{"id":30231,"date":"2025-04-24T09:28:30","date_gmt":"2025-04-24T07:28:30","guid":{"rendered":"https:\/\/integrae.it\/?p=30231"},"modified":"2025-04-24T09:28:31","modified_gmt":"2025-04-24T07:28:31","slug":"update-27","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-27\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 2024, Litix recorded a value of production of \u20ac 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 \u20ac 3.40 million, while Aivox generated \u20ac 0.72 million in its first full year of operations. Conversely, the Torart BU experienced a decline to \u20ac 2.00 million due to project delays related to the availability of suitable materials. EBITDA stood at \u20ac 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 \u20ac 0.24 million, while Net Income reached \u20ac 0.12 million. The Net Financial Position (NFP) significantly improved, reaching \u20ac -0.11 million (cash positive), supported by proceeds from the EGM listing.<br><br>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 \u20ac 7.50 million and an EBITDA of \u20ac 1.35 million, corresponding to a margin of 18.0%. For the following years, we expect the value of production to increase up to \u20ac 11.50 million by FY27E (CAGR 24A\u201327E: 21.3%), with EBITDA reaching \u20ac 3.05 million (margin of 26.5%), up from \u20ac 0.78 million in FY24A (EBITDA margin of 12.1%). At the balance sheet level, we estimate a cash positive NFP of \u20ac 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 \u20ac 17.7 million. The market multiples method indicates an equity value of \u20ac 15.7 million. <strong>The resulting average equity value is approximately \u20ac 16.7 million. Our target price is \u20ac 2.50, with a BUY rating and MEDIUM risk profile<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2024, Litix recorded a value of production of \u20ac 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<\/p>\n","protected":false},"author":5,"featured_media":25362,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[332],"class_list":["post-30231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-litix-technologies-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 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-27\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In 2024, Litix recorded a value of production of \u20ac 6.44 million, marking an 18.5% increase compared to FY23A, although below expectations. 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