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Research, Update 13 Dec 2022

UPDATE – 26.10.2022

In the half-year financial report as of 30 June 2022, Crowdfundme reports that it recorded sales revenues of approximately € 0.53 million, with a value of production of € 0.58 million. EBITDA was negative for approximately – € 0.06 million, worsening compared to the positive value recorded in the first half of 2021 of € 0.03. The EBITDA margin was going from 4.5% in 1H21A to -9.9% in the current fiscal year. EBIT, after amortization and depreciation of € 0.12 million, amounted to – € 0.18 million, compared to 1H21A, equal to – € 0.09 million. Net Income was also negative, equal to – € 0.18 million. The NFP was cash-positive and equal to € 0.57 million, slightly worsening compared to the value of € 0.99 at year-end 2021.

In light of the results published in the half-yearly report for 1H22A, we confirm our previous estimates both for the current year and for the coming years. In particular, we estimate the FY22E consolidated value of production equal to € 2.20 million, with an EBITDA of € 0.40 million, corresponding to an EBITDA margin of 18.2%. For the next few years, we expect the value of production to increase up to € 5.60 million (CAGR FY21A – FY25E: 40.4%) in FY25E, with EBITDA of € 2.50 million (EBITDA margin of 44.6%), up from € 0.20 million in FY21A (EBITDA margin of 13.9%).

We have conducted the valuation of Crowdfundme’s equity value based on the DCF Method. The DCF method (which in the calculation of the WACC includes for prudential purposes also a specific risk of 2.5%) provides an equity value of € 13.2 million. The target price is € 7.50 (prev. € 8.00) BUY rating and MEDIUM risk.

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