(Finance) – Finnat Bank confirmed a 1.16 euros per share on target price up Askoll EVAa company listed on Euronext Growth Milan and active in the sustainable mobility market, improving the judgement on the title a “Buy“from” Hold “. Analysts have revised their forecast plan for the period 2022-2026, raising our previous estimates for 2022, keeping them unchanged for the two-year period 2023-2024 and lowering them for 2025. An increase is expected (CAGR 2021-2026) of e-scooter segment by 12.69%, thanks to the complete recovery of individual mobility (both sharing and retail), as well as the extension of the Ecobonus.
The segment “Operation & maintenance“(which includes activities relating to electrification kits, fully connected services and technical assistance services offered by the Company) is expected to grow strongly, with a 2021-2026 CAGR of 309.43%, from 1.2 million euro estimated at the end of 2022 at 10.2 million euro by 2026. This boost is expected, starting from 2022, with the market launch of the mid-motor for e-bikes high performance, analysts point out. Furthermore, i first electric scooters (sales expected for this segment at 956 thousand euros at the end of 2022 and 4 million euros at the end of the forecast period).
Banca Finnat estimates that Askoll EVA will be able to profit from 2024 for € 1.1 million (from the expected net loss of € 2.7 million still at the end of 2022) and reach a profit of € 3.6 million at the end of 2026. The net financial position it should pass from a debt position of € 7.8 million at the end of 2022 to a positive net financial position (cash) of € 3.3 million at the end of the forecast period.