(Finance) – TP ICAP Midcap has lowered the target price (at 24 euros per share of 25 euros) and the judgment confirmed (Buy) up BuildingAcrobatics, a company specialized in double safety rope construction works and listed on Euronext Growth Milan. The review of the recommendation came after the company said it closed the first half of 2023 with consolidated product revenues of 78.6 million euros, up 5.7% on the same period of the previous year.
Analysts say i data, slightly below expectationsconfirm their forecasts for a 2023 top-line at 161.8 million euros (+20.4%), but the performance of Italy (below expectations) and of the subsidiary Energy (above expectations) led to a revision of the 2023 profitability estimates.
In fact, the activities carried out by the Energy subsidiary are mainly outsourced, and therefore less profitable than the core business. As the trends observed for both businesses are expected to continue into the second half, TP ICAP Midcap has adjusted the 2023 EBITDA guidance to 29.5 million euros (compared to the previous €32.3 million), leading to a margin of 18.3%.