BREAKING NEWS – 11.09.2023

In the press release of August 31st, 2023, Vimi Fasteners SpA, a leading designer and manufacturer of fasteners with a high engineering value for the industrial, automotive, oil&gas, aerospace and other sectors, listed on the Euronext Growth Milan multilateral trading system, announced that the Board of Directors has disclosed its consolidated preliminary results for the first half of 2023. Consolidated revenues amounted to over € 31.00 million, registering a growth of about 18.6 % compared to 1H22A. This increase can certainly be attributed to the record order backlog reported at the end of FY2022 and the approximately € 2.00 million in revenues generated by Filostamp, a company recently acquired and part of the Group as of April 1st, 2023. The Group’s order backlog, due by December 31st, 2023, amounted to € 26.80 million at the end of the first half of the fiscal year 2023 (net of the turnover generated in the first half), compared to approximately € 24.00 million recorded in the corresponding period of 2022. In terms of marginality, it should be noted that the Company’s adjusted EBITDA amounted to € 4.10 million (net of nonrecurring costs related, for the most part, to the acquisition of Filostamp Srl), up from the 1H22A figure of € 2.40 million. Net of the adjustment, the Group reports EBITDA of € 3.60 million, corresponding to an EBITDA margin of 11.6 %, compared to € 2.40 million (or 9.1% of revenues) in 1H23A. In light of such considerations in terms of marginality, it should be noted that, in the six-month period considered, the positive result in terms of revenues was followed by a general and continuous production optimization and effective sales price renegotiation policies. Regarding balance sheet data, a Net Financial Position of € 26.60 million is highlighted, compared to € 14.10 million as of December 31, 2022. This worsening is mainly related to the recording of Filostamp’s acquisition costs and to the company’s inclusion, in the consolidated financial statements, of approximately € 2.80 million in payables for rents and leases (accounted under the IFRS 16 standard). The statement confirms the growth plans and reinforces our positive view on the Company. While waiting to meet with management and review FY2022 financial results, we confirm our recommendation: target price € 2.75, BUY rating and Medium risk.

Leggi il pdf