BREAKING NEWS – 22.11.2024

In the press release dated November 19, 2024, iVision Tech, an Innovative SME and an excellent “Made in Italy” manufacturing company specializing in the design and production of acetate optical frames and sunglasses, as well as combined eyewear, and owner of the historic high-end French eyewear brands “Henry Jullien” and “Henry Jullien Manufacture”, approved some of the main consolidated figures as of September 30, 2024, which are unaudited. In a macroeconomic context marked by persistent international geopolitical tensions that fuel uncertainties in financial markets, the luxury sector is experiencing a contraction. Nevertheless, the eyewear sector has proven resilient, and iVision Tech continues to grow. As of September 30, 2024, the Group achieved revenue of €9.40 million. This figure consolidates, in addition to the Parent Company’s revenue, the first three quarters’ revenues of iVision Tech France, amounting to €0.50 million, while for the more recently acquired companies, only results from the third quarter have been considered. Specifically, the subsidiary IVILENS ODD (60.0% acquired on March 27, 2024) contributed €0.30 million, while Tecknoema (51.0% acquired on May 27, 2024) generated approximately €1.00 million in 3Q23A. At the Parent Company level, iVision Tech recorded a 4.3% increase in revenue compared to the same period of the previous year, reaching €7.60 million. This growth is even more significant considering that the figure at the end of 3Q23A included €1.30 million derived from the sale of face masks, a non-core business no longer part of iVision Tech’s portfolio. Excluding this component, growth in the eyewear business reached 27.6%. Analyzing the composition of iVision Tech’s revenue as of September 30, 2024, the following segments stand out: Conto Lavoro, related to prototyping, engineering, and product industrialization, generated €5.20 million in revenue, up 10.5% from €4.78 million in the prior period; Conto Pieno, covering all stages of eyewear production from design to packaging and delivery, generated €1.50 million in revenue, reflecting a 99.7% increase from €0.76 million in 3Q23A; Semifiniti, focusing on finishing and assembly stages, generated €0.70 million in revenue compared to €0.36 million in the prior period, achieving a 96.5% growth. The consolidated EBITDA amounts to €1.70 million, representing 14.7% of a production value of €11.60 million. As of September 30, 2024, the NFP stood at €8.40 million, a reduction from the €8.70 million recorded as of June 30, 2024. This improvement is mainly attributable to a capital increase reserved for qualified/institutional and non-institutional investors, underwritten and paid for 828,000 new shares, for a total value of approximately €1.24 million, as communicated on July 30, 2024. Finally, analyzing the impact of the acquisitions carried out during the first half of the year on an aggregated basis, the consolidated economic data, including the full values of IVILENS ODD and Tecknoema, reveal very positive results. Specifically, sales revenue would amount to €12.30 million, production value to €14.60 million, and EBITDA to €2.20 million, with a margin of 15.0%. In light of the press release, we confirm our estimates: target price € 3.10, rating BUY and risk MEDIUM.

Leggi il pdf