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6 Jul 2022

Solid World Group S.p.A. /06.07.2022

On 1 July 2022 Solid World Group 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 06 July 2022.

The enterprise Solid World Group S.p.A. is the head of a group of 11 companies founded in the early 2000s by engineer Roberto Rizzo. The Group is a leader in the development and integration of the most modern and complete 3D digital technologies, in the field of software and hardware, within manufacturing companies to support and accelerate their transformation toward Factory 4.0.

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  • SolidWorld Group UPDATE – 05.10.2023
    In the consolidated report as of June 30th, 2023, the Group reports consolidated revenues of € 33.14 million, up 9.3% compared to the 1H22A figure of € 30.31 million, confirming its growth path. EBITDA for the period amounted to € 2.76 million, marking an increase of 11.6% over the 1H22A figure of € 2.47 million and reporting a margin on value of production of 7.8%, in line with the previous year. EBIT, on the other hand, amounted to € 1.19 million, with EBIT Margin decreasing from 3.7% in 1H22A to the current 3.4%, due to a slight increase in D&A as a result of the investments made in the first part of the fiscal year. Net Income was also positive, € 0.43 million, up from the 1H22A figure of € 0.32 million. 

    In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production equal to € 65.50 million with EBITDA of € 5.20 million, corresponding to a margin of 7.9%, slightly decreasing from the previous expectations due to integration costs of new acquisitions, especially referring to new personnel. For the following years, we estimate value of production increasing to € 84.00 million (CAGR FY22A – FY25E: 11.4%) in FY25E, with EBITDA of € 8.40 million (margin of 10.0%), up from € 4.02 million in FY22A (margin of 6.6%).

    We conducted our valuation of the equity value of SolidWorld Group on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (which in the calculation of WACC also includes for prudential purposes a specific risk of 2.5%) returns an equity value of € 111.2 mln. The equity value using market multiples turns out to be € 85.4 mln (including a 25% discount). This results in an average equity value of approximately € 98.3 mln. The target price is € 7.00, BUY rating and MEDIUM risk.
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