The value of production stands at €12.55 million, up by 38.0% compared to €9.10 million in 1H23A. EBITDA, amounting to €1.87 million, shows a 19.7% increase from €1.57 million in 1H23A, due to better management of structural costs following the revenue growth. The EBITDA margin decreased from 17.3% in 1H23A to 15.0%, reflecting a 2.3% decline primarily due to the new acquisitions business, which has lower margins compared to traditional operations. EBIT, after depreciation and amortization amounting to €1.04 million, is €0.85 million, an improvement from the €0.17 million recorded in 1H23A. Net Income is positive at €0.56 million, an improvement compared to the negative result of -€0.07 million in 1H23A.
In light of the results published in the 1H24A semi-annual report, we are revising our estimates for both the current year and the upcoming years. In particular, we estimate a production value of €26.00 million for FY24E and EBITDA of €4.45 million, corresponding to a margin of 17.1%. For the following years, we anticipate that the production value could increase to €34.00 million by FY26E (CAGR 23A-26E: 20.4%), with EBITDA reaching €7.50 million, corresponding to a margin of 22.2%, an increase from €3.35 million in FY23A, which had an EBITDA margin of 17.2%. On a financial level, we estimate a cash-positive NFP of €2.79 million for FY24E.
We conducted our valuation of the equity value of ABTG based on the DCF method. The DCF method (which includes a specific risk of 2.50% in the WACC calculation for prudence) returns an equity value of €37.8 million. The target price is €7.00, with a BUY rating and MEDIUM risk.
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