Ori­gi­nal-Re­se­arch: IDNTT SA (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: IDNTT SA – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to IDNTT SA
Com­pa­ny Name: IDNTT SA
ISIN: CH1118852594

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 7.10 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: Mar­cel Schaf­fer, E. Geß­wein

„Mar­ke­ting tech­no­lo­gy com­pa­ny with in­no­va­ti­ve soft­ware plat­form“ High-mar­gin Mar­Tech play­er with po­si­ti­ve growth pro­s­pects; in­cre­asing sa­les and ear­nings de­ve­lo­p­ment ex­pec­ted

As a so-cal­led Mar­Tech Con­tent Fac­to­ry, IDNTT en­ables its cli­ents to plan and im­ple­ment mar­ke­ting ac­ti­vi­ties in a tar­ge­ted man­ner and to eva­lua­te their im­pact. In this con­text, the com­pa­ny ul­ti­m­ate­ly of­fers a com­pre­hen­si­ve ser­vice that co­vers all pha­ses, from con­cep­ti­on and pro­duc­tion to de­li­very and ma­nage­ment of di­gi­tal con­tent. This ap­proach en­ables IDNTT’s cli­ents to sub­stan­ti­al­ly in­crease both the ef­fi­ci­en­cy and fle­xi­bi­li­ty of the mar­ke­ting ac­ti­vi­ties laun­ched. The ope­ra­tio­nal fo­cus of this Ita­li­an Mar­Tech com­pa­ny is curr­ent­ly ex­clu­si­ve­ly on the Eu­ro­pean mar­ket, main­ly Ita­ly, Switz­er­land, the Ne­t­her­lands, Ro­ma­nia and Spain. Their cus­to­mer port­fo­lio ran­ges from SMEs and pu­blic ad­mi­nis­tra­ti­on to lar­ge mul­ti­na­tio­nal com­pa­nies.

De­spi­te the cur­rent dif­fi­cult frame­work con­di­ti­ons, which are cha­rac­te­ri­sed by high in­fla­ti­on and a ten­se eco­no­mic si­tua­ti­on, IDNTT con­tin­ued their po­si­ti­ve busi­ness de­ve­lo­p­ment of the past few ye­ars in the last fi­nan­cial year 2022. With sa­les re­ve­nues of € 9.91 mil­li­on (pre­vious year: € 8.48 mil­li­on), an in­crease in sa­les of +16.8% was achie­ved. On the one hand, this re­flects the via­bi­li­ty and re­si­li­ence of their busi­ness mo­del; on the other hand, the com­pa­ny ope­ra­tes in a ste­adi­ly gro­wing mar­ket seg­ment. Bet­ween 2019 and 2022, the avera­ge an­nu­al growth in tur­no­ver was a very high 33.6%. The strong sa­les growth of the past few fi­nan­cial ye­ars was ac­com­pa­nied by a high le­vel of pro­fi­ta­bi­li­ty. In the past th­ree fi­nan­cial ye­ars, their EBITDA mar­gin was al­ways abo­ve 20%.

Their im­pres­si­ve growth cour­se was con­tin­ued in the first half of 2023. In con­cre­te terms, IDNTT ge­ne­ra­ted half-year re­ve­nues of € 9.01 mil­li­on (1 HY 2022: € 4.68 mil­li­on) and was thus able to si­gni­fi­cant­ly in­crease the top line com­pared to the same pe­ri­od of the pre­vious year (+92.9%). In this con­text, it should be men­tio­ned that sa­les in­crea­ses were achie­ved in all sa­les re­gi­ons and cus­to­mer seg­ments. On the one hand, the growth spurt is of an in­or­ga­nic na­tu­re. In No­vem­ber 2022, a 60% sta­ke was ac­qui­red in In-Sane S.r.l., an Ita­li­an me­dia agen­cy with a fo­cus on the growth seg­ment of in­fluen­cer mar­ke­ting. Th­rough this ac­qui­si­ti­on, the IDNTT Group is now in a po­si­ti­on to suc­ces­si­ve­ly ex­pand and de­ve­lop both the tar­get group and the con­tent. In ad­di­ti­on, the com­pa­ny has gai­ned ac­cess to new sources of in­co­me from spon­so­ring, li­cen­sing and mer­chan­di­sing th­rough its sta­ke in In-Sane S.r.l. and will par­ti­ci­pa­te in the ra­pidly gro­wing in­fluen­cer mar­ket in the fu­ture. In ad­di­ti­on to the in­or­ga­nic ef­fect, IDNTT has also grown or­ga­ni­cal­ly by win­ning new con­tracts. The lower EBITDA mar­gin of the ac­qui­red com­pa­ny led to a re­duc­tion of group-wide pro­fi­ta­bi­li­ty and, the­r­e­fo­re, the EBITDA of € 0.99 mil­li­on (pre­vious year: € 1.02 mil­li­on) was at the pre­vious year’s le­vel.

Ba­sed on the po­si­ti­ve busi­ness de­ve­lo­p­ment in the first half of the year, we ex­pect a si­gni­fi­cant in­crease in re­ve­nue to € 20.26 mil­li­on for the full year 2023 and an­ti­ci­pa­te a con­ti­nua­tion of the growth cour­se in the fol­lo­wing ye­ars. From 2024 on­wards, the com­pa­ny should be able to re­turn to its usu­al mar­gin le­vel. Ba­sed on our DCF va­lua­ti­on mo­del, we have de­ter­mi­ned a tar­get pri­ce of € 7.10 and thus see si­gni­fi­cant up­si­de po­ten­ti­al for the IDNTT share. We as­sign the ra­ting BUY.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:
http://​www​.more​-ir​.de/​d​/​2​8​2​0​9​.​pdf

Kon­takt für Rück­fra­gen
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: see in­di­vi­du­al stu­dies; a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Edi­to­ri­al dead­line: 06.11.2023
Date and time of com­ple­ti­on of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (08:13 am)
Date and time of the first dis­clo­sure of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (10:00 am)
Date and time of com­ple­ti­on of the re­se­arch re­port (eng­lish ver­si­on): 09.11.2023 (8:07 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port (eng­lish ver­si­on): 10.11.2023 (10:30 am)

——————-über­mit­telt durch die EQS Group AG.——————-

Für den In­halt der Mit­tei­lung bzw. Re­se­arch ist al­lei­ne der Her­aus­ge­ber bzw.
Er­stel­ler der Stu­die ver­ant­wort­lich. Die­se Mel­dung ist kei­ne An­la­ge­be­ra­tung
oder Auf­for­de­rung zum Ab­schluss be­stimm­ter Bör­sen­ge­schäf­te.