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Research, Update 8 Dec 2022

UPDATE – 17.10.2022

At the end of the first half of 2022, Revenues reached € 2.17 million, an increase of 56.3% compared to € 1.39 million of the 1H21A. EBITDA accounts for € 0.82 million, up 19.6% from 1H21A, when it amounted to € 0.69 million. Despite that, the EBITDA margin is decreased from 44.6% in 1H21A to 30.9% in the current period. EBIT stands at € 0.54 million, after depreciation, amortization and write-downs totaling € 0.29 million, with a decrease of 6.1% from € 0.57 million in 1H21A. Net Income amounts to € 0.33 million, decreasing respect to the previous period (€ 0.42 million). NFP as of June 30, 2022 is € 1.37 million (cash-positive), down from the December 31, 2022 figure (€ 3.16 million).

In accordance to the published results in the half-yearly report for 1H22A, we entirely confirm our estimates for both the current year and the years to come. In particular, we confirm FY22E expected revenues of € 4.40 million and EBITDA of € 2.28 million, corresponding to an EBITDA margin of 44.7%. Over the next few years, we expect revenues to increase to € 9.70 million (CAGR 21A-24E: 45.2%) in FY24E, and EBITDA to € 4.53 million (corresponding to an EBITDA margin of 43.1%), up from € 1.31 million in FY21A (corresponding to an EBITDA margin of 35.1%). At the balance sheet level, on the other hand, we estimate a cash positive NFP of € 8.69 million for FY24E.

Given the lack of comparable companies, we conducted the valuation of the equity value of Finanza.Tech based on the DCF methodology only. The DCF method (which in the calculation of the WACC also includes a specific risk of 2.5% for prudential purposes) provides an equity value of € 40.1 million. The target price is € 3.00 (prev. € 3.24), BUY rating and MEDIUM risk.

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