UPDATE

In FY25A, IDNTT reported a Value of Production of €26.82 million, up 24.3% compared to €21.58 million in FY24A. EBITDA amounted to €4.70 million in FY25A, increasing by 26.0% from €3.73 million recorded in FY24A, with an EBITDA Margin of 17.5%, slightly improving from 17.3% in the previous year. EBIT reached €3.17 million, up 14.7% compared to €2.76 million in FY24A. Reported Net Income amounted to €0.55 million in FY25A, down from €1.16 million recorded in FY24A. Excluding extraordinary and non-recurring items, adjusted Net Income amounted to €1.70 million, up from €1.40 million recorded in FY24A. From a balance sheet perspective, Net Financial Position (NFP) stood at €2.13 million of net debt in FY25A, compared to €1.61 million of net debt as of December 31, 2024. In light of the results published in the FY25A Annual Report, we have revised our estimates for both the current year and the following years. In particular, we forecast FY26E revenues of €30.00 million and EBITDA of €5.75 million, corresponding to an EBITDA margin of 19.2%.  For the following years, we expect revenues to increase to €42.00 million in FY28E (FY25A–FY28E CAGR: 16.2%), with EBITDA reaching €8.50 million (corresponding to an EBITDA margin of 20.2%), compared to €4.70 million in FY25A (corresponding to an EBITDA margin of 17.5%). Finally, we estimate an FY26E Net Financial Position of €2.00 million of net 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 €55.1 million. Using market multiples, the equity value of IDNTT was calculated to be €33.5 million (including a 25% discount). The results give an average equity value of approximately €44.3 million. The target price is €5.75, with a BUY rating and MEDIUM risk.

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