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Research, Update 12 Jan 2023

UPDATE – 05.10.2022

At the end of the first half of 2022, the Company recorded revenues of € 25.50 million, 28.0% up compared to 1H21A (€ 19.93 million). EBITDA for the period amounted to € 3.85 million, 0.7% down compared to € 3.88 million in 1H21A. EBIT Adjusted, after amortization and depreciation of € 2.18 million, amounted to € 1.67 million, a decrease of 12.8% compared to the previous period (€ 1.91 million). Net Income amounted to € 0.92 million, down compared to the first half of 2021, when it amounted to € 1.03 million. The NFP is equal to € 10.08 million of debt compared to € 7.84 million on 31 December 2021.

In light of the results published in the half-yearly report for 1H22A, we confirm almost entirely our estimates for both the current year and the coming years. In particular, we estimate FY22E revenues equal to € 43.00 million and EBITDA estimated equal of € 7.65 million, corresponding to a marginality of 16.5%. For subsequent years, we expect the revenues to increase up to € 49.00 million (CAGR 21A-24E: 6.5%) in FY24E, with EBITDA of € 8.95 million (corresponding to an EBITDA margin of 17.0%), up from € 7.15 million in FY21A (corresponding to an EBITDA margin of 16.0%). In terms of Balance Sheet we estimate a cash positive NFP value for FY24E equal to € 3.39 million. 

We have conducted the valuation of Marzocchi Pompe equity value based on the DCF methodology and the market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes also a specific risk of 2.5%) provides an equity value of € 68.2 million. The equity value of Marzocchi Pompe using market multiples is € 49.5 million (including a discount of 25%). The result is an average equity value of approx. € 58.9 million. The target price is € 9.00 (prev. € 9.00), BUY rating and MEDIUM risk.
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