| Revenues in 1H23A were valued at € 16.52 million, marking a growth of 17.3% compared to 1H22A figure (€ 14.08 million). EBITDA came in at € 2.21 million, remaining substantially in line with that of the same period of the previous year, equal to € 2.22 million. The EBITDA margin for 1H23A was 13.3%, compared to 14.2% for 1H22A. EBIT amounted to € 0.21 million, marking a slight decrease on the 2022 half-year value of € 0.29 million, with an EBIT margin that went from 1.8% in 1H22A to 1.2% in the period in under review. Net Income for the Group stands at -€ 0.47 million, in line with the value of -€ 0.06 million in 1H22A. In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate a FY23E value of production of € 36.80 million, and an EBITDA of € 5.65 million, corresponding to a margin of 15.4%. In the following years, we expect the value of production to rise to € 48.05 million (CAGR 22A-25E: 12.5%) in FY25E, with EBITDA equal to € 12.25 million (corresponding to a margin of 25.5%), up on the value of € 5.83 million reported in FY22A (corresponding to an EBITDA margin of 17.3%). We conducted our valuation of the equity value of Siav based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 64.9 million. Using market multiples, the equity value of Siav was calculated as equal to € 65.3 million (including a 25% discount). The result is an average equity value of approximately € 65.1 million. The target price is € 7.10, with a BUY rating, and MEDIUM risk. |