| In FY24A, the Group recorded revenues of € 22.68 million, marking a 14.7% increase compared to the previous year and exceeding projected estimates. This solid performance was driven by the acquisition of Lunghezza D’Onda and the strong growth of the main business areas. EBITDA reached € 4.00 million (+61.6%), with a significant improvement in profitability (Adjusted EBITDA margin at 17.8%). EBIT stood at € 1.67 million, while Net Income reached € 0.66 million, reflecting a strong recovery from the previous year’s loss. The Group continued its strategic expansion through targeted investments in innovation, artificial intelligence, and technological development, further strengthening its competitive positioning in key market sectors. Following the publication of the FY24A annual report, we have revised our estimates for the current and upcoming years. Specifically, we project FY25E revenues of € 25.50 million and an Adjusted EBITDA of € 5.40 million, corresponding to a margin of 21.2%. Looking ahead, we anticipate revenues to grow to € 30.90 million by FY27E (CAGR 24A-27E: 10.9%), with Adjusted EBITDA reaching € 7.70 million (Adjusted EBITDA margin of 24.9%), up from € 4.04 million in FY24A (Adjusted EBITDA margin of 17.8%). From a financial perspective, we estimate a net cash position (NFP cash positive) of € 0.09 million by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 53.6 million. The market multiples approach results in an equity value of € 32.4 million. Consequently, the average equity value stands at approximately € 43.0 million. The target price is set at € 4.20, with a BUY rating and a MEDIUM risk level. |
