According to a research by Value Track, the fair value of the EdiliziAcrobatica (EdAc) stock is set at 20 euros per share.
In fact, EdiliziAcrobatica presented excellent data in the first half of the year, driven by the post-Covid rebound and by the tax incentives on the restoration work of the facades (the value of production grew by + 96.8% yoy to 36.8 million euros and EBITDA of 409% to 7 million, with an Ebitda margin of 18.9%).
Although the scenario foresees the cessation of aid linked to the “Facciate Bonus” as early as December 2021, Value Track estimates for EdiliziAcrobatica much better financial results for 2021E-22E, as a result of the impressive numbers in terms of top line and order backlog recorded in The first half of 2021, the development of international branches and the solid contribution of EA’s activities 110%. From 2023E onwards, EdAc growth should normalize, reaching a Production Value of € 117mn (36% CAGR 20A-23E), an EBITDA of € 16.3m (EBITDA margin of 14.2%) and net debt. of 3.7 million euros in 2023E.