| At the end of the first half of 2023, the value of production stood at € 4.92 million, making an increase of 2.0% compared to the result of the first half-year of the previous financial year, € 4.83 million. EBITDA Adj. amounted to € 0.64 million, marking an improvement compared to the 1H22A figure, negative by € -0.04 million. The EBITDA Adj. Margin (calculated on the value of production) went from the negative value of -0.8% in 1H22A to the current positive value of 13.1%. EBIT at the end of the period, stands at € 0.33 million, compared to the negative 1H22A figure of € -0.21 million. Net Income was also positive at € 0.14 million, compared to a loss of € 0.17 million in 1H22A. The NFP as of June 30th, 2023, was equal to € 3.55 million, marking a slight worsening compared to the pro-forma value at the end of 2022, equal to € 3.02 million. In light of the results published for 1H23A, we slightly adjust our estimates for both the current year and the coming years. Specifically, we estimate a value of production for FY23E of € 13.10 million and an EBITDA Adj. of € 1.85 million, corresponding to a margin of 14.1%. For subsequent years, we expect the value of production to increase to € 27.20 million (CAGR 23E-26E: 26.6%) in FY26E, with EBITDA Adj. of € 6.10 million (corresponding to a margin of 22.4%), up from € 0.66 million in FY22A (equal to an EBITDA Adj. Margin of 6.3%). We carried out the valuation of the equity value of iVision Tech based on the DCF method and multiples of a sample of comparable companies. The DCF method (which for prudential purposes also includes a specific risk of 2.5% in the WACC calculation) returns an equity value of € 31.1 million. The equity value of iVision Tech using market multiples comes out to be € 18.8 million (including a discount of 25.0%). This results in an average equity value of € 25.00 mln. The target price is € 3.60, BUY rating and MEDIUM risk. |