| As of 30 June 2023, Impianti recorded revenues amounting to € 3.87 million, down 18.4% compared to the 1H22A figure, equal to € 4.74 million. EBITDA was negative by € -0.60 million, down compared to the figure for 1H22A, positive by € 0.08 million. The EBITDA Margin stood at -15.6%, resulting in a deterioration compared to the 1H22A figure, equal to 1.6%. EBIT came in at € -0.83 million, down from the figure for 1H22A, equal to € 0.04 million. Net Income was also negative by € -0.80 million, compared to the 1H22A result of € 0.01 million. Lastly, the NFP as of 30 June 2023 was cash positive by € 0.20 million, showing a decrease compared to the previous year-end figure, cash positive by € 0.49 million. In light of the results published in the half-yearly report for 1H23A, we are modifying our estimates for both the current year and subsequent years. In particular, we estimate a FY23E production value of € 9.40 million and an EBITDA of € -0.20 million, corresponding to a margin of -2.2%. For subsequent years, we expect the value of production to increase to € 18.00 million in FY25E, with an EBITDA of € 1.50 million (corresponding to an EBITDA margin of 8.4%), up from the value of € 0.14 million in FY22A (corresponding to an EBITDA margin of 1.4%). We have conducted the valuation of Impianti’s equity value based on the DCF methodology. The DCF method (which in the calculation of the WACC also includes a specific risk of 2.5% for prudential purposes) provides an equity value of € 13.0 million. The target price is therefore € 1.70 (prev. € 2.35), we confirm BUY rating and MEDIUM risk. |