Officina Stellare, ValueTrack lowers fair value and signals skill shortage

Officina Stellare ValueTrack lowers fair value and signals skill shortage

(Finance) – ValueTrack has lowered The fair value at 15.8 euros per share (from 18.3 euros) up Star Workshop, a Vicenza-based company listed on Euronext Growth Milan and specialized in optical instruments for aerospace and astronomy. Despite significant revenue growth in 2022, the company suffered from a sharp increase in production costs and of skills shortage which led the group to resort to external consultants, analysts underline. In the first quarter of 2023, the commercial pipeline amounted to 156.4 million euros, of which 31 million euros in backlog and 125.4 million euros in negotiation.

According to analysts, the management is demonstrating its ability to seize many opportunities market deriving from the Space Economy, and recent commercial developments outline a reliable multi-year plan for constant growth at a sustained pace. However, the skills shortage affecting the industry is expected to impact the development plan in the near term and they expect the company to address this issue in the near future either organically or through solutions led by mergers and acquisitions.

Based on the current scope of consolidation, ValueTrack now expects: production value to 40.7 million euros in 2025, with a CAGR22-25 of 46%; EBITDA to 11.5 million euros (EBITDA Margin close to 30%) in 2025; net liquidity to 3 million euros in 2025, from Net Debt of 6.4 million euros in 2022.

ValueTrack highlights the long-term Officina Stellare potentialthanks to: new strategic contracts, greater contribution of Think Quantum and Dynamic Optics, partnerships and possible contribution of M&A.