| In 1H26A, Marzocchi Pompe Group recorded revenues of € 18.69 million, substantially stable compared to € 18.57 million in 1H25A (+0.6%), in a context still characterized by weak and unpredictable manufacturing demand. EBITDA stood at € 2.26 million, up 8.9% compared to adjusted EBITDA of € 2.07 million in 1H25A, with the EBITDA margin improving to 11.3% from 10.4%, mainly benefiting from lower personnel costs and the initial effects of the restructuring implemented in 2025. EBIT reached € 1.07 million, with an EBIT margin of 5.4%, while Net Income returned to positive territory at € 0.49 million compared to a loss of € 0.78 million in 1H25A. From a balance sheet perspective, NFP remained substantially stable at € 7.78 million of debt, compared to € 7.71 million at year-end 2025. In light of the results published in the 1H26A interim financial report, we confirm our estimates for both the current year and the following years.In particular, we estimate FY26E revenues of € 37.00 million and EBITDA of € 4.10 million, corresponding to a margin of 11.1%. For the following years, we expect revenues to increase to € 40.00 million (25A-28E CAGR: 2.5%) in FY28E, with EBITDA reaching € 6.75 million, corresponding to a margin of 16.9%, compared to € 3.46 million in FY25A, corresponding to an EBITDA margin of 9.3%. From a balance sheet perspective, we estimate FY28E NFP at € 1.66 million of debt. We conducted the equity value assessment of Marzocchi Pompe based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) returns an equity value of € 34.5 mln. The equity value of Marzocchi Pompe based on market multiples stands at € 32.2 mln. This results in an average equity value of approximately € 33.4 mln. The target price is set at € 5.10, with a BUY rating and MEDIUM risk profile. |
