Green Oleo S.p.A.
7/07/2023

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.
Last research Green Oleo S.p.A.
UPDATEIn FY24A, Green Oleo recorded a production value of €72.12 million, of which €71.24 million was attributable to sales revenues, €-0.02 million related to the negative change in inventories, and €0.90 million referred to other revenues and income. EBITDA amounted to €3.00 million, corresponding to an EBITDA margin of 4.2% on the production value. EBIT showed a negative figure for 2024, amounting to €-0.37 million, due to D&A of €2.85 million and provisions of €0.51 million. Net Income was negative, amounting to €-1.00 million. Net Financial Position stood at €11.91 million, improving from €14.35 million in the previous year. In light of the results published in the annual report for FY24A, we are revising our estimates for the current year as well as for the coming years. Specifically, we estimate a production value of € 75.00 million for FY25E and an EBITDA of € 3.70 million, with an EBITDA margin of 4.9%. For the following years, we forecast a progressive increase in the production value, reaching € 83.40 million in FY27E (CAGR 24A–27E: 5.0%) and an EBITDA of € 7.35 million (EBITDA margin of 8.8%), up from € 3.00 million in FY24A (margin of 4.2%). At the balance sheet level, we estimate a NFP of € 7.34 million for FY27E. We conducted the equity valuation of Green Oleo based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of €62.8 million. The equity value of Green Oleo based on market multiples amounts to €37.2 million. This results in an average equity value of approximately €50.00 million. The target price is €1.55, with a BUY rating and MEDIUM risk. |