| In 1H25A, the Group recorded a value of production of € 11.60 million, up 18.2% compared to € 9.81 million in 1H24A. EBITDA stood at € 1.06 million, an increase from € 0.90 million in 1H24A, with an EBITDA margin of 9.2% (9.1% in 1H24A), reflecting the positive effect of higher volumes and the synergies derived from the integration of Mascagni Casa and Venditio SAS. EBIT reached € 0.84 million, up from € 0.71 million in the comparative period, with an EBIT margin of 7.3%. Net Income amounted to € 0.39 million, compared to € 0.32 million in 1H24A. From a financial standpoint, the Net Financial Position showed € 2.28 million of debt, compared to a cash positive position of € 0.33 million at the end of 2024. In light of the results published in the Half-Year Report for 1H25A, we have revised our estimates for both the current year and the coming periods. Specifically, we forecast a FY25E production value of € 25.20 million and an EBITDA of € 2.40 million, corresponding to a margin of 10.0%. For the following years, we expect the value of production to increase to € 32.40 million in FY27E (CAGR 24A–27E: 14.3%), with EBITDA of € 3.60 million, corresponding to a margin of 11.6%, up from € 2.35 million in FY24A (EBITDA margin 11.8%). From a financial perspective, we estimate for FY27E a cash positive Net Financial Position of € 2.48 million. We carried out the equity value assessment of Pozzi Milano based on the DCF methodology (which, for prudential purposes, includes a specific risk premium of 1.0% in the WACC calculation), resulting in an equity value of € 43.4 million. The target price is therefore € 1.25, with a BUY rating and MEDIUM risk |
