| In the first half of 2025, revenues amounted to €4.03 million, up 2.1% compared to €3.95 million recorded in 1H24A. EBITDA, as of June 30, 2025, stood at €-0.02 million, showing an improvement over the €-0.09 million recorded in 1H24A. EBIT, after amortization and depreciation of €0.43 million, in line with the same period of the previous year, amounted to €-0.44 million, improving from €-0.50 million in 1H24A. The Net Income for the semester was €-0.39 million, marking a recovery compared to the €-0.43 million loss recorded in the same period of the prior year. From a balance sheet perspective, the Net Financial Position (NFP) as of June 30, 2025, was cash positive at €0.44 million, showing a significant improvement compared to €0.16 million in net debt as of December 31, 2024. In light of the results published in the 1H25A Half-Year Report, we have revised our estimates for both the current year and the coming years. Specifically, we now estimate FY25E revenues of €9.10 million and an EBITDA of €0.50 million, corresponding to a margin of 5.5%. For the following years, we expect revenues to increase to €11.40 million by FY27E (CAGR 24A–27E: 10.4%), with EBITDA reaching €1.75 million, corresponding to a margin of 15.4%, showing a significant improvement compared to €-0.13 million in FY24A (EBITDA margin of -1.5%). From a balance sheet perspective, we expect the Net Financial Position (NFP) to remain substantially stable, at €0.17 million in net debt in FY25E. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 8.6 million. The target price is € 1.80, with a BUY rating and MEDIUM risk. |
