| The value of production at the end of the period stood at € 49.39 million, up 27.1% from the 1H22A figure of € 38.85 million. EBITDA at the end of 1H23A amounted to € 3.65 million, up 26.3% from € 2.89 million in the previous period. Marginality, stood at 7.4% in line with 1H22A and an improvement over the first quarter of 2023 when it stood at 7.1%. EBIT, after depreciation, amortization and write-downs totaling € 1.74 million, stands at € 1.91 million demonstrating a growth of 28.2% compared to the first half of 2022. Net Income, stood at € 0.49 million, down 22.6% from the previous period. In light of the results published in the half-year report 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 €100.00 million and an EBITDA of €7.35 million, corresponding to a margin of 7.4%. For subsequent years, we expect value of production to increase to € 144.00 million (CAGR 22A-25E: 20.4%) in FY25E, with EBITDA of € 11.95 million (corresponding to a margin of 8.3%), up from € 6.31 million in FY22A (corresponding to an EBITDA margin of 7.7%). We carried out the valuation of the equity value of Spindox 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 € 105.9 million. The equity value of Spindox using market multiples comes out to be € 86.4 million (including a discount of 25.0%). This results in an average equity value of € 96.1 mln. The target price is € 16.00, BUY rating and MEDIUM risk. |