{"id":36844,"date":"2026-10-08T09:16:18","date_gmt":"2026-10-08T07:16:18","guid":{"rendered":"https:\/\/integrae.it\/?p=36844"},"modified":"2026-10-08T09:18:46","modified_gmt":"2026-10-08T07:18:46","slug":"update-114","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-114\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H26A, Lindbergh recorded a Value of Production of \u20ac 20.84 million, up 31.6% compared to \u20ac 15.84 million in 1H25A, with positive performance across all Business Units and a particularly significant contribution from HVAC, which further strengthened its role as the Group\u2019s main business area. EBITDA stood at \u20ac 3.72 million, up 32.8%, with the EBITDA margin substantially stable at 17.8% compared to 17.7% in the comparable period, highlighting improved management of the acquired companies and greater operating efficiency. EBIT reached \u20ac 2.45 million (+42.0%), while Net Income amounted to \u20ac 1.54 million, up 39.3%, with the Net Profit margin improving to 7.4%. From a balance sheet perspective, NFP improved to \u20ac 6.99 million of debt compared to \u20ac 8.64 million at year-end 2025.\u00a0<br><br>In light of the results published in the 1H26A interim financial report, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at \u20ac 42.90 million and EBITDA at \u20ac 7.90 million, corresponding to a margin of 18.4%. For the following years, we expect Value of Production to increase to \u20ac 46.80 million (25A-28E CAGR: 12.5%) in FY28E, with EBITDA reaching \u20ac 9.05 million, corresponding to a margin of 19.3%, compared to \u20ac 6.22 million in FY25A, corresponding to an EBITDA margin of 18.9%. From a balance sheet perspective, we estimate FY28E NFP to be cash positive at \u20ac 2.24 million. 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 1.0% in the WACC calculation) yields an equity value of \u20ac 202.0 million. The market multiples approach results in an equity value of \u20ac 100.1 million. <strong>The average equity value is therefore approximately \u20ac 151.0 million. The target price is set at \u20ac 15.50, with a HOLD rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H26A, Lindbergh recorded a Value of Production of \u20ac 20.84 million, up 31.6% compared to \u20ac 15.84 million in 1H25A, with positive performance across all Business Units and a particularly significant contribution from<\/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-36844","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-114\/\" \/>\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 1H26A, Lindbergh recorded a Value of Production of \u20ac 20.84 million, up 31.6% compared to \u20ac 15.84 million in 1H25A, with positive performance across all Business Units and a particularly significant contribution from\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-114\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-08T07:16:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-08T07:18:46+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-114\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H26A, Lindbergh recorded a Value of Production of \u20ac 20.84 million, up 31.6% compared to \u20ac 15.84 million in 1H25A, with positive performance across all Business Units and a particularly significant contribution from","og_url":"https:\/\/integrae.it\/en\/research\/update-114\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-08T07:16:18+00:00","article_modified_time":"2026-10-08T07:18:46+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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