| At the end of FY25, the Promotica Group announced consolidated sales revenues of € 137.44 million, up 43.1% compared to € 96.04 million recorded at the end of FY24. EBITDA amounted to € 10.25 million, marking a significant increase compared to € 6.03 million in the previous financial year. EBITDA margin reached 7.5%, improving from 6.3% as of December 31st, 2024, benefiting from greater operating leverage driven by higher volumes and improved operating profitability. EBIT, amounted to € 7.00 million, compared to € 4.32 million in the previous year, with an EBIT margin of 5.1%, up from 4.5% in 2024. Net profit amounted to € 3.85 million, representing an increase of 147.1% compared to € 1.56 million as of December 31st, 2024. This performance reflects the improvement in the Group’s operating results and its enhanced ability to translate business growth into net profitability. In light of the strategic investments carried out, the progressive expansion of the customer base both in the domestic market and internationally, and the continuous strengthening of the Group’s competitive positioning, we expect a further increase in business volumes over the 2026–2028 period. Specifically, we forecast total value of production of € 142.80 million, growing to € 175.80 million by 2028 (FY25A–FY28E CAGR: 8.6%). At the same time, we estimate improving profitability, with the EBITDA margin increasing from 7.5% in the year just ended, up to 11.0% in 2028, corresponding to EBITDA of € 19.20 million in 2028. We carried out the valuation of Promotica’s equity value using the DCF methodology, including a specific risk premium of 2.5%. This resulted in an equity value of € 122.8 million. Accordingly, our target price is € 7.20 per share (previously € 7.50). We confirm our BUY rating and MEDIUM risk assessment. |
