(Finance) – Equity confirmed the recommendation (Hold) and lowered the target price (for 24.0 euros per share by the previous 26.0 euros) on the title Wiita company listed on Euronext Star Milan and activates in the cloud computing market.
The broker published the Updated estimates for 2025-26 to reflect the main messages that emerged from the FY24 results. In particular: at total revenues levels reduced the estimate 2025-26 of -4%/-5%, assuming an organic growth of the ARC 5% (previous 7%) by incorporating in particular a greater prudence on the contribution of Econis in Switzerland (customer portfolio during the consolidation phase); The estimate of Adj. Ebitda 2025-26 to 65 million euros and 71 million euros has substantially confirmed (0%/——–3%) thanks to the benefit of synergies in Germany and turnaround during Econis; It has significantly reduced Adj. Ebit and Adj. Ni mainly the fastest amount of some operational leasing.
“There Correction of the title reported the multiples in the interesting areaalso post revision of estimates (9.6-8.5x EV/Ebitda, 25-20x PE, 5.6%/6.9% FCF Yield 2025-26)-reads the research-to be deepened, to check the space for a more constructive vision on the title, the orders collection dynamics of 2025 and the prospects for accelerating the FCF (expected by us from 10 million euros in 2024 to 23 million to 23 million. of euros in 2025, contributing to a deleverage in the 3,1x area at the end of 2025 or 2.4x net of the market value of its own shares) “.