| In 1H26A, Lindbergh recorded a Value of Production of € 20.84 million, up 31.6% compared to € 15.84 million in 1H25A, with positive performance across all Business Units and a particularly significant contribution from HVAC, which further strengthened its role as the Group’s main business area. EBITDA stood at € 3.72 million, up 32.8%, with the EBITDA margin substantially stable at 17.8% compared to 17.7% in the comparable period, highlighting improved management of the acquired companies and greater operating efficiency. EBIT reached € 2.45 million (+42.0%), while Net Income amounted to € 1.54 million, up 39.3%, with the Net Profit margin improving to 7.4%. From a balance sheet perspective, NFP improved to € 6.99 million of debt compared to € 8.64 million at year-end 2025. In light of the results published in the 1H26A interim financial report, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at € 42.90 million and EBITDA at € 7.90 million, corresponding to a margin of 18.4%. For the following years, we expect Value of Production to increase to € 46.80 million (25A-28E CAGR: 12.5%) in FY28E, with EBITDA reaching € 9.05 million, corresponding to a margin of 19.3%, compared to € 6.22 million in FY25A, corresponding to an EBITDA margin of 18.9%. From a balance sheet perspective, we estimate FY28E NFP to be cash positive at € 2.24 million. We have assessed Lindbergh’s equity value based on both the DCF methodology and a sample of comparable companies’ market multiples. The DCF method (which prudently includes a specific risk of 1.0% in the WACC calculation) yields an equity value of € 202.0 million. The market multiples approach results in an equity value of € 100.1 million. The average equity value is therefore approximately € 151.0 million. The target price is set at € 15.50, with a HOLD rating and MEDIUM risk. |
