| During the year, the Group recorded revenues of € 59.17 million, marking a 13.4% increase compared to the previous year’s result of € 51.19 million. The EBITDA for the period was € 7.66 million, showing a substantial growth of 25.9% compared to the FY22A figure of € 6.08 million, thus marking a margin on production value of 12.9% (up from 11.7% in FY22A). EBIT, after depreciation and amortization totaling € 4.66 million, amounted to € 3.00 million, compared to € 2.31 million in 2022. Consequently, the EBIT margin also increased from 4.4% to 5.1%. Net income was also positive at € 1.96 million, marking an increase from € 1.75 million recorded in the previous year. In light of the results published in the annual report for FY23A, we are slightly adjusting our estimates for the current year and the coming years. Specifically, we estimate a consolidated production value for FY24E of € 61.50 million and an EBITDA of € 7.75 million, corresponding to a margin of 12.9%. For the following years, we expect the production value to increase to € 70.00 million (CAGR 23A-26E: 4.5%) by FY26E, with an EBITDA of € 9.25 million (corresponding to a margin of 13.5%), an increase from € 7.66 million in FY23A (which corresponded to an EBITDA margin of 12.9%) We conducted the equity value assessment of Vimi Fasteners using the DCF methodology and the multiples from a sample of comparable companies. The DCF method, which includes a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 37.8 million. The equity value of Vimi Fasteners using market multiples is approximately € 37.1 million (including a 25.0% discount). This results in an average equity value of about € 37.4 million. The target price is € 2.75, with a BUY rating and MEDIUM risk. |