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.
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UPDATE – 04.10.2023
Leggi il pdfThe value of production at the end of the period considered stood at € 13.16 million, marking a notable growth of 19.5%, compared to the equivalent figure for 1H22A, which stood at € 11.01 million. EBITDA, equal to € 1.82 million, saw a significant increase of 29.6%, compared to the value of the first half of 2022 (€ 1.41 million). EBIT amounted to € 1.03 million (€ 0.74 million in 1H22A), with an EBIT margin equal to 7.8%, up compared to the equivalent figure for 1H22A, in which EBIT stood at € 0.74 million, and the EBIT margin was approximately 6.7%. The Net Income of the Group came in at € 0.76 million, compared to € 0.54 million reported in 1H22A. NFP went from € 3.14 million of debt in FY22A to € 3.80 million of debt in 1H23A.
In light of the results published in the half-year report for 1H23A, we can almost fully confirm our estimates for both the current year and the coming years. In particular, we estimate the FY23E value of production at € 26.00 million, with EBITDA of € 3.45 million, corresponding to a margin of 13.3%. In the following years, we expect the value of production to rise to € 33.20 million (CAGR 22Y-25E: 13.5%) in FY25E, with EBITDA equal to € 6.00 million (corresponding to a margin of 18.1%), up from € 2.81 million in FY22A (corresponding to an EBITDA Margin of 12.4%).
We conducted our valuation of the equity value of Lindbergh based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 47.0 million. Using market multiples, the equity value of Lindbergh is estimated at € 31.1 million (including a discount of 25%). The result is an average equity value of approximately € 39.1 million. The target price is € 4.60, with a BUY rating, and MEDIUM risk.
Latest Research Lindbergh S.p.A.
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UPDATE – 04.10.2023
The value of production at the end of the period considered ...
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UPDATE – 29.09.2022
The value of production amounted to € 11.01 million, an in...