| Revenues amounted to € 48.51 million, up 19.7% on FY21A (€ 40.54 million) and our previous report’s estimate of € 43.00 million. EBITDA came in at € 7.56 million, an increase of 5.6% compared to € 7.15 million in FY21A, and remaining substantially in line with our estimate of € 7.65 million. The EBITDA margin was 15.1%, compared to a value of 16.0% for FY21A, and to our expectation of 16.5%. Adjusted EBIT was € 3.61 million, up on the € 3.38 million of FY21A (+7.0%), and substantially confirming our estimate of € 3.65 million. Net Income stood at € 1.96 million, up 23.5% on the result of the previous year (€ 1.59 million), confirming our expectation for 2022 (€1.95 million). In light of the results published in the annual report for FY22A, we have adjusted our estimates. In particular, for FY23E, we estimate revenues of € 49.00 million and EBITDA of € 8.30 million, corresponding to a margin of 16.2%. In the following years, we expect revenues to rise to € 54.00 million (CAGR 22Y-25E: 4.1%) in FY25E, with an EBITDA of € 10.30 million (corresponding to a margin of 18. 2%), up from € 7.56 million in FY22A (corresponding to an EBITDA margin of 15.1%). Regarding the balance sheet, we estimate a cash positive NFP for FY25E of € 1.67 million. We conducted our valuation of the equity value of Marzocchi Pompe based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 63.9 million. Using market multiples, the equity value of Marzocchi Pompe is equal to € 56.4 million (including a 25% discount). The result is an average equity value of approximately € 60.2 million. The target price is € 9.20, BUY rating and MEDIUM risk. |