| Revenues reached € 3.59 million, an increase of 13.1% compared to the previous period when they amounted to € 3.17 million, but lower than our estimates of € 4.40 million. EBITDA as of December 31, 2022 amounted to € 0.30 million and was lower than both the 2021 result of € 1.31 million and our previous estimates of € 2.28 million. EBITDA margin decreased to 6.1% compared to 35.1% in FY21A and 44.7% in our estimates, mainly due to investments in Marketing and Communication and a growth of the workforce. Net income for FY2022 amounted to € 0.10 million, down from € 0.47 million in the previous year and lower than our estimates of € 1.06 million. NFP amounted to € 0.62 million (cash positive), a deterioration compared to the result achieved in 2021 of € 3.16 million (cash positive) In accordance to the published results for FY22A, we review our estimates for both the current year and the years to come. In particular, we estimate FY23E revenues to € 5.40 million, and EBITDA of € 2.05 million, corresponding to an EBITDA margin of 35.0%. Over the next few years we expect revenues to increase up to € 13.20 million (CAGR 22A-25E: 54.4%) in FY25E, and EBITDA of € 5.45 million (corresponding to an EBITDA margin of 39.9%). At balance sheet level we estimate an improvement of NFP which, according to our estimates, will reach a value of € 7.34 million (cash positive) in FY25E. We have conducted the valuation of Finanza,Tech’s equity value based on the DCF methodology. The DCF method (which in the calculation of the WACC also includes a specific risk of 2.5% for prudential purposes) provides an equity value of € 38.6 million. The target price is therefore 2.90 (prev. 3.00), we confirm BUY rating and MEDIUM risk. |