| In 1H26A, First Point recorded revenues of € 3.84 million, up 11.7% compared to € 3.44 million in 1H25A, benefiting from the positive contribution of all service lines. Telco Solutions confirmed its position as the Company’s main business area, with revenues of € 2.04 million (+10.5%), while Outsourcing, IT Services and Cloud showed positive trends, supported by commercial development and the expansion of the offering. EBITDA stood at € 0.39 million, up 60.6%, with the EBITDA margin improving to 10.1% from 7.0%, reflecting greater operating efficiency. EBIT reached € 0.20 million compared to € 0.06 million in 1H25A, with an EBIT margin of 5.1%, while Net Income increased to € 0.14 million from € 0.03 million. From a balance sheet perspective, NFP remained substantially stable at € 0.86 million of debt, compared to € 0.81 million at year-end 2025. Following the publication of the 1H26A results in the half-year report, we maintain our estimates for the current year and subsequent financial years. Specifically, we forecast FY26E value of production of €8.35 million and EBITDA of €1.05 million, implying an EBITDA margin of 12.6%. Looking ahead, we expect value of production to rise to €9.70 million in FY28E (25A–28E CAGR: 9.4%), with EBITDA of €1.40 million and an EBITDA margin of 14.4%. On the balance sheet, we forecast net debt of €0.23 million in FY26E, followed by a net cash position of €1.57 million in FY28E. We conducted First Point’s equity value assessment using both the DCF method and a multiples-based comparison with a sample of comparable companies. The DCF valuation (which prudently includes a 2.5% specific risk premium in the WACC calculation) results in an equity value of € 15.4 million. The market multiples approach yields an equity value of € 7.5 million. The resulting average equity value is approximately € 11.5 million. Our target price is € 2.35, with a BUY rating and MEDIUM risk profile. |
