BREAKING NEWS – 25.02.2025

In the press release dated February 21, 2025, Vimi Fasteners, a leader in the design and production of high-engineering fastening solutions for the industrial, automotive, oil & gas, aerospace, and other sectors, shared its preliminary consolidated figures related to revenues, EBITDA, and NFP as of December 31, 2024. Consolidated revenues at year-end amounted to € 56.10 million, marking a decrease of 8.5% compared to the previous year’s figure of € 61.35 million. This decline in volumes, widely expected due to the general slowdown in the entire sector since the first half of the year, did not result in a loss of market share for the Group or disruptions in supply to its customers. On the contrary, Vimi signed several agreements with key industry players for new supplies to be delivered in the coming year.  The second half of the year was affected by a general destocking strategy: as a result of low visibility in still uncertain markets, the Group’s customers opted to optimize their inventory management by reducing procurement, utilizing stockpiles, and planning orders on a short-term basis. This contrasts with the previous approach, which favored medium-to-long-term planning. These policies had a direct impact on the order backlog, which declined from € 39.20 million at year-end 2023 to € 31.40 million as of December 31, 2024, an amount expected to be fully collected in 2025.   The slight decline in revenues did not prevent the Group from achieving a highly positive profitability performance: € 6.30 million in EBITDA was recorded in 2024, with an EBITDA margin in double digits at 11.3% of consolidated revenues. Although lower than the € 7.66 million recorded at the end of 2023 (12.5% of revenues), this result remains highly satisfactory given the significant deterioration in the macroeconomic environment and the consequent demand contraction.  Finally, the Net Financial Position (NFP) for the period stood at € 20.70 million, in line with expectations, showing a notable improvement compared to the mid-year figure (€ 22.04 million) and also compared to the end-2023 figure of € 23.88 million. This confirms the solidity of the business operations and its strong cash generation capacity. While awaiting the evaluation of the Group’s consolidated financial statements, we confirm our recommendation: target price € 2.75, rating BUY, and risk MEDIUM.

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