BREAKING NEWS – 30.01.2023

On 25/01/2024, Marzocchi Pompe, a leading designer, manufacturer and supplier of high-performance gear pumps and motors, announced some preliminary data for FY23A. In detail, the figures for 2023: In our report published on 10 October 2023, the estimates for FY23E net revenue stood at € 49.00 million. With consolidated net revenue of € 49.80 million, the Group exceeded our estimates, recording a positive variation in revenue of 1.63% compared to the latter. The figure also shows an increase of 2.6% compared to 2022 (€ 48.50 million) and represents a new all-time maximum for the group. On the balance sheet level, the group fully confirmed the Net Financial Position estimates set out in our report (€ 5.28 million of debt), standing at € 5.30 million in FY23A. This is a strong improvement on the previous half-year figure of € 8.29 million in debt (+36.1%) and the FY22A figure of € 7.85 million (+32.1%); The growth in sales was driven by both the Core Business segment (up 1.6% compared to 2022 with revenues for the period of € 39.60 million), which accounted for 79.5% of total sales, and the Automotive segment (up 6.3% compared to 2022 and with total revenues for the period of € 10.20 million). The export share remained unchanged from the previous year, confirming the US market in first place geographically, with a 36.0% share. These preliminary results further strengthen our positive view on the security. While waiting to meet the management and assess the annual results, we confirm our estimates: Target Price of € 9.50, BUY rating and risk MEDIUM.

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