iVision Tech S.p.A.
1/08/2023
On 01st August 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 03rd July 2023.
The total equivalent of the resources collected through the placement is equal to Euro 2,00 millions.
The enterprise iVision Tech S.p.A. è una PMI Innovativa e realtà d’eccellenza del manufacturing «Made in Italy» attiva nella progettazione e produzione di montature di occhiali da vista e occhiali da sole in acetato, nonché di occhiali combinati.
Last research iVision Tech S.p.A.
UPDATE| In 1H26A, Value of Production stood at € 12.88 million, up 18.6% compared to € 10.86 million in 1H25A, supported by the evolving production mix in eyewear and the growing contribution from the electronics segment, in line with the Group’s industrial and technological diversification strategy. Revenues reached € 10.00 million, up 31.2% compared to € 7.62 million in the comparable period, benefiting from the growth in full-service production and the consolidation of D.E.C. Elettronica. EBITDA stood at € 1.75 million, compared to € 1.84 million in 1H25A (-4.5%), with an EBITDA margin of 13.6%, down from 16.9% in the previous period, reflecting the higher incidence of direct costs, the evolution of the business mix and competitive pressures in the eyewear segment. Excluding positive extraordinary items, Adjusted EBITDA nevertheless improved to € 1.37 million compared to € -0.61 million in 1H25A. EBIT stood at € 0.31 million, compared to € 0.40 million in the comparable period, while consolidated Net Income was substantially at break-even, compared to € 0.03 million in 1H25A. From a balance sheet perspective, NFP increased to € 9.27 million of debt compared to € 8.56 million as of December 31, 2025, mainly reflecting higher working capital requirements and investments related to the expansion and diversification of the Group’s industrial perimeter. In light of the 1H26A results and the still challenging market environment for the eyewear sector, we revise our estimates across the plan period. In particular, for FY26E we estimate Value of Production at € 22.50 million, supported by the consolidation of D.E.C. Elettronica and the progressive contribution of Sharbie. EBITDA is expected at € 3.15 million, with an EBITDA margin of 14.0%, reflecting the higher contribution of electronics activities, which are structurally characterized by lower margins than eyewear, as well as competitive pressures and procurement costs. For the following years, we expect progressive growth, with Value of Production reaching € 25.50 million in FY28E (2025A-2028E CAGR: 7.2%) and EBITDA of € 3.85 million, corresponding to a margin of 15.1%, supported by improved operating efficiency and the development of synergies among the Group companies. From a balance sheet perspective, we estimate FY26E NFP at € 9.51 million of debt. We valued iVision Tech’s equity value using both the DCF methodology and the market multiples of a sample of comparable companies. The DCF method, which prudentially includes a 2.5% specific risk premium in the WACC calculation, yields an equity value of € 26.0 million. iVision Tech’s equity value based on market multiples amounts to € 22.0 million. This results in an average equity value of approximately € 24.0 million. The target price is € 2.80, with a BUY rating and MEDIUM risk. |
