| In FY25A, Lindbergh reported a Value of Production of € 32.82 million, up 36.0% from € 24.13 million in FY24A. Revenues from sales and services amounted to € 32.35 million (+37.4% YoY), supported by the positive performance across all Business Units and, in particular, by the strong expansion of the HVAC BU, which reached € 15.07 million (+88.7%), benefiting from the consolidation of companies acquired during the year. EBITDA increased to € 6.21 million (+43.6%), with a margin of 18.9%, up from 17.9% in FY24A. EBIT also showed strong growth, reaching € 3.88 million (+64.9%), while Net Income rose to € 2.61 million (+61.7%). From a balance sheet perspective, net financial position stood at € 8.64 million of net debt, compared to € 3.42 million in FY24A. Following the publication of FY25A results, we revise our estimates for the current year and the medium term. We forecast FY26E Value of Production at € 41.80 million and EBITDA at € 7.90 million, corresponding to a margin of 18.9%. Looking ahead, we expect Value of Production to reach € 46.70 million by FY28E (CAGR 25A–28E: 12.5%), with EBITDA of € 9.00 million (19.3% margin), up from € 6.22 million in FY25A (18.9% margin). From a balance sheet perspective, we estimate a cash-positive net financial position of € 2.09 million by FY28E. We have assessed Lindbergh’s equity value based on both the DCF methodology and a sample of comparable companies’ market multiples. The DCF method (which prudently includes a specific risk of 1.5% in the WACC calculation) yields an equity value of € 133.7 million. The market multiples approach results in an equity value of € 80.6 million. The average equity value is therefore approximately € 107.1 million. The target price is set at € 11.00, with a BUY rating and MEDIUM risk. |
