(Finance) – TP ICAP Midcap raised the target price (to 4.8 euros per share from 4.2 euros) and confirmed on judgment (Buy) on eVISO, a company listed on Euronext Growth Milan which has developed an artificial intelligence platform for trading physical commodities. The revised recommendation came after the company released i preliminary half-yearly resultswell above estimates, reaching an absolute record for volumes delivered both to direct customers, 134GWh (+25% YoY, compared to the estimated 110GWh), and to resellers, 297GWh (+63% YoY, well above the 235GWh estimated).
L’only negative note it’s about the content cash burn of approximately 3.7 million euros, which brought the company’s net cash position to 5.3 million euros (compared to 9 million euros at the end of June 2022). The capex for the opening of the new headquarters was higher than expected and equal to 2.5 million euros (against an estimated 1 million), furthermore the company purchased treasury shares for 1 million euros, finally the dynamics of working capital was was more unfavorable than expected, for two main reasons: the reduction in guarantees requested from customers by approximately 2.5 million euros (due to the significantly lower price of electricity), and the increase in VAT credits by approximately 2, 9 million euros, which offset the 5.3 million euros generated by other working capital items.
Analysts have revised the estimates for the next few years and now forecast an EBITDA of 8.1 million euros for 2024 (against 6.5 million euros previously), an EBITDA of 11.8 million euros for 2025 (against 8.5 million euros previously) and an EBITDA of 15 million euros for 2026 (against 10.1 million euros previously). They now estimate that the company could exceed TWh of total power delivered as early as June 2024, compared to the previously estimated June 2026.