INITIATION OF COVERAGE 26.09.2017

1H17 sales rose by 12,3% YoYto €8,9 mln, while Ebitda rose by 8,3% to €2,0 mln (Ebitda margin is 21,9% vs, 22,7% of 1H16). Sales growth is mainly due to the acquisition of ICB Srl.

The average of the two valuation methodologies (€32,1 mlnand €43,8 mln) is our target price: €38,0 mln or €6,4 per share, rating Buy, risk medium.

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