| The company’s revenues came in at € 3.18 million, marking an increase of 30.8% compared to the 1H22A figure of € 2.43 million. EBITDA came in negative by € 0.45 million, worsening compared to the 1H22A figure, negative by € 0.15 million. EBIT, after depreciation and amortization of € 0.33 million, stood at a value of € -0.78 million, worsening compared to the 1H22A figure of € -0.47 million. Net Income came in at € -0.61 million, compared to a loss of € -0.45 million in 1H22A. The NFP is cash positive by € 0.51 million, showing an improvement compared to the 2022 year-end cash positive figure of € 0.45 million. In light of the published 1H23A half-year results, we have updated our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of € 7.20 million, and an EBITDA of € -0.50 million, corresponding to a margin of -7.4%. In the following years, we expect the value of production to rise to € 11.30 million (CAGR 22A-25E: 20.3%) in FY25E, with EBITDA equal to € 2.35 million (corresponding to a margin of 21.4%), up from € -0.34 million in FY22A (corresponding to an EBITDA margin of -5.8%). We conducted our valuation of the equity value of ICC 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 € 15.8 million. The target price is € 3.30 (prev. € 4,20), with BUY rating and MEDIUM risk. |