| Revenues amounted to € 35.79 million as of December 31, 2023, an increase of 12.9% compared to the previous period, in which they amounted to € 31.71 million. EBITDA as of December 31, 2023 amounted to € 0.81 million, marking a notable growth compared to the value of € -0.73 million in the previous period. The margin therefore stands at 2.2%. The growth in Adjusted EBITDA was similarly positive, reaching € 0.96 million compared to the previous period, in which it amounted to € -0.71 million. Consequently, the Adjusted EBITDA margin also rose, from -2.2% in 2022 to 2.7% in the period. EBIT stands at € 0.09 million, an improvement from the 2022 figure of € -1.46 million. Net Income stands at € -0.53 million, an improvement compared to € -1.24 million in the previous period. In light of the results published in the annual report for 2023, we substantially confirm our estimates for both the current year and the following years. In particular, we estimate FY24E sales worth € 41.00 million, and an EBITDA of € 1.90 million, corresponding to a margin of 4.6%. In the following years, we expect the value of sales to reach € 60.20 million (CAGR 23A-26E: 18.9%) in FY26E, with EBITDA equal to € 5.40 million (corresponding to a margin of 9.0%), up from € 0.81 million in FY23A (corresponding to an EBITDA margin of 2.2%). On the balance sheet, we estimate a debt NFP of € 2.61 million for FY26E. Given the lack of comparable companies, we conducted our valuation of the equity value of Longino & Cardenal based on the DCF method alone. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 25.0 million. The target price is € 4.00, BUY rating and MEDIUM risk. |