Consolidated total revenues for 2024 amounted to €21.57 million, reflecting an 11.7% increase compared to €19.31 million in the previous year, fully in line with the forecasts outlined in our previous report. In 2024, IDNTT Group’s EBITDA recorded solid growth, reaching €3.73 million versus €3.51 million in the prior year (+8.6%). The EBITDA margin remained robust at 17.3%, showing a slight decrease from 18.2% in 2023, but a marked improvement compared to the 15.5% reported in the first half of the year. EBIT stood at €2.76 million, a slight decline from €2.90 million in 2023. Net Income amounted to €1.16 million, down from €1.69 million in the previous year, reflecting the impact of the aforementioned extraordinary items.
In light of the results published in the annual report for FY24A and the new guidance issued by the Company, we have adjusted our estimates for both the current year and the following years. In particular, we estimate FY25E Revenues of €27.00 million and EBITDA of €4.85 million, corresponding to a margin of 18.0%. For the following years, we expect revenues to increase to €38.00 million (CAGR 24A-27E: 20,8%) in FY27E, with EBITDA reaching €7.55 million (corresponding to a margin of 19.9%), growing from €3.73 million in FY24A (corresponding to an EBITDA margin of 17.3%). On the balance sheet, for FY25E, we estimate a NFP of €1.90 million of debt. We conducted our valuation of the equity value of IDNTT based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of €50.5 million. Using market multiples, the equity value of IDNTT was calculated to be €41.9 million (including a 25% discount). The results give an average equity value of approximately €46.2 million. The target price is €6.00, with a BUY rating and MEDIUM risk. |
