Lindbergh S.p.A. /20.12.2021
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 – 29.09.2022
The value of production amounted to € 11.01 million, an increase of 20.7% compared to the value recorded on 30 June 2021, equal to € 9.12 million. EBITDA on 30 June 2022 amounted to € 1.41 million, up compared to the previous period, when it stood at € 0.08 million. Similarly, the EBITDA margin increased from 0.8% of 1H21A to 12.8% of 1H22A. The Group’s EBIT, after amortization and depreciation of € 0.67 million, amounted to € 0.74 million. With reference to Net Income, the Group managed to change from a loss of € – 0.31 million in 1H21A to a profit of € 0.54 million in 1H22A. The NFP went from € 2.78 million on 31 December 2021 to € 3.38 million at the end of the first half of 2022.
In light of the results published in the half-yearly report for 1H22A, we confirm almost entirely our estimates for both the current year and the coming years. In particular, we estimate the value of production 2022A equal to € 20.50 million and an EBITDA equal to € 2.40 million, corresponding to a marginality of 11.7%. For subsequent years, we expect the value of production to increase up to € 28.15 million (CAGR 21A-25E: 19.8%) in 2025E, with EBITDA of € 5.25 million (corresponding to an EBITDA margin of 18.7%), up from € 2.08 million in 2021A (corresponding to an EBITDA margin of 15.2%). In terms of the Balance Sheet, we estimate an NFP for 2025E cash positive and equal to € 6.07 million.
We have conducted the valuation of Lindbergh equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes also a specific risk of 2.5%) provides an equity value of € 42.6 million. The equity value of Lindbergh using market multiples is equal to € 16.8 million (including a discount of 25%). The result is an average equity value of approx. € 29.7 million. The target price is € 3.50, rating BUY and MEDIUM risk.
Latest Research Lindbergh S.p.A.
UPDATE – 29.09.2022
The value of production amounted to € 11.01 million, an in...