| As of June 30th, 2024, the Group reported sales revenues of € 15.46 million, marking a 6.5% increase compared to € 14.51 million in the first half of 2023. As of June 30th, 2024, the value of production reached € 18.04 million, showing a slight increase of 5.3% compared to the equivalent figure at the end of the first half of the previous year. EBITDA amounted to € 1.42 million, reflecting an increase of 17.6% compared to the equivalent figure for 1H23A, which was € 1.20 million. The EBITDA Margin for the semester stood at 7.9%, up from the 7.0% figure of 1H23A. EBIT amounted to – € 1.20 million, after depreciation and impairments of € 2.62 million, an increase compared to – € 1.49 million in 1H23A. Net Income stood at – € 1.13 million compared to – € 1.12 million recorded in 1H23A. In light of the results published in the 1H24A half-year report, we are revising our estimates for both the current year and the coming years. Specifically, we estimate a FY24E value of production of €38.00 million and EBITDA of € 3.60 million, corresponding to a margin of 9.5%. For the following years, we expect the value of production to increase to € 50.00 million (CAGR 23A-26E: 13.1%) by FY26E, with EBITDA reaching € 8.60 million (corresponding to a margin of 17.2%), up from € 2.26 million in FY23A (corresponding to an EBITDA margin of 6.5%). We have conducted the valuation of SEIF’s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of € 15.0 million. SEIF’s equity value using market multiples amounts to € 11.9 million (including a 25.0% discount). This results in an average equity value of approximately € 13.5 million. The target price is € 0.60, with a BUY rating and a MEDIUM risk level. |