| The value of production at the end of the period amounts to € 99.85 million, with a 21.2% increase compared to the FY22A (€ 82.41 million). The value of EBITDA at the end of FY23A is equal to € 7.23 million, with a 14.5% growth compared to the € 6.31 million of the previous period. Marginality is equal to 7.2%, slightly lower than FY22A (7.7%). The EBIT is equal to € 2.86 million, with a 9.0% growth compared to the results of € 2.62 million of previous year. The Net Income stands at around € 0.25 million, in decrease compared to the previous period (€ 0.81 million). As of December 31st, 2023, the NFP amounts to € 2.87 million, improving on FY22A results (€ 3.91 million). In light of the results published in the annual report for 2023, we modify our estimates for the current and future years. In particular, we estimate a production value for the FY24 of around € 112.50 million and an EBITDA value of € 8.75 million which corresponds to a marginality of 7.8%. For the future years, we expect the value of production to increase to up to € 148.65 million (CAGR 23A-26E: 14.2%) in FY26E, with an EBITDA equal to € 13.00 million (corresponding to a marginality of 8.7%), in growth with respect to the € 7.32 million of FY22A (corresponding to a margin EBITDA of 7.2%). Lastly, we expect an improvement in terms of NFP, which we estimate to change from a debt valure of € 2.87 million to a cash-positive value of € 0.75 million in FY26E. We carried out the valuation of the equity value of Spindox based on the DCF method and multiples of a sample of comparable companies. The DCF method (which for prudential purposes also includes a specific risk of 2.5% in the WACC calculation) returns an equity value of € 94.6 million. The equity value of Spindox using market multiples comes out to be € 95.0 million (including a discount of 25.0%). This results in an average equity value of € 94.8 million. The target price is € 15.80, BUY rating and MEDIUM risk. |