{"id":33172,"date":"2025-10-22T08:48:16","date_gmt":"2025-10-22T06:48:16","guid":{"rendered":"https:\/\/integrae.it\/?p=33172"},"modified":"2025-10-22T08:48:17","modified_gmt":"2025-10-22T06:48:17","slug":"update-64","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-64\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 1H25A, the Group recorded a Value of Production of \u20ac 2.95 million (vs \u20ac 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. The Torart division maintained a stable performance with \u20ac 1.25 million in revenue (vs \u20ac 1.40 million), supported by new projects, while Robotor generated \u20ac 0.42 million (vs \u20ac 1.86 million), delivering three robotic systems during the period. Aivox contributed \u20ac 0.21 million, consolidating growth in the technology and biomedical sectors through the More for Neuro project. At the end of the period, work in progress totaled \u20ac 3.87 million, ensuring strong visibility on 2H25 revenues. EBITDA amounted to \u20ac 0.37 million (vs \u20ac 0.61 million), with an EBITDA margin of 12.5% (vs 17.8%). EBIT stood at \u20ac 0.08 million (vs \u20ac 0.26 million), with an EBIT margin of 2.6%, while Net Income was \u20ac 0.05 million (vs \u20ac 0.26 million). The NFP moved from \u20ac -0.11 million cash positive to \u20ac 0.82 million in debt.

In light of the results published in the 1H25A report, we have revised our estimates for both the current and future years. Specifically, we now estimate a Value of Production for FY25E of \u20ac 6.50 million and an EBITDA of \u20ac 0.85 million, corresponding to a margin of 13.1%. For the following years, we expect the Value of Production to reach \u20ac 9.50 million by FY27E (CAGR 24A\u201327E: 13.9%), with an EBITDA of \u20ac 1.45 million (margin of 15.3%), up from \u20ac 0.78 million in FY24A (margin of 12.1%). At the balance sheet level, we forecast a cash-positive NFP of \u20ac 1.25 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 12.9 million. The market multiples method indicates an equity value of \u20ac 11.1 million. The resulting average equity value is approximately \u20ac 12.0 million. Our target price is \u20ac 1.80, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In 1H25A, the Group recorded a Value of Production of \u20ac 2.95 million (vs \u20ac 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. The Torart<\/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-33172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-litix-technologies-2"],"acf":[],"yoast_head":"\nUPDATE - 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-64\/\" \/>\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 2.95 million (vs \u20ac 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. The Torart\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-64\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-22T06:48:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-22T06:48:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/06\/Logo-Litix.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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-64\/","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 2.95 million (vs \u20ac 3.39 million in 1H24A), impacted by the new U.S. import tariffs that slowed down the Robotor division. 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