| Consolidated revenues amounted to € 19.31 million, compared to € 9.91 million recorded at the end of 2022 (up 94.9%), though slightly lower than the value estimated in our previous report of € 20.60 million. EBITDA, equal to € 3.51 million, saw an increase of 30.9% compared to the FY22A figure of € 2.68 million. The EBITDA margin went from 27.0% in FY22A to the current 18.2%, in line with the figure forecast by management. EBIT, after depreciation and amortization of € 0.60 million, came in at € 2.90 million, marking an increase of 26.1% compared to the FY22A figure of € 2.30 million. Net Income amounted to € 1.69 million, up 19.9% from € 1.41 million in FY22A. 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 now estimate FY24A revenues of € 22.30 million, and an EBITDA of € 4.10 million, corresponding to a margin of 18.4%. In the following years, we expect the value of revenues to reach € 27.80 million (CAGR 23A-26E: 12.9%) in FY26E, with EBITDA equal to € 5.60 million (corresponding to a margin of 20.1%), up from € 3.51 million in FY23A (corresponding to an EBITDA margin of 18.2%). 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 € 54.5 million. Using market multiples, the equity value of IDNTT was calculated to be € 44.6 million (including a 25% discount). The results give an average equity value of approximately € 49.6 million. The target price is € 6.60, with a BUY rating and MEDIUM risk. |