| TThe value of production amounted to € 22.56 million, marking a growth of 21.9% compared to the FY22A value of € 18.51 million, despite the uncertain geopolitical context and highly unstable raw material and energy prices. EBITDA came in at € 0.84 million, compared to € 0.14 million in FY22A, recording an increase of 495.0%. EBIT, after depreciation and amortization of € 0.56 million, was € 0.27 million. Net Income amounted to € 0.11 million, up 151.0% compared to the negative data reported for FY22A of € -0.21 million. The NFP was € 0.00 million, reaching the parity threshold from the FY22A figure of € 0.87 million of debt. Given the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate an FY24E value of production of € 24.00 million, and an EBITDA of € 1.10 million, corresponding to a margin of 4.6%. In the following years, we expect the value of production to reach € 42.30 million (CAGR 23A-28E: 13.4%) in FY28E, with EBITDA equal to € 3.40 million (corresponding to a margin of 8.0%), up from € 0.84 million in FY23A (corresponding to an EBITDA margin of 3.7%). On the balance sheet, on the other hand, we estimate a cash positive NFP of € 0.24 million for FY24E. We conducted our valuation of the equity value of Acquazzurra 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 € 25.1 million. The target price is € 9.70, with a HOLD rating and MEDIUM risk. |