(Finance) – Bank Profile he lowered the target price (to 430 euros per share from 450 euros) and confirmed the recommendation (Buy) on the title Health Italya company listed on Euronext Growth Milan and active in the Italian market of supplementary healthcare and the offer of solutions for the well-being of families and company employees, after the diffusion of the 2023 results.
Analysts write that the 2023 results are substantially in line with projections in terms of EBITDA and EBITDA marginbut lower in terms of revenues for the negative effects and delays linked to the reorganization of the group’s perimeter.
Banca Profilo expects one recovery of revenues starting from 1H24 and an acceleration over the three-year period. According to the company, the guidance to 2026 is confirmed: total revenues at 50-52 million euros with EBITDA at 12-14 million euros and net liquidity at 15-16 million euros. The analysts therefore confirm a revenue CAGR of 10% in 2023-2026 at 47 million euros, an EBITDA CAGR of 14% in 2023-2026 at 11.5 million euros and a margin improvement of 2% to 24 %, but have slightly reduced cumulative FCF in 2024-2026 to €20.5 million (-6% compared to the previous update).