On 07th July 2023 Green Oleo S.p.A. announces that it has received from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 11st July 2023.
The total equivalent of the resources collected through the placement is equal to Euro 5,50 millions.
The enterprise Green Oleo S.p.A. è uno dei principali produttori europei di oleochimica fine da fonti rinnovabili.
Ultima Ricerca Green Oleo S.p.A.
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UPDATE – 21.10.2024
Green Oleo, in its financial report as of December 31, 2023, recorded a value of production of € 62.58 million, of which € 60.57 million attributable to sales revenues, € 2.61 million related to a negative change in inventories, and € 4.62 million representing the item of other revenues. EBITDA amounted to € 1.55 million, corresponding to an EBITDA margin of 2.5% on the value of production. EBIT, considering the above, came in with a negative value for 2023, equal to € -1.26 million, after depreciation and amortization of € 2.81 million. Net Income was negative, equal to € -0.59 million.
In light of the FY23A results, we have modified our estimates for both the current year and the following years. In particular, we now estimate an FY24E value of production of € 67.20 million, and an EBITDA of € 4.70 million, corresponding to a margin of 7.0%. In the following years, we expect the value of production to reach € 81.50 million in FY26E, with EBITDA equal to € 6.10 million (corresponding to an EBITDA margin of 7.5 %), up from the value of € 1.55 million in FY23A (corresponding to an EBITDA margin of 2.5%).
We conducted our valuation of the equity value of Green Oleo based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk equal to 2.5% in the calculation of the WACC) returned an equity value of € 78,1 million. Using market multiples, the equity value of Green Oleo is € 45.0 million (including a 25.0% discount). The result gives an average equity value of approximately € 61,6 million. The target price is € 1.90 (prev. € 2.65), with a BUY rating, and MEDIUM risk.As of June 30th, 2024, the value of production amounts to € 37.51 million, marking an 8.5% increase compared to € 34.56 million in 1H23A. EBITDA stands at € 2.14 million, showing a 104.2% increase compared to € 1.05 million in 1H23A. The EBITDA margin for the semester is 5.7%, which also represents significant growth compared to the 3.0% registered in 1H23A. EBIT is € 0.73 million, a sharp improvement compared to – € 0.16 million in 1H23A. Net income is € 0.08 million, remaining largely consistent with the 1H23A figure of € 0.12 million. On the balance sheet, an improvement in the NFP is evident, decreasing from € 14.35 million as of December 31st, 2023, to € 12.23 million in 1H24A.
In light of the 1H24A financial results, we are slightly adjusting our estimates for both the current year and the coming years. Specifically, we estimate a FY24E value of production of € 67.50 million and an EBITDA of € 4.25 million, corresponding to a margin of 6.3%. For the following years, we expect the value of production to increase to € 82.20 million (CAGR 23A-26E: 9.5%) by FY26E, with EBITDA reaching € 6.15 million (corresponding to a margin of 7.5%), compared to € 1.55 million recorded in FY23A (corresponding to an EBITDA margin of 2.5%).
We conducted the equity value assessment of Green Oleo based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, in the WACC calculation, prudentially includes a specific risk of 2.5%) returns an equity value of € 76.8 million. The equity value of Green Oleo using market multiples is € 52.5 million (including a 25.0% discount). This results in an average equity value of approximately € 64.7 million. The target price is € 2.00 (prev. € 1.90), with a BUY rating and a MEDIUM risk.
Ultime Ricerche Green Oleo S.p.A.
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UPDATE – 21.10.2024
Green Oleo, in its financial report as of December 31, 2023,...
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UPDATE – 17.04.2024
Green Oleo, in its financial report as of December 31, 2023,...
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UPDATE – 29.09.2023
Green Oleo, in its financial statement as of June 30th, 2022...
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BREAKING NEWS – 18.09.2023
In a press release of September 13th, Green Oleo SpA, one of...