{"id":34755,"date":"2026-04-13T09:17:50","date_gmt":"2026-04-13T07:17:50","guid":{"rendered":"https:\/\/integrae.it\/?p=34755"},"modified":"2026-04-13T09:17:52","modified_gmt":"2026-04-13T07:17:52","slug":"update-88","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-88\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In FY25A, Lindbergh reported a Value of Production of \u20ac 32.82 million, up 36.0% from \u20ac 24.13 million in FY24A. Revenues from sales and services amounted to \u20ac 32.35 million (+37.4% YoY), supported by the positive performance across all Business Units and, in particular, by the strong expansion of the HVAC BU, which reached \u20ac 15.07 million (+88.7%), benefiting from the consolidation of companies acquired during the year. EBITDA increased to \u20ac 6.21 million (+43.6%), with a margin of 18.9%, up from 17.9% in FY24A. EBIT also showed strong growth, reaching \u20ac 3.88 million (+64.9%), while Net Income rose to \u20ac 2.61 million (+61.7%). From a balance sheet perspective, net financial position stood at \u20ac 8.64 million of net debt, compared to \u20ac 3.42 million in FY24A.<br><br>Following the publication of FY25A results, we revise our estimates for the current year and the medium term. We forecast FY26E Value of Production at \u20ac 41.80 million and EBITDA at \u20ac 7.90 million, corresponding to a margin of 18.9%. Looking ahead, we expect Value of Production to reach \u20ac 46.70 million by FY28E (CAGR 25A\u201328E: 12.5%), with EBITDA of \u20ac 9.00 million (19.3% margin), up from \u20ac 6.22 million in FY25A (18.9% margin). From a balance sheet perspective, we estimate a cash-positive net financial position of \u20ac 2.09 million by FY28E. 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 1.5% in the WACC calculation) yields an equity value of \u20ac 133.7 million. The market multiples approach results in an equity value of \u20ac 80.6 million. <strong>The average equity value is therefore approximately \u20ac 107.1 million. The target price is set at \u20ac 11.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In FY25A, Lindbergh reported a Value of Production of \u20ac 32.82 million, up 36.0% from \u20ac 24.13 million in FY24A. Revenues from sales and services amounted to \u20ac 32.35 million (+37.4% YoY), supported by<\/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-34755","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-88\/\" \/>\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 FY25A, Lindbergh reported a Value of Production of \u20ac 32.82 million, up 36.0% from \u20ac 24.13 million in FY24A. 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