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Research, Update 23 Apr 2024

UPDATE 23.04.2024

FY23A sales revenues amounted to € 29.60 million, up 9.9% compared to € 26.94 million in FY22A. After other revenues of € 0.29 million, the value of production saw a similar growth of 10.6%, rising from € 27.02 million in FY22A to € 29.89 million in FY23A. EBITDA amounted to € 5.41 million, down 24.3% from € 7.15 million in FY22A, with an EBITDA margin of 18.1%, compared to 26.4% in FY22A. EBIT, after depreciation and amortization of € 0.39 million, came in at € 5.02 million, marking a decrease of 28.7% compared to the FY22A value of € 7.04 million. The EBIT margin for FY23A was 16.8%, compared to 26.0% for FY22A. The company’s Net Income amounted to € 1.54 million, compared to € 2.23 million in FY22A.

In light of the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate an FY24E value of production of € 33.65 million, and an EBITDA of € 6.85 million, corresponding to a margin of 20.4%. In the following years, we expect the value of production to reach € 42.65 million (CAGR 23A-26E: 12.6%) in FY26E, with EBITDA equal to € 10.25 million (corresponding to a margin of 24.0%), up from € 5.41 million in FY23A (corresponding to an EBITDA margin of 18.1%). On the balance sheet, for FY24E, we estimate a cash positive NFP of € 8.04 million.

We conducted our valuation of the equity value of E-Globe based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 50.5 million. The target price is € 2.80, with a BUY rating and MEDIUM risk.
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