| Revenues for the first half of 2023 amounted to € 9.80 million, compared to approximately € 12.61 million in 1H22A, therefore marking a fall of 22.3%. EBITDA, equal to € 1.33 million, saw an increase of 16.7%, compared to € 1.14 million in the first half-year of 2022. The EBITDA Margin was therefore equal to 13.6%, reaching significantly higher than the 1H22A figure, equal to 9.0%. EBIT, after depreciation and amortization of € 0.26 million, stands at € 1.07 million (€ 0.89 million in 1H22A). The NFP showed an improvement from € 5.35 of debt in FY22A to € 2.64 million in 1H23A. 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 now estimate FY23E revenues of € 19.50 million, and an EBITDA of € 2.45 million, corresponding to a margin of 12.6%. In the following years, we expect revenues to rise to € 22.00 million (CAGR 23E-25E: 6.2%) in FY25E, with EBITDA equal to € 3.35 million (corresponding to a margin of 15.2%), up compared to € 2.39 million in FY22A (corresponding to an EBITDA Margin of 10.3%). We carried out the valuation of the equity value of Saccheria F.lli Franceschetti on the basis of 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 € 35.7 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti is € 18.3 million (including a 25% discount). The results give an average equity value of approximately € 27.0 million. The target price is € 3.05, with a BUY rating, and MEDIUM risk. |