(Finance) – Kepler Cheuvreux has confirmed the target price (to 0.34 euros for action) and the recommendation (to Hold) on Trevia company listed on Euronext Milan and active in underground engineering, awaiting the results of the first half of the year which will be released on August 8.
While the order book was strong at the end of 2023 and up +22.5% year-on-year, analysts expect the growth of sales in the first half of 2024 will increase by +3.4% on an annual basis and slightly lower than the trend indicated for 2024 (+5/11% on an annual basis). In fact, the basis for comparison is “challenging” as sales increased strongly in H1 2023 (+18.7% year-on-year), benefiting from the execution of the NEOM backlog, which is expected to have a lower impact in H1 2024. The basis for comparison should become “easier” in H2.
L’Adjusted EBITDA should settle at 34.4 million euros, +5.8% on an annual basis, with a margin increasing by +30 basis points on an annual basis from 11.6% to 11.9%. A net loss of -1.5 million euros in the first half of 2024, compared to +23.6 million euros in the first half of 2023, which was substantially increased by some one-off positive items.
The order book is seen at 742.7 million euros at the end of June 2024, with a solid growth of +26.7% compared to the end of June 2023 (586 million euros). PFN is expected to be 201 million euros at the end of June 2024, against 187 million euros at the end of June 2023 and 202 million euros at the end of December 2023.