0 million. Our target price is € 1.80, with a BUY rating and MEDIUM risk profile. |
