| Sales revenues in 1H23A amounted to € 13.08 million, up 12.5% compared to € 11.62 million in 1H22A. EBITDA for the half-year came to € 2.41 million, slightly down by -12.3%, compared to € 2.75 million in 1H22A, with a EBITDA margin equal to 18.2%, compared to the margin of 23.6% in the first half-year of 2022. EBIT, after depreciation and amortization of € 0.08 million, was € 2.33 million, marking a decrease of -13.7% compared to the 1H22A result of € 2.70 million. The company’s overall Net Income stands at € 0.43 million, compared to € 1.24 million recorded in 1H22A. From the point of view of capital, the NFP for the half-year amounted to approximately € 1.16 million of debt, compared to a cash positive € 1.00 million in FY22A. In light of the published 1H23A half-year results, we partially confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of € 33.00 million, and an EBITDA equal to € 8.30 million, corresponding to a margin of 25.2%. In the following years, we expect the value of production to rise to € 50.30 million (CAGR 22A-26E: 16.8%) in FY26E, with EBITDA equal to € 14.20 million (corresponding to a margin of 28.2%), up from € 7.15 million in FY22A (corresponding to an EBITDA margin of 26.4%). On the balance sheet, for FY23E, we estimate a cash positive NFP of € 6.61 million. We conducted our valuation of the equity value of E-Globe based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 62.2 million. The target price is € 3.45, with a BUY rating and MEDIUM risk. |