{"id":19845,"date":"2023-10-04T08:49:11","date_gmt":"2023-10-04T06:49:11","guid":{"rendered":"https:\/\/integrae.it\/?p=19845"},"modified":"2023-10-04T08:49:13","modified_gmt":"2023-10-04T06:49:13","slug":"update-04-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 04.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production at the end of the period considered stood at \u20ac 13.16 million, marking a notable growth of 19.5%, compared to the equivalent figure for 1H22A, which stood at \u20ac 11.01 million. EBITDA, equal to \u20ac 1.82 million, saw a significant increase of 29.6%, compared to the value of the first half of 2022 (\u20ac 1.41 million). EBIT amounted to \u20ac 1.03 million (\u20ac 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 \u20ac 0.74 million, and the EBIT margin was approximately 6.7%. The Net Income of the Group came in at \u20ac 0.76 million, compared to \u20ac 0.54 million reported in 1H22A. NFP went from \u20ac 3.14 million of debt in FY22A to \u20ac 3.80 million of debt in 1H23A.<br><br>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 \u20ac 26.00 million, with EBITDA of \u20ac 3.45 million, corresponding to a margin of 13.3%. In the following years, we expect the value of production to rise to \u20ac 33.20 million (CAGR 22Y-25E: 13.5%) in FY25E, with EBITDA equal to \u20ac 6.00 million (corresponding to a margin of 18.1%), up from \u20ac 2.81 million in FY22A (corresponding to an EBITDA Margin of 12.4%).\u00a0<br><br>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 \u20ac 47.0 million. Using market multiples, the equity value of Lindbergh is estimated at \u20ac 31.1 million (including a discount of 25%). The result is an average equity value of approximately \u20ac 39.1 million.<strong> The target price is \u20ac 4.60, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production at the end of the period considered stood at \u20ac 13.16 million, marking a notable growth of 19.5%, compared to the equivalent figure for 1H22A, which stood at \u20ac 11.01<\/p>\n","protected":false},"author":5,"featured_media":16440,"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-19845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-lindbergh-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 04.10.2023 - 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-04-10-2023-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 04.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production at the end of the period considered stood at \u20ac 13.16 million, marking a notable growth of 19.5%, compared to the equivalent figure for 1H22A, which stood at \u20ac 11.01\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-04-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T06:49:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T06:49:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/04\/logo-11-768x543-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"543\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 04.10.2023 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-04-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production at the end of the period considered stood at \u20ac 13.16 million, marking a notable growth of 19.5%, compared to the equivalent figure for 1H22A, which stood at \u20ac 11.01","og_url":"https:\/\/integrae.it\/en\/research\/update-04-10-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-04T06:49:11+00:00","article_modified_time":"2023-10-04T06:49:13+00:00","og_image":[{"width":768,"height":543,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/04\/logo-11-768x543-1.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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