| In 1H26A, RT&L recorded a Value of Production of € 6.24 mn and revenues of € 6.15 mn, with Customs Brokerage confirming its role as the Group’s main business pillar. EBITDA amounted to € 1.00 mn, with an EBITDA margin of 16.1%, affected by Olitrans’ start-up costs and higher post-listing structural costs. After € 0.46 mn of depreciation, amortization and provisions, mainly related to the amortization of P&A Spedizioni’s goodwill, EBIT stood at € 0.54 mn, with an EBIT margin of 8.6%, while Net Income amounted to € 0.35 mn. NFP further improved, remaining cash positive at € 5.59 mn compared to € 5.30 mn at year-end 2025, mainly supported by cash generation from Customs Brokerage, despite the temporary working capital absorption related to the launch of Olitrans. Following the end of the period, on September 10, 2026, RT&L completed the reverse take-over of the LandS Group, acquiring 100% of its share capital: a transformational transaction that significantly expands the Group’s scale and geographical coverage, strengthens the weight of Customs Brokerage and makes cash generation more recurring and predictable. In light of the results published in the half-year financial report as of June 30, 2026, and the completion of the acquisition of LandS, we are revising our estimates for the coming years. Specifically, we estimate FY26E production value at €18.00 million and EBITDA at €3.20 million, corresponding to a margin of 17.8%. For subsequent years, we expect production value to increase to €32.00 million (CAGR 25A–28E: 44.4%) in FY28E, with EBITDA of €5.60 million (corresponding to a margin of 17.3% of production value), up from €2.69 million in FY25A (corresponding to an EBITDA margin of 25.3%). On the balance sheet, we estimate a cash-positive NFP of €6.70 million for FY28E. We conducted the valuation of RT&L’s equity value using the DCF method and multiples from a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €66.9 million. RT&L’s equity value, calculated using market multiples, comes to €34.2 million. This results in an average equity value of approximately €50.6 million. The target price is €4.30, with a BUY rating and MEDIUM risk. |
