| In FY24A, the value of production amounted to € 24.13 mln, down from € 26.91 mln in 2023, mainly due to the deconsolidation of Lindbergh France. EBITDA grew by 26.3% year-on-year, reaching € 4.33 mln, with a significant improvement in the EBITDA margin to 17.9%, thanks to the exit from low-margin activities. EBIT stood at € 2.36 mln, up from the previous year, while Net Income from continuing operations reached € 1.62 mln. Discontinued operations reported a loss of € 1.59 mln, bringing the overall net result to € 0.02 mln. Net Financial Position improved slightly, shifting from € 3.79 mln in debt in FY23A to € 3.42 mln in FY24A. In light of the results published in the FY24A annual report, we have revised our estimates for both the current and future years. Specifically, we estimate FY25E production value at € 33.00 mln and EBITDA at € 5.30 mln, corresponding to a margin of 16.1%. In the following years, we expect production value to rise to € 43.10 mln in FY27E (CAGR 24A–27E: 21.3%), with EBITDA reaching € 7.40 mln (margin of 17.2%), up from € 4.33 mln in FY24A (EBITDA margin of 17.9%). On the balance sheet side, we forecast a cash-positive Net Financial Position of € 2.92 mln for FY27E. We have assessed Lindbergh’s equity value based on both the DCF methodology and a sample of comparable companies’ market multiples. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of € 58.4 mln. The market multiples approach results in an equity value of € 38.9 mln. The average equity value is therefore approximately € 48.7 mln. The target price is set at € 5.00, with a BUY rating and MEDIUM risk. |
