(Finance) – Intermonte he lowered to 30 euros per share (from 35.6 euros) the target price up Indel Ba company listed on Euronext Milan and active in the mobile refrigeration sector applicable to the automotive and leisure sectors, maintaining the opinion on the stock a “Outperform“. The review of the recommendation came after the company announced its results for the first quarter of 2022, which closed with consolidated revenues of 51.8 million euros, up 20% on the same period last year. The target price it was reduced due to revised estimates and higher interest rates.
“The strong trends that the company has reported throughout 2021 will further improve in 2022, allowing it to reach record sales levels – write the analysts – However, the inflationary context (escalated since the beginning of the war in Ukraine) it will prevent the group from recovering in the short term the profitability lost during Covid. That said, the company remains very well positioned in its market niche and cash generation continues to be strong, allowing for higher dividend payouts and buybacks. “
Intermonte expects the company to close 2022 with revenues of 204 million euros, a Adjusted EBITDA of 27 million euros and a Adjusted net profit of 14 million euros. These values should increase in 2023, respectively, to 226 million euros, 31 million euros and 17 million euros. A further increase in revenues of 248 million euros, an adjusted EBITDA of 37 million euros and an adjusted net profit of 20 million euros is then expected in 2024.