Lindbergh S.p.A.
On December 16, 2021, Lindbergh S.p.A. announces that it has received today 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 20 December 2021.
The total equivalent of the resources collected through the placement is equal to Euro 4,547,500.
The enterprise Lindbergh S.p.A. operates in the Field Service Management sector, whose activities fall within the Maintenance, Repair & Operations (MRO) market. Operating in Italy and France, Lindbergh specializes in night delivery for maintenance technicians in industry and manufacturing, but over the years has expanded its service area and is currently active through three transversal Business Units: Network management (core business), which concerns the sale to itinerant maintenance technicians of services and products, provided by overnight delivery directly onboard vehicles in use (in-boot in-night service by 7 am); Waste management, which concerns the management service of all procedures concerning the life cycle of waste, including special ones; Warehouse management, which manages the execution of logistics and storage operations concerning new and used forklifts of clients.
Ultima Ricerca Lindbergh S.p.A.
UPDATE| In FY24A, the value of production amounted to € 24.13 mln, down from € 26.91 mln in 2023, mainly due to the deconsolidation of Lindbergh France. EBITDA grew by 26.3% year-on-year, reaching € 4.33 mln, with a significant improvement in the EBITDA margin to 17.9%, thanks to the exit from low-margin activities. EBIT stood at € 2.36 mln, up from the previous year, while Net Income from continuing operations reached € 1.62 mln. Discontinued operations reported a loss of € 1.59 mln, bringing the overall net result to € 0.02 mln. Net Financial Position improved slightly, shifting from € 3.79 mln in debt in FY23A to € 3.42 mln in FY24A. In light of the results published in the FY24A annual report, we have revised our estimates for both the current and future years. Specifically, we estimate FY25E production value at € 33.00 mln and EBITDA at € 5.30 mln, corresponding to a margin of 16.1%. In the following years, we expect production value to rise to € 43.10 mln in FY27E (CAGR 24A–27E: 21.3%), with EBITDA reaching € 7.40 mln (margin of 17.2%), up from € 4.33 mln in FY24A (EBITDA margin of 17.9%). On the balance sheet side, we forecast a cash-positive Net Financial Position of € 2.92 mln for FY27E. We have assessed Lindbergh’s equity value based on both the DCF methodology and a sample of comparable companies’ market multiples. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of € 58.4 mln. The market multiples approach results in an equity value of € 38.9 mln. The average equity value is therefore approximately € 48.7 mln. The target price is set at € 5.00, with a BUY rating and MEDIUM risk. |
