| The value of production came in at € 9.10 million, up 22.7% compared to the 1H22A value, equal to € 7.42 million. EBITDA, equal to € 1.57 million, saw an increase of 81.5% compared to the 1H22A figure, equal to € 0.87 million and in line with the company’s expectations. The EBITDA margin went from 11.7% in 1H22A to 17.3%, therefore marking an increase of 5.6%. We note that the positive trend is due to the improved ability to manage structural costs following the increase in revenues. EBIT was significantly affected by a provision linked to the devaluations of real estate assets for approximately € 0.74 million, and therefore settled at € 0.17 million. The NFP as of June 30, 2023, is substantially unchanged compared to that at the end of the previous year (a cash positive € 0.78 million), remaining cash positive at a value of € 0.74 million. In light of the published 1H23A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of € 18.70 million, and EBITDA of € 3.75 million, corresponding to a margin of 20.1%. In the following years, we expect the value of production to rise to € 25.50 million (CAGR 22Y-25E: 17.2%) in FY25E, with EBITDA equal to € 6.55 million (corresponding to a margin of 25.7%), up from € 2.48m in FY22A (corresponding to an EBITDA margin of 15.6%). On the balance sheet, we estimate a cash positive NFP for FY23E of € 2.00 million. We conducted our valuation of the equity value of ABTG based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of € 38.2 million. The target price is € 7.50, with a BUY rating, and MEDIUM risk. |