The value of production amounted to € 19.48 million, up from € 15.84 million at the end of 2022 and the € 18.90 million estimated in our previous report. EBITDA, equal to € 3.35 million, recorded a growth of 35.3% compared to the figure of € 2.48 million for the previous year, and was lower than our estimate of € 3.80 million. The EBITDA margin, equal to 17.2%, also grew compared to the 2022 figure (15.6%), and came in below our previous estimate of 20.1%. EBIT, after depreciation and amortization of € 2.32 million (down by 23.3% compared to 2022), was € 1.03 million, compared to the negative value of € -0.55 million for previous financial year. Net Income stands at € 0.49 million, compared to € -0.62 million in 2022.
In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the following years. In particular, we estimate an FY24E value of production of € 26.00 million, and an EBITDA of € 5.20 million, corresponding to a margin of 20.0%. In the following years, we expect the value of production to reach € 34.00 million (CAGR 23A-26E: 20.4%) in FY26E, with EBITDA equal to € 8.50 million (corresponding to a margin of 25.0%), up from € 3.35 million in FY23A (corresponding to an EBITDA margin of 17.2%).
We conducted our valuation of the equity value of ABTG based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of € 38.8 million. The target price is € 7.20, with a BUY rating and MEDIUM risk.