| Revenues amounted to € 9.91 million, compared to a value of € 8.48 million reported at the end of 2021 (+16.8%), slightly higher than the value estimated in our previous report, equal to € 9.80 million. EBITDA, equal to € 2.68 million, saw an increase of 8.3% compared to € 2.47 million in the previous year, slightly down on our expectation of € 2.80 million. The EBITDA Margin is therefore equal to 27.0%, compared to 29.2% in FY21A, and to our estimate of 28.6%. Finally, Net Income came in at € 1.41 million, slightly down on the estimated € 1.90 million, and down on the previous year (€ 1.68 million in FY21A). In light of the results published in the annual report for FY22A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate FY23E Revenues of € 20.60 million, and an EBITDA of € 3.95 million, corresponding to a margin of 19.2%. In the following years, we expect the value of Revenues to rise to € 26.00 million (CAGR 22Y-25E: 37.9%) in FY25E, with EBITDA equal to € 5.65 million (corresponding to a margin of 21.7%), up from € 2.68 million in FY22A (corresponding to an EBITDA margin of 27.0%). 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 € 59.1 million. Using market multiples, the equity value of IDNTT is € 42.6 million (including a 25% discount). The result gives an average equity value of approximately € 50.9 million. The target price is € 6.80, with a BUY rating, and MEDIUM risk. |