| In 1H26A, Vimi Fasteners recorded revenues of € 29.75 million, up 5.1% compared to € 28.30 million in 1H25A, supported by a gradual strengthening of demand and a recovery in orders that became particularly evident in the second quarter. The order backlog as of June 30, 2026 stood at € 25.31 million, substantially stable YoY, with the positive trend continuing during the summer months. EBITDA stood at € 4.10 million, down 5.6% compared to € 4.34 million in 1H25A, with an EBITDA margin of 13.6% compared to 15.1%, mainly reflecting different trends in cost of goods sold and inventory management. EBIT reached € 1.83 million (-11.0%), while Net Income stood at € 0.99 million, down 8.7%. From a balance sheet perspective, NFP remained substantially stable at € 20.11 million of debt compared to € 19.64 million at year-end 2025, despite investments of approximately € 4.00 million and dividend distributions. In light of the results published in the 1H26A interim financial report, we substantially confirm our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at € 59.00 million and EBITDA at € 7.90 million, corresponding to a margin of 13.4%. For the following years, we expect Value of Production to increase to € 67.60 million in FY28E (25A-28E CAGR: 5.9%), with EBITDA reaching € 9.65 million, corresponding to a margin of 14.3%, compared to € 7.53 million in FY25A, equal to an EBITDA margin of 13.2%. From a balance sheet perspective, we estimate FY28E NFP at € 11.93 million of debt. We carried out the equity value assessment of Vimi Fasteners using the DCF methodology and the trading multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of € 29.8 million. The equity value of Vimi Fasteners based on market multiples amounts to € 35.4 million. This results in an average equity value of approximately € 32.6 million. We confirm the target price of € 2.40, the BUY rating, and MEDIUM risk. |
