Tech-Value
1/08/2014
On 01 August 2014 Tech-Value obtained from Borsa Italiana admission to listing on the AIM Italia market. Contextual placement on the AIM Italy market of the “Warrant Tech-Value 2014-2017” distributed free of charge to all partners. Integrae SIM is a Nomad and Global Coordinator of the operation. The total collection was equal to € 1.7 million, which was a total increase in capital.
The placement price is equal to € 4.15.
The enterprise. Tech-Value S.p.A., a company based in Milan, is a company active in the provision of IT services for intensive engineering companies in the manufacturing sector. FOLLOW THE TREND OF THE SECURITY
Ultima Ricerca Tech-Value
UPDATE| In 2024, Litix recorded a value of production of € 6.44 million, marking an 18.5% increase compared to FY23A, although below expectations. The performance was mainly driven by the Robotor Business Unit, which doubled its sales, contributing € 3.40 million, while Aivox generated € 0.72 million in its first full year of operations. Conversely, the Torart BU experienced a decline to € 2.00 million due to project delays related to the availability of suitable materials. EBITDA stood at € 0.78 million, with a margin contracting to 12.1%, affected by increased operating costs and a lower share of high-margin revenues. EBIT amounted to € 0.24 million, while Net Income reached € 0.12 million. The Net Financial Position (NFP) significantly improved, reaching € -0.11 million (cash positive), supported by proceeds from the EGM listing. Following the FY24A results reported in the annual financial statements, we have revised our estimates for the current and upcoming years. Specifically, we now project a value of production for FY25E of € 7.50 million and an EBITDA of € 1.35 million, corresponding to a margin of 18.0%. For the following years, we expect the value of production to increase up to € 11.50 million by FY27E (CAGR 24A–27E: 21.3%), with EBITDA reaching € 3.05 million (margin of 26.5%), up from € 0.78 million in FY24A (EBITDA margin of 12.1%). At the balance sheet level, we estimate a cash positive NFP of € 2.45 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 € 17.7 million. The market multiples method indicates an equity value of € 15.7 million. The resulting average equity value is approximately € 16.7 million. Our target price is € 2.50, with a BUY rating and MEDIUM risk profile. |
