(Finance) – ValueTrack has the fair value decreased to 2.5 euro per share (from 2.6 euro). on Innovatec, a company listed on Euronext Growth Milan and active in the fields of energy efficiency and environmental sustainability. Analysts point out that Superbonus setbacks and M&A acceleration will affect 2022 financialshowever, higher discounts on end customers, the consolidation of recent operations and growing synergies should partially compensate for the lower profitability of the energy efficiency business from 2023 (90% Superbonus).
For the 2024ValueTrack provides now revenues to 394 million euros (18% CAGR21-24), EBITDA at 51 million euros (13% margin), NFD at 8.1 million euros after 35 million euros of cumulative FCF.
“After 5 M&A transactions with a positive effect on earnings since the beginning of the year, we estimate that the group should already exceed the 2024 business plan targets on M&Aalthough investing around 4 million euros more than expected (excluding acquired debt) – reads the research – Strong M&A capabilities and demonstrated ability to react promptly to new market scenarios add credibility to the strategic business plan”.
Analysts reiterate their “positive view on the title” for: an interesting equity story, focused on the most interesting reference market opportunities (PV, Circular Economy), linked to dedicated funds, seized by highly experienced top management; brilliant execution skills and company updates, influenced only by factors exogenous.