E-Globe S.p.A. /07.08.2023

Ultima Ricerca E-Globe S.p.A.

• UPDATE – 18.10.2024

  Revenue for 1H24A stands at €10.55 million, a decrease of 19.3% compared to €13.08 million in 1H23A. EBITDA amounts to €0.45 million, a decline of 81.2% compared to 1H23A, when it was €2.41 million. EBITDA margin, at 4.2%, also shows a decrease compared to the 18.2% margin in the first half of 2023. EBIT, after amortization and impairments of €0.20 million, stands at €0.25 million, down 89.1% compared to 1H23A’s result of €2.33 million. EBIT margin for 1H24A is 2.3%, versus 17.6% for 1H23A. The total Net Income amounts to €0.30 million compared to €0.43 million recorded in 1H23A. On the balance sheet side, the NFP for the semester amounts to approximately €0.80 million in debt, compared to the cash positive €1.63 million of FY23A.  In particular, in light of the results published in the half-year report for 1H24A, we are revising our estimates both for the current year and for the upcoming years. Specifically, we estimate the Value of Production for FY24E at €30.45 million and EBITDA of €3.35 million, corresponding to a margin of 11.0%. For the following years, we expect the Value of Production to increase to €42.65 million (CAGR 23A-26E: 12.6%) in FY26E, with EBITDA amounting to €6.55 million (corresponding to a margin of 15.4%), up from €5.41 million in FY23A (with an EBITDA margin of 18.1%). On the balance sheet, we estimate a NFP of €1.81 million in debt for FY24E. We conducted our valuation of the equity value of E-Globe 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 €36.1 million. The target price is € 2.00, with a BUY rating and MEDIUM risk.

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