| The Group recorded total revenues of €32.61 million for 1H24A, marking a growth of 104.9% compared to the 1H23A figure of €15.92 million. EBITDA stands at €0.24 million, up by 133.6% compared to 1H23A, which was €-0.71 million, thanks to the combined effect of increased bookings and cost synergies achieved from the combined entity following the merger with Portale Sardegna. EBIT, after depreciation and amortization of €1.07 million, is €-0.83 million, an improvement of 52.5% compared to the result of 1H23A (€-1.75 million). NFP, for the period under review, amounts to €12.07 million in debt, slightly worsening compared to the figure at the end of 2023 (€11.61 million in debt). In light of the results published in the half-year report for 1H24A, we are adjusting our estimates for both the current year and the coming years. In particular, we estimate FY24E Production Value at €64.00 million and EBITDA at €0.65 million, corresponding to a 1.0% margin. For the following years, we expect the Production Value to increase to €150.00 million (CAGR 23A-27E: 28.3%) in FY27E, with EBITDA reaching €14.95 million (corresponding to a 10.0% margin), up from €-0.05 million in FY23A (corresponding to an EBITDA margin of -0.1%). On the balance sheet, we estimate FY24E NFP debt at €14.68 million. Regarding estimated investments, we expect Capex 2024E-2027E to total around €31.02 million. We conducted the equity value assessment of Destination Italia based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) results in an equity value of €33.2 million. The target price is set at €1.80, with a BUY rating and MEDIUM risk. |