| At the end of FY24A, the value of production amounted to € 18.35 million, significantly above both the result recorded in FY23A* (€ 10.52 million, +74.4%) and our previous estimate of € 16.30 million. EBITDA for FY24A totalled € 2.76 million, marking a 29.5% increase compared to € 2.13 million in the previous year, and also exceeding our earlier estimate of € 2.45 million. EBIT, after amortisation and depreciation of € 2.17 million, amounted to € 0.59 million (€ 0.48 million in 2023 pro forma), resulting in an EBIT margin of 3.2%, compared to 4.6% in FY23A*. Net Income at the end of the period was € 0.07 million, slightly down from € 0.13 million in FY23A*. As outlined in the press release on FY24A annual results, the Group is expected to increasingly shift toward an approach focused on innovation and the development of technologically advanced products applied to the eyewear sector. In this context, we estimate a value of production for FY25E of € 18.50 million and an EBITDA of € 2.80 million, corresponding to a margin of 15.1%. In the following years, we expect the value of production to rise to € 22.50 million by FY27E (CAGR 24A–27E: 7.0%), with EBITDA amounting to € 3.55 million (corresponding to a margin of 15.8%), up from € 2.76 million in FY24A (with an EBITDA margin of 15.1%). Regarding the balance sheet, we estimate a NFP of € 5.49 million in debt for FY27E. We conducted the equity value assessment of iVision Tech based on the DCF methodology and the multiples of a selected peer group of comparable companies. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of € 21.9 million. The equity value of iVision Tech based on market multiples amounts to € 24.8 million. This results in an average equity value of approximately € 23.4 million. The target price is € 3.00, with a BUY rating and MEDIUM risk level. |
