Predict S.p.A.

9/02/2026

On 26 September 2024, Predict S.p.A. obtained the admission of its shares to trading on the Euronext Growth Milan market, organised and managed by Borsa Italiana. The total value of the funds raised through the placement amounted to €1.6 million. The offering price of the shares placed was set at €1.00 per share. Trading commenced on 30 September 2024.

Business activity: An Innovative SME operating in the healthcare sector, specifically in in vivo diagnostics, through the distribution of ultrasound and radiological equipment and the development of innovative technologies in the fields of breath analysis and digital healthcare.

Last research Predict S.p.A.

UPDATE

In 1H25A, the Company reported revenues of € 2.40 million, up 90.0% vs € 1.26 million in 1H24A, driven by the traditional SBUs Imaging and People Support. Imaging remained the main growth driver with € 1.79 million (+113.1%), while People Support reached € 0.50 million (+42.9%); the Mistral and Digital Healthcare SBUs contributed € 0.01 million and € 0.09 million, respectively, both increasing year-on-year. EBITDA was negative at € -0.27 million (vs € -0.16 million), affected by investments in the innovative SBUs and higher service costs (+54.0%) and personnel costs (+53.0%). EBIT stood at € -0.43 million (vs € -0.29 million), and Net Income at € -0.44 million (vs € -0.31 million). NFP was cash positive at € 1.23 million (vs € 2.20 million at FY24A), while the Adjusted NFP was cash positive at € 1.47 million (vs € 3.25 million).

In light of the results published in the 1H25A half-year report, we almost fully confirm our estimates for both the current and future years. Specifically, we forecast FY25E Value of Production of € 8.50 million and EBITDA of € 1.00 million, corresponding to a margin of 12.5%. For the following years, we expect the Value of Production to reach € 10.60 million in FY27E (CAGR 24A–27E: 13.0%), with EBITDA of € 1.55 million (margin of 15.3%), up from € 0.81 million in FY24A (margin of 12.2%). At the balance sheet level, we estimate a cash-positive NFP of € 4.76 million for FY27E. We have conducted the equity value assessment of Predict using both the DCF methodology and multiples from a sample of comparable companies. The DCF method (which prudently includes a specific risk factor of 2.5% in the WACC calculation) returns an equity value of € 11.3 mln. The equity value using market multiples stands at € 10.1 mln. The resulting average equity value is approximately € 10.7 mln. The target price is € 1.45, with a BUY rating and MEDIUM risk profile.