| In 1H26A, Websolute reported a Value of Production of € 13.37 million, up 13.6% compared to € 11.77 million in 1H25A, while productive revenues increased by 5.5% to € 11.01 million. Adjusted EBITDA amounted to € 2.03 million, up 26.3% from € 1.61 million, with the Adjusted EBITDA margin increasing to 15.2% from 13.7%, benefiting from an improved revenue mix and cost-efficiency measures. EBIT rose to € 0.74 million from € 0.17 million, while Net Income returned to positive territory at € 0.23 million, compared to € -0.12 million in 1H25A. From a balance sheet perspective, net financial position improved to € 4.68 million of net debt from € 6.36 million at year-end 2025. Finally, the backlog, amounting to € 8.47 million and up 18.6%, strengthens visibility on 2H26, with management confirming the 2026 targets set out in the Business Plan. Following the publication of the 1H26A interim financial results, we leave our estimates broadly unchanged. Specifically, we forecast FY26E revenues of € 23.80 million and Adjusted EBITDA of € 3.80 million, corresponding to a margin of 15.0%. For the following years, we expect revenues to increase to € 27.15 million by FY28E (CAGR 25A-28E: 8.4%), with Adjusted EBITDA reaching € 6.15 million (corresponding to a margin of 21.5% on Value of Production), up from € 2.48 million in FY25A (corresponding to an Adjusted EBITDA margin of 10.9%). From a balance sheet perspective, we estimate a net debt position of € 0.70 million by FY28E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 37.7 million. The market multiples approach results in an equity value of € 17.0 million. Consequently, the average equity value stands at approximately € 27.4 million. The target price is set at € 3.00, with a BUY rating and a MEDIUM risk level. |
