| In 1H25A, the Company reported revenues of € 2.40 million, up 90.0% vs € 1.26 million in 1H24A, driven by the traditional SBUs Imaging and People Support. Imaging remained the main growth driver with € 1.79 million (+113.1%), while People Support reached € 0.50 million (+42.9%); the Mistral and Digital Healthcare SBUs contributed € 0.01 million and € 0.09 million, respectively, both increasing year-on-year. EBITDA was negative at € -0.27 million (vs € -0.16 million), affected by investments in the innovative SBUs and higher service costs (+54.0%) and personnel costs (+53.0%). EBIT stood at € -0.43 million (vs € -0.29 million), and Net Income at € -0.44 million (vs € -0.31 million). NFP was cash positive at € 1.23 million (vs € 2.20 million at FY24A), while the Adjusted NFP was cash positive at € 1.47 million (vs € 3.25 million). In light of the results published in the 1H25A half-year report, we almost fully confirm our estimates for both the current and future years. Specifically, we forecast FY25E Value of Production of € 8.50 million and EBITDA of € 1.00 million, corresponding to a margin of 12.5%. For the following years, we expect the Value of Production to reach € 10.60 million in FY27E (CAGR 24A–27E: 13.0%), with EBITDA of € 1.55 million (margin of 15.3%), up from € 0.81 million in FY24A (margin of 12.2%). At the balance sheet level, we estimate a cash-positive NFP of € 4.76 million for FY27E. We have conducted the equity value assessment of Predict using both the DCF methodology and multiples from a sample of comparable companies. The DCF method (which prudently includes a specific risk factor of 2.5% in the WACC calculation) returns an equity value of € 11.3 mln. The equity value using market multiples stands at € 10.1 mln. The resulting average equity value is approximately € 10.7 mln. The target price is € 1.45, with a BUY rating and MEDIUM risk profile. |
