| The Group reported revenues for the period amounting to € 34.68 million, up by 25.4% compared to the figure for 1H22A, equal to € 27.66 million. EBITDA was valued at € 9.08 million, a sharp increase compared to 1H22A, in which it was € 6.65 million. The EBITDA margin was 26.2%, marking an increase compared to that of the first half-year of 2022 (24.0%). EBIT came in at € 8.09 million (€ 5.71 million in 1H22A), corresponding to an EBIT Margin of 23.3%, up compared to 20.6% in the same period of the previous year. Net Income stands at € 5.57 million, compared to the 2022 first half-year result of € 4.70 million. The NFP went from a cash positive € 1.50 million in FY22A to a debt of € 4.97 million in 1H23A. In light of the results published in the half-year report for 1H23A, we have partially adjusted our estimates for both the current year and the coming years. In particular, we estimate FY23E revenues of € 68.50 million, and an EBITDA of € 17.50 million, corresponding to a margin of 25.5%. In the following years, we expect the value of revenues to rise to € 87.80 million (CAGR 22Y-25E: 12.2%) in FY25E, with EBITDA equal to € 23.50 million (corresponding to a margin of 26.8%), up from € 15.83 million in FY22A (corresponding to an EBITDA Margin of 25.5%). We conducted our valuation of the equity value of FOPE based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of € 253.2 million. Using market multiples, the equity value of FOPE was estimated at € 195.0 million (including a discount of 25%). The results give an average equity value of approximately € 224.1 million. The target price is € 41.50, BUY rating and MEDIUM risk. |