| The Group’s consolidated revenues amounted to €9.78 million, marking an 8.6% increase compared to the 1H23A figure of €9.00 million. EBITDA reached €1.51 million, up by 10.6% compared to €1.37 million in 1H23A, showing growth that outpaced the rise in revenues. The EBITDA margin improved from 15.2% in 1H23A to the current 15.5%, reflecting a 0.3% increase. EBIT, after amortization and depreciation of €0.34 million (compared to €0.18 million in 1H23A), stood at €1.18 million, roughly in line with the €1.19 million recorded in 1H23A. The NFP transitioned from a cash-positive position of €2.05 million at the end of FY23 to approximately €0.98 million in debt in 1H24A. In light of the results published in the half-year report for 1H24A, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate FY24A Revenues of €22.30 million and EBITDA of €4.10 million, corresponding to a margin of 18.4%. For the following years, we expect revenues to increase to €27.80 million (CAGR 23A-26E: 12.9%) in FY26E, with EBITDA reaching €5.60 million (corresponding to a margin of 20.1%), growing from €3.51 million in FY23A (with an EBITDA margin of 18.2%). We conducted our valuation of the equity value of IDNTT based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of €60.1 million. Using market multiples, the equity value of IDNTT was calculated to be €41.5 million (including a 25% discount). The results give an average equity value of approximately €50.8 million. The target price is €6.60, with a BUY rating and MEDIUM. |