{"id":13622,"date":"2022-12-08T13:33:26","date_gmt":"2022-12-08T12:33:26","guid":{"rendered":"https:\/\/integrae.it\/?p=13622"},"modified":"2022-12-08T13:35:33","modified_gmt":"2022-12-08T12:35:33","slug":"update-29-09-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-29-09-2022\/","title":{"rendered":"UPDATE – 29.09.2022"},"content":{"rendered":"\n

The value of production amounted to \u20ac 11.01 million, an increase of 20.7% compared to the value recorded on 30 June 2021, equal to \u20ac 9.12 million. EBITDA on 30 June 2022 amounted to \u20ac 1.41 million, up compared to the previous period, when it stood at \u20ac 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 \u20ac 0.67 million, amounted to \u20ac 0.74 million. With reference to Net Income, the Group managed to change from a loss of \u20ac – 0.31 million in 1H21A to a profit of \u20ac 0.54 million in 1H22A. The NFP went from \u20ac 2.78 million on 31 December 2021 to \u20ac 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 \u20ac 20.50 million and an EBITDA equal to \u20ac 2.40 million, corresponding to a marginality of 11.7%. For subsequent years, we expect the value of production to increase up to \u20ac 28.15 million (CAGR 21A-25E: 19.8%) in 2025E, with EBITDA of \u20ac 5.25 million (corresponding to an EBITDA margin of 18.7%), up from \u20ac 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 \u20ac 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 \u20ac 42.6 million. The equity value of Lindbergh using market multiples is equal to \u20ac 16.8 million (including a discount of 25%). The result is an average equity value of approx. \u20ac 29.7 million. The target price is \u20ac 3.50, rating BUY and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The value of production amounted to \u20ac 11.01 million, an increase of 20.7% compared to the value recorded on 30 June 2021, equal to \u20ac 9.12 million. EBITDA on 30 June 2022 amounted to<\/p>\n","protected":false},"author":5,"featured_media":12062,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[172],"class_list":["post-13622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-lindbergh-en"],"acf":[],"yoast_head":"\nUPDATE - 29.09.2022 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-29-09-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 29.09.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production amounted to \u20ac 11.01 million, an increase of 20.7% compared to the value recorded on 30 June 2021, equal to \u20ac 9.12 million. 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