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Research, Update 12 Jan 2023

UPDATE – 06.10.2022

At the end of the first half of 2022, the Group recorded revenues of € 10.50 million, 12.6% up compared to the previous period, when they amounted to € 9.32 million. EBITDA amounted to € 0.89 million, 44.8% down compared to 1H21A. Similarly, the EBITDA margin went from 17.4% in 1H21A to 8.5% over the period considered. Not considering the one-off components,  EBITDA Adj. for 1H22A stands at € 1.15 million, compared to a value as of 30 June 2021 of € 1.57 million. EBIT as of 30 June 2022 amounted to € -0.08 million, a net decrease compared to € 0.77 million in 1H21A. The Net Income went from € 0.41 million to 1H21A to € – 0.21 million as of 30 June 2022.

In the light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and for the coming years. In particular, we estimate FY22E revenues of € 21.00 million and EBITDA Adj. of € 2.96 million, corresponding to a marginality of 14.1%. For subsequent years, we expect the revenues value to increase up to € 26.40 million (CAGR 21A-24E: 12.4%) in FY24E, with EBITDA Adj. of € 5.40 million (corresponding to an EBITDA Adj. margin of 20.5%), up from € 2.93 million in FY21A (corresponding to an EBITDA Adj. margin of 15.8%). In terms of the Balance Sheet we estimate a cash positive NFP level for FY24E equal to € 1.77 million.

We conducted the evaluation of Websolute equity value based on the DCF methodology and the multiples of a sample of comparable companies. 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 € 74.8 million. The equity value of Websolute using the market multiples is equal to € 22.2 million. The result is an average equity value of approx. € 48.5 million. The target price is € 5.00 (prev. € 5.25), we confirm unchanged BUY rating and  MEDIUM risk.
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