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Integrae Sim confirms the Buy option on Finlogic with a target price of 7.6 euros

MILANO (AIMnews.it) - Integrae Sim confirms its Buy recommendation on Finlogic and sets a target price of 7.6 euros per share (7.7 euros the previous one). "The results for 2017 are positive compared to 2016 and slightly higher than our estimates up to EBITDA - analysts write in the report - Slightly below our estimates for Ebit and net profit.The value of production has grown 19.1% YoY to 22.4 mln (21.7 mln our estimate) The 2017 data does not take into account the economic contribution in terms of turnover (3.85 mln), Ebitda (0.558 mln) and net profit (0.376 mln) deriving from the purchase of Tecmark and Multitec in consideration of the closing of the operation after the closing of the 2017 financial year. The estimates for 2018-21 are unchanged". The expectations for 2018 of the SIM are therefore 42.6 million euros of total revenues, 9 million of ebitda and 5.3 of net profit, while next year the total revenues would grow to 52.3 million euros, ebitda to € 11.6 million and net income to € 7 million. With a market cap of around 34 million, the stock thus deals with 6.5 times the expected 2018 profits and a 3.3 times ev / ebitda multiple.