(Finance) – Equity he lowered to 31.1 euros per share (-5%) the target price on Indel Ba company listed on Euronext Milan and active in the mobile refrigeration sector applicable to the automotive and leisure sectors, confirming the recommendation on the title to “Buy“, after the company released some data for the third quarter of 2023. Analysts note that Indel B reported 3Q23 revenues contracting 6% to 51 million euros, lower than their estimate of 55 million euros.
Equity reduces estimates of product revenues of 2% on FY23 to 219 million euros and the adj. EBITDA. by 5% (to 30 million euros). For FY24 it estimates revenues from the flat product (vs previous estimate +1%) at 218 million euros and confirms the estimates of improvement in the adjusted EBITDA margin. (+50bps).
“We are confident in long-term driversAutomotive benefits from the growing penetration of refrigerators in the United States and Indel B is exposed to higher growth and profitable segments such as Leisure Time, Hospitality and Cooling Appliances,” the research reads.