| The value of production for the first half of 2024 stands at €9.09 million, compared to approximately €9.80 million in 1H23A, marking a decrease of 7.2%. EBITDA, amounting to €1.10 million, shows a decline of 17.0% compared to €1.33 million in the first half of 2023. The EBITDA Margin stands at 12.1%, lower than the 13.6% recorded in 1H23A. EBIT, after depreciation and amortization amounting to €0.236 million, reaches €1.88 million (€1.07 million in 1H23A). Net Income stands at €0.55 million (€0.69 million in 1H23A), recording a decrease of about 21.1% compared to the first half of 2023. In light of the results published in the 1H24A report, we confirm almost entirely our estimates for both the current year and the coming years. In particular, we estimate FY24E revenues at €18.00 million and EBITDA at €2.05 million, corresponding to a margin of 11.4%. For the following years, we expect revenues to increase to €21.00 million (CAGR 23A-26E: 5.7%) in FY26E, with EBITDA amounting to €2.65 million (corresponding to a margin of 12.6%), compared to €2.29 million in FY23A (corresponding to an EBITDA margin of 12.9%). On the balance sheet, we estimate a NFP for FY24E at €1.17 million in debt. We carried out the valuation of the equity value of Saccheria F.lli Franceschetti on the basis of 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 € 23.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated to be € 17.2 million (including a 25% discount). The results give an average equity value of approximately € 20.4 million. The target price is € 2.30, with a BUY rating, and MEDIUM risk. |