| The Value of Production for the first half of 2025 remained substantially unchanged compared to € 18.04 million recorded in the same period of 2024, confirming the Group’s resilience despite the ongoing crisis in the publishing market, particularly in the segment of printed copies sold at newsstands. In 1H25A, EBITDA stood at € 1.05 million, slightly down from € 1.42 million in 1H24A, with a margin of 5.8% (7.9% in 1H24A). EBIT, after amortization and depreciation of € 2.29 million, amounted to € –1.25 million, substantially in line with the result of the first half of 2024 (€ –1.20 million), reflecting the continuation of the investment plan. In 1H25A, Net Income was negative at € –1.60 million, compared to € –1.13 million recorded in the first half of 2024. Finally, from a balance sheet perspective, in 1H25A the NFP stood at € 4.65 million in debt, worsening compared to € 3.42 million in debt at the end of 2024, due to higher investments carried out. In light of the results published in the interim report for 1H25A, we have revised our estimates for the current year and the following years. In particular, we estimate FY25E revenues of € 31.50 million and EBITDA of € 3.90 million, corresponding to a margin of 10,4%. For the following years, we expect revenues to increase to € 40.50 million (CAGR 24A–27E: 9.9%) in FY27E, with EBITDA reaching € 8.40 million (corresponding to a margin of 17,9%), up from € 3.71 million in FY24A (corresponding to an EBITDA margin of 10.3%). From a financial standpoint, we estimate FY27E NFP at € 0.63 million in debt. We conducted SEIF’s equity value assessment using both the DCF methodology and a multiples comparison with a sample of peer companies. The DCF method (which prudently includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of € 10,4 million. SEIF’s equity value based on market multiples amounts to € 6,3 million. The resulting average equity value is approximately € 8,3 million. The target price is € 0.37, with a BUY rating and MEDIUM risk. |
