| Bellini Nautica closed the first half of 2026 with strong growth, reporting sales revenues of € 23.69 million, up 95.3% compared to € 12.13 million in 1H25A, while Value of Production increased to € 23.74 million, up 87.2% compared to € 12.68 million in 1H25A. In terms of profitability, EBITDA stood at € 2.01 million, up 46.4% compared to € 1.37 million in 1H25A, with an EBITDA Margin of 8.5% (10.8% in 1H25A). Following depreciation, amortization and provisions of € 1.01 million (€ 1.05 million in 1H25A), with depreciation and amortization increasing to € 0.67 million from € 0.40 million, EBIT reached € 1.00 million, more than tripling compared to € 0.32 million in 1H25A. Net Income amounted to € 0.55 million (€ 0.12 million in 1H25A). From a balance sheet perspective, NFP stood at € 6.45 million of net debt, increasing from € 5.21 million at year-end 2025. In light of the results published in the 1H26A interim financial report and the launch of the Superyacht division, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at € 45.15 million and EBITDA at € 5.00 million, corresponding to an EBITDA margin of 11.1%. Looking ahead, we expect Value of Production to increase to € 116.50 million (CAGR 25A-28E: 59.1%) in FY29E, with EBITDA reaching € 22.20 million (corresponding to an EBITDA margin of 19.1%), compared to € 1.71 million in FY25A (corresponding to an EBITDA margin of 5.9%). Regarding planned investments, we expect Capex of approximately € 9.08 million over the 2026E-2028E period. Finally, we estimate FY26E NFP at € 6.24 million of net debt. We conducted the valuation of Bellini Nautica’s equity value based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €64.3 million. The target price is €9.00, with a BUY rating and a MEDIUM risk. |
