(Finance) – ValueTrack lowered to 18 euros per share (from the previous 20 euros) the fair value on ConstructionAcrobaticsa company specialized in double safety rope construction work and listed on Euronext Growth Milan.
Analysts write that, even with significantly lower tax incentives, EdiliziAcrobatica has maintained its strong growth trajectory in 2023, with a turnover increasing by 18% on an annual basis to reach 160 million euros. This growth was driven by (i) massive increase in customer base, (ii) commercial expansion, internationalization and diversification and (iii) consolidation of Enigma (contributing to approximately €8 million in sales from April to December). However, the profitability (EBITDA margin fell to 15% from 26%) andnet debt (at 57 million euros) were negatively affected due to significantly higher operating expenses, slow collections of tax credits and the transition from IT GAAP to IFRS-IAS.
After the impressive KPIs of 2023 (n. 27 new branches, n. 786 net hirings, +48% y/y new contracts, +100% y/y new customers), the first quarter of 2024 continued with exceptional figures (+92% customers y/y and +48% contracts signed y/y), analysts underline. They recall that during 2023 EdiliziAcrobatica has secured further future growth and diversification thanks to (i) the acquisition of Enigma Capital, (ii) new partnerships (Banca Sella, Italsoft) and (iii) new business units (Acrobatica Fotovoltaico , Acrobatica Smart Living) focused on value-added energy requalification services.
ValueTrack has updated estimates downwards (by about 10%) with a slower ramp-up of Acrobatics Photovoltaic and Smart Livingoutlining a non-significant y/y comparison in 1H24 (new BUs still being set up vs. Acrobatica Energy at full capacity in 1H23 on high-margin Ecobonus projects).
However, EdiliziAcrobatica is expected to continue its growth path with increased profitability, while normalizing the cash conversion cycle by 2026. In 2026 is expected: 1) Production value at 204.5 million euros (9% CAGR23-26); 2) EBITDA at 35 million euros (14% CAGR23-26, margin at 17.1%, +200bps vs. FY23); 3) Net debt at 11.7 million euros, after cumulative dividends of 7.8 million euros.