(Finance) – ValueTrack lowered to 4.73 euros per share (from the previous 5.20 euros) the fair value on The SIAa company listed on Euronext Growth Milan and active in the engineering & design sector with a focus on critical infrastructures.
Analysts write that La SIA’s first half 2024 results boast high seasonality, with revenues and margins concentrated in the third and fourth quarters of 2024, while the company is shifting its focus from Telco segments to Civil & Design.
The first half results “are not fully aligned with our FY24 forecasts in terms of revenues and profitability; however, a positive note is that the order book remains robust“, we read in the research.
In particular, with regards to FY24-26 estimatesValueTrack now forecasts: i) VoP approaching €20 million (9% CAGR23-26); ii) EBITDA and EBIT margin (on VoP) at 18.4% and 16.3% by 2026; iii) Net Cash which will remain stable at approximately €3.4 million by the end of the year 2026 with €9.7 million of cumulative EBITDA, more than covering €4.2 million of dividend payments and negative NWC cycle , opening space for potential M&A deals.
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