| During the first half of 2026, Litix recorded a Value of Production of € 3.30 million, up from € 2.94 million in the corresponding period of 2025. This performance reflects the recovery of the Robotor Business Unit, supported by improving demand in the US market, a stronger presence in Europe and a more solid order backlog. As of June 30, 2026, Litix recorded EBITDA of € 0.39 million, slightly up from € 0.37 million in 1H25A, with an EBITDA margin of 11.9% compared to 12.5% in the comparable period. The slight decline in operating profitability is mainly attributable to the higher incidence of raw material and merchandise costs, related to the increasing contribution of the Robotor Business Unit. In this context, lower service costs, supported by a different business mix and the insourcing of certain activities previously outsourced to third parties, partially offset this increase. EBIT, after depreciation, amortization and write-downs of € 0.34 million, remained positive at € 0.06 million, down from € 0.08 million in 1H25A, reflecting higher depreciation and amortization related to investments made in previous years. Net Income amounted to € 0.001 million (vs € 0.05 million in 1H25A). NFP stood at € 0.41 million, improving from € 0.78 million in FY25A. In light of the results recorded in the first half of 2026 and the Group’s development prospects, we confirm our previous estimates for the current year and the following financial years. In particular, we estimate FY26E Value of Production at € 7.50 million and EBITDA at € 0.90 million, corresponding to a margin of 12.0%. For the following years, we expect Value of Production to increase to € 11.00 million in FY28E (FY25A-FY28E CAGR: 25.1%), with EBITDA reaching € 1.65 million, corresponding to a margin of 15.0%, compared to € 0.18 million in FY25A, corresponding to an EBITDA margin of 1.8%. From a balance sheet perspective, we estimate FY28E NFP to be cash positive at € 1.93 million. We carried out the valuation of Litix’s equity value based on the DCF methodology and a set of comparable companies’ multiples. The DCF method (which prudently includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of € 10.9 million. The equity value derived using market multiples is equal to € 10.5 million. This results in an average equity value of approximately € 10.7 million. The target price is € 1.60, rating BUY, and risk MEDIUM. |
