(Finance) – Intermonte he lowered the target price on AbitareIna leading company in residential development in Milan and listed on Euronext STAR Milan, a 8.60 euros (from 9.10 euros) and has kept the judgement on the title a “Outperform“The review of the recommendation came after the Milanese company released its half-yearly report as of March 31, 2022. AbitareIn reported results” broadly in line with our expectations “, analysts write, with the company reporting quarterly revenues of 30 , 9 million euros against expectations of 29.5 million euros. The pipeline has “remained at a very good level” of 300 thousand salable square meters (3,300 equivalent apartments), almost unchanged on a quarterly basis as there have been no acquisitions of new surface.
The broker believes 2022 represents “a year of transition for AbitareIn, before it begins to reach its full potential from 2023 “. 2022 should represent the peak of financial requirements (even if largely covered by existing loans) as regards the absorption of net working capital, linked to the progress of the 3 projects close to completion. “In the following years there will be an important release of working capital with the signing of the contracts for the sale of real estate”, it is emphasized.
Intermonte expects the company to close fiscal year 2022 with revenues of 147 million euros, a Adjusted EBITDA of 29 million euros and a Adjusted net profit of 18 million euros. These values should increase in 2023, respectively, to 203 million euros, 52 million euros and 34 million euros. The forecasts are also for an increase in revenues of 226 million euros in 2024, an adjusted EBITDA of 57 million euros and an adjusted net profit of 37 million euros.