{"id":33036,"date":"2025-10-14T09:18:14","date_gmt":"2025-10-14T07:18:14","guid":{"rendered":"https:\/\/integrae.it\/?p=33036"},"modified":"2025-10-14T09:18:16","modified_gmt":"2025-10-14T07:18:16","slug":"update-53","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-53\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Group recorded a Value of Production of \u20ac 15.84 million (+51.0% vs \u20ac 10.46 million in 1H24A). The HVAC BU reached revenues of \u20ac 7.16 million (+220.0%), driven by acquisitions and organic growth, while the Waste\/Circular Economy BU generated \u20ac 2.26 million (+27.0%), and the Network &amp; Warehouse Management BU remained stable at \u20ac 6.23 million. EBITDA was \u20ac 2.80 million (+36.0%) with a margin of 17.7%, EBIT was \u20ac 1.73 million with a margin of 10.9%, and Net Income grew 37.0% to \u20ac 1.11 million. NFP rose to \u20ac 5.27 million of net debt (vs \u20ac 3.42 million in FY24A), reflecting HVAC-related acquisition investments.\u00a0<br><br>In light of the results published in the 1H25A half-year report, we partially confirm our estimates for both the current and future years. Specifically, we forecast FY25E Value of Production of \u20ac 33.00 million and EBITDA of \u20ac 5.30 million (margin of 16.1%). For the following years, we expect Value of Production to reach \u20ac 43.10 million in FY27E (CAGR 24A\u201327E: 21.3%), with EBITDA of \u20ac 7.40 million (margin of 17.2%), up from \u20ac 4.33 million in FY24A (margin of 17.9%). At the balance sheet level, we estimate a cash-positive NFP of \u20ac 1.22 million for FY27E. We have assessed Lindbergh\u2019s equity value based on both the DCF methodology and a sample of comparable companies\u2019 market multiples. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 91.3 million. The market multiples approach results in an equity value of \u20ac 50.8 million. <strong>The average equity value is therefore approximately \u20ac 71.1 million. The target price is set at \u20ac 7.30, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Group recorded a Value of Production of \u20ac 15.84 million (+51.0% vs \u20ac 10.46 million in 1H24A). The HVAC BU reached revenues of \u20ac 7.16 million (+220.0%), driven by acquisitions and<\/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-33036","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 - 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-53\/\" \/>\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 1H25A, the Group recorded a Value of Production of \u20ac 15.84 million (+51.0% vs \u20ac 10.46 million in 1H24A). The HVAC BU reached revenues of \u20ac 7.16 million (+220.0%), driven by acquisitions and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-53\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-14T07:18:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-14T07:18:16+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 - 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-53\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, the Group recorded a Value of Production of \u20ac 15.84 million (+51.0% vs \u20ac 10.46 million in 1H24A). 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