| Revenues amounted to € 31.71 million, compared to a value of € 26.29 million reported at the end of 2021, and to € 32.00 million estimated in our previous report. Adjusted EBITDA amounted to € – 0.53 million, slightly down on the € – 0.45 million of the previous year, and the € – 0.30 million expected. The Adjusted EBITDA Margin came in at – 1.7%, compared to – 1.7% in FY21A, and the estimated – 0.9%. EBIT amounted to € – 1.46 million (€ – 1.15 million in 2021), after adjusted amortization and depreciation of € 0.93 million, whereas the expected EBIT amounted to € – 1.20 million. Net Profit stands at € – 1.24 million (€ – 0.90 million in FY21A) versus our estimate of € – 0.95 million. The NFP went from € 3.53 million to € 5.41 million. In light of the results published in the Annual Report for FY22A, we confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E sales value of € 36.50 million, and an Adjusted EBITDA of €1.20 million, corresponding to a margin of 3.3%. In the following years, we expect the value of sales to rise to € 50.00 million (CAGR 22A-25E: 16.4%) in FY25E, with an Adjusted EBITDA equal to € 3.80 million (corresponding to a margin of 7.6%), up from € – 0.71 million in FY22A (corresponding to an Adjusted EBITDA Margin of – 2.2%). Given the lack of comparable companies, we conducted our valuation of the equity value of Longino & Cardenal based on the DCF method alone. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 25.0 million. The target price is € 4.00, BUY rating, and MEDIUM risk. |