| Consolidated revenues as of 31 December 2024 amounted to €20.00 million, marking an increase of 79.9% compared to the previous year when the Company recorded revenues of €11.12 million (€15.12 million the pro-forma figure for FY23A*). In FY24A, EBITDA stood at €1.26 million, showing solid growth compared to €0.78 million recorded in 2023, with an EBITDA Margin of 6.1%, an improvement over the 5.3% reported in FY23A. EBIT, after depreciation and impairment charges totalling €1.06 million, amounted to approximately €0.21 million, compared to €0.37 million reported in 2023. Net Income was negative at € -0.16 million, down from €0.21 million in FY23A. The Net Financial Position (NFP) in FY24A amounted to €5.13 million of debt, compared to €3.51 million of debt in 2023. In light of the results published in the half-year report for FY24A, we largerly confirm our estimates for both the current year and the coming years. Specifically, we estimate a Value of Production for FY25E of €34.20 million and an EBITDA of €3.50 million, corresponding to a margin of 10.2%. For the following years, we expect the Value of Production to increase to €64.00 million (CAGR 24A-28E: 32.4%) in FY28E, with an EBITDA of €11.20 million (corresponding to a margin of 12.9%), up from €1.26 million in FY24A (with an EBITDA Margin of 6.1%). Lastly, we estimate a net financial position (NFP) for FY25E amounting to €3.99 million of debt. We conducted the valuation of Bellini Nautica’s equity value based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €33.5 million. The target price is €5.25, with a BUY rating and a MEDIUM risk. |
