Litix S.p.A.

9/02/2026

On 4 July 2024, LITIX S.p.A. obtained the admission of its shares to trading on the Euronext Growth Milan market, organised and managed by Borsa Italiana. Trading commenced on 8 July 2024.

Business activity. An Innovative SME that combines art, technology, tradition and innovation, operating through three business units and offering solutions ranging from the design and construction of robotic islands for marble and other material processing, to the creation of sculptures and other works of art and design, as well as the development of hardware and software for additive manufacturing and other processing techniques.

Last research Litix S.p.A.

UPDATE

In 1H25A, the Group recorded a Value of Production of € 2.95 million (vs € 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. The Torart division maintained a stable performance with € 1.25 million in revenue (vs € 1.40 million), supported by new projects, while Robotor generated € 0.42 million (vs € 1.86 million), delivering three robotic systems during the period. Aivox contributed € 0.21 million, consolidating growth in the technology and biomedical sectors through the More for Neuro project. At the end of the period, work in progress totaled € 3.87 million, ensuring strong visibility on 2H25 revenues. EBITDA amounted to € 0.37 million (vs € 0.61 million), with an EBITDA margin of 12.5% (vs 17.8%). EBIT stood at € 0.08 million (vs € 0.26 million), with an EBIT margin of 2.6%, while Net Income was € 0.05 million (vs € 0.26 million). The NFP moved from € -0.11 million cash positive to € 0.82 million in debt.

In light of the results published in the 1H25A report, we have revised our estimates for both the current and future years. Specifically, we now estimate a Value of Production for FY25E of € 6.50 million and an EBITDA of € 0.85 million, corresponding to a margin of 13.1%. For the following years, we expect the Value of Production to reach € 9.50 million by FY27E (CAGR 24A–27E: 13.9%), with an EBITDA of € 1.45 million (margin of 15.3%), up from € 0.78 million in FY24A (margin of 12.1%). At the balance sheet level, we forecast a cash-positive NFP of € 1.25 million by FY27E. We conducted the equity valuation of Litix using both the DCF method and a market multiples approach based on a peer group of comparable companies. The DCF method (which prudently includes a 2.5% specific risk premium in the WACC calculation) yields an equity value of € 12.9 million. The market multiples method indicates an equity value of € 11.1 million. The resulting average equity value is approximately € 12.0 million. Our target price is € 1.80, with a BUY rating and MEDIUM risk profile.