(Tiper Stock Exchange) – stifel he cut to 3 euros per share (from 4 euros) the target price on Energya company listed on Euronext Growth Milan and active in the offer of integrated energy storage systems, also reducing the judgment to “hold” from “Buy”. The potential upside is 10%. The revision of the recommendation came after the company communicated the preliminary turnover of the first half of 2023, equal to approximately 39 million euros and a sharp decrease compared to 53, 3 million euros as at 30 June 2022.
At the same time, the company has achieved a EBITDA margin of 20%. “We believe that surprisingly strong in light of the decline in sales volumes, the probable increase in investments in the organization compared to last year and the fact that management has spoken of an increase in the cost of purchases arriving this year”, reads the research.
It is noted that Energy has stated that the backlog as of June 30, 2023 is being updated and will be announced based on the financial calendar on July 19. “We think this is it a little unusual since, once sales are known, the company should also have good visibility on orders”, write the analysts. Furthermore, according to what emerged from the 2022 annual report, the stocks they rose to 61 million euros, compared to the 5 million euros of the previous year, and in 2022 they amounted to almost 60% of total assets. “This is clearly something that must be monitored in the light of a weak, although perhaps temporary, weakness in demand”, it is highlighted.
Stifel notes that management has been “reluctant2 to admit that changes to the superbonus can affect the business, even though there is indeed a potential risk from regulatory changes.” We believe it is now more appropriate to assume a slower growth scenarioanalysts said, who cut their 2023 and 2024 revenue forecasts by 26%, while the EBITDA forecast was reduced by 31% and 29%, respectively.
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