(Finance) – Banca Finnat lowered to 4.10 euros per share (from the previous 7.00 euros) the target price on Executea company listed on Euronext Growth Milan and operating in the social selling sector, confirming the recommendation “Buy” on the title.
Analysts write that Execus recorded, as of December 31st 2023one contraction of the value of production by 8.6% compared to the 2022 financial year, from 2.5 million to 2.3 million euros (3.5 million estimates) due, in part, to a reduction in indirect sales attributable to the main distributor of Execus. Ebitda fell from 1.2 million in the final balance of 2022 to 615 thousand euros (1.6 million estimates) for a decrease of 47.6% while net profit amounted to 50 thousand euros (999 thousand our estimates) compared to 690 thousand at 31 December 2022, for a decrease of 92.8%.
In light of the results achieved as of 31 December 2023 and considering the difficulties encountered by the company regarding the indirect sales channel analysts have revised their previous estimates for the 2024-2026 period downwards.
The production value they now estimate it at 6 million euros at the end of 2024 compared to 6.1 million previously estimated to reach 8.4 million at the end of 2027 compared to 15.2 million previously estimated. They foresee an operating income (Ebit) to 1.6 million euros at the end of 2024 compared to 2.8 million previously estimated and to 2.7 million at the end of 2027 compared to 8 million previously assumed for the end of 2026.Net income it could stand at 1 million euros at the end of 2024 compared to 2 million previously estimated and reach 1.7 million at the end of 2027 from 5.6 million previously estimated for the end of 2026.
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