Ori­gi­nal-Re­se­arch: So­lid World GROUP S.p.A. (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: So­lid World GROUP S.p.A. – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to So­lid World GROUP S.p.A.
Com­pa­ny Name: So­lid World GROUP S.p.A.
ISIN: IT0005497893

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 6.00 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: Cos­min Fil­ker, N. Ripp­lin­ger

“In­no­va­ti­ve 3D prin­ting com­pa­ny with fo­cus on in­dus­try and bio­tech­no­lo­gy” High re­ve­nue po­ten­ti­al th­rough at­trac­ti­ve growth mar­kets; pri­ce tar­get: € 6.00 and BUY ra­ting

So­lid World Group S.p.A. spe­cia­li­ses in 3D prin­ting and in­te­gra­ti­on ser­vices for de­sign and pro­duc­tion de­part­ments to de­ve­lop in­no­va­ti­ve so­lu­ti­ons ba­sed on 3D prin­ting. Re­cent­ly, BIO3DMODEL and BIO3DPRINTING have also joi­n­ed the group, com­ple­men­ting their port­fo­lio in the bio­me­di­cal field. The group oc­cu­p­ies every pro­cess step of 3D tech­no­lo­gy from de­sign to prin­ting to struc­tu­ring the pro­duc­tion pro­cess of pro­to­ty­pes or fi­nis­hed pro­ducts. So far, the com­pa­ny is main­ly ac­ti­ve in the Ita­li­an mar­ket for ad­di­ti­ve ma­nu­fac­tu­ring. This mar­ket is flan­ked by ac­ti­vi­ties in the bio­me­di­cal sec­tor, in pho­to­vol­taic con­s­truc­tion and in the con­s­truc­tion of pro­duc­tion li­nes for in­dus­tri­al com­pa­nies, for ex­am­p­le.

The com­pa­ny, which has been lis­ted in the Eu­ron­ext Growth Mi­lan seg­ment sin­ce 2022, has grown by an avera­ge of 5.9% per year over the past th­ree fi­nan­cial ye­ars, with an EBITDA mar­gin in the mid-sin­gle di­gits. The in­crease in tur­no­ver is at­tri­bu­ta­ble to both or­ga­nic and in­or­ga­nic growth.

In the past 2022 busi­ness year, So­lid World Group S.p.A. was able to con­ti­nue its po­si­ti­ve busi­ness de­ve­lo­p­ment with re­ve­nues of € 57.75 mil­li­on, thus re­cor­ding a mo­de­ra­te in­crease in re­ve­nues of 4.8% (pre­vious year: € 55.09 mil­li­on). EBITDA in­creased dis­pro­por­tio­na­te­ly by 18.8% to € 4.02 mil­li­on (pre­vious year: € 3.82 mil­li­on). Their growth cour­se was also con­tin­ued in the first half of 2023 with an in­crease in tur­no­ver of 9.3% to € 33.14 mil­li­on (pre­vious year: € 30.31 mil­li­on). A smal­ler com­pa­ny ac­qui­si­ti­on (purcha­se pri­ce: € 2.6 mil­li­on) also had a sup­port­ing ef­fect here. EBITDA rose to € 2.76 mil­li­on (pre­vious year: € 2.48 mil­li­on), which cor­re­sponds to a con­stant EBITDA mar­gin of 8.3% (pre­vious year: 8.2%).

The Group is ac­ti­ve in num­e­rous growth mar­kets such as In­dus­try 4.0, 3D prin­ting, re­ne­wa­ble en­er­gies and bio­me­di­ci­ne. In the area of In­dus­try 4.0, the Group is in­cre­asing­ly fo­cu­sing on the dis­tri­bu­ti­on of its own soft­ware Integr@ and is laun­ching a co­ope­ra­ti­on in the ae­ro­space in­dus­try. In ad­di­ti­on, the So­lid World Group is pushing the in­tro­duc­tion of the So­lid­Fac­to­ry plat­form, which of­fers cus­to­mi­sed con­sul­ting for the au­to­ma­ti­on of pro­duc­tion pro­ces­ses. Th­rough an ac­qui­si­ti­on, the So­lid World Group is also ac­ti­ve in the re­ne­wa­ble en­er­gy seg­ment and can now of­fer its cus­to­mers ma­chi­nes for the con­s­truc­tion of pho­to­vol­taic plants. In the bio­me­di­cal sec­tor, So­lid World Group has foun­ded two start-ups in col­la­bo­ra­ti­on with the Uni­ver­si­ty of Pisa: BIO3DMODEL and BIO3DPRINTING. The start-up BIO3DPRINTING has de­ve­lo­ped a so-cal­led elec­tro­s­pi­der that makes it pos­si­ble to pro­du­ce hu­man cell con­s­tructs using the first 3D bio-prin­ting tech­no­lo­gy. This en­ables miss­ing or­gans to be pro­du­ced from spe­ci­fic pa­ti­ent cells and trans­plan­ted. As part of its in­ter­na­tio­na­li­sa­ti­on stra­tegy, the Group is tar­ge­ting the Midd­le Eas­tern mar­ket, in par­ti­cu­lar to of­fer so­lu­ti­ons in the bio­me­di­cal field.

For the cur­rent fi­nan­cial year 2023, we ex­pect mid-sin­gle-di­git re­ve­nue growth to € 62.37 mil­li­on and slight­ly hig­her pro­fi­ta­bi­li­ty. On this ba­sis, we have va­lued So­lid World Group S.p.A. using our DCF mo­del and de­ter­mi­ned a fair va­lue of € 6.00 per share. Due to the po­si­ti­ve busi­ness out­look, we as­sign a BUY ra­ting and see good fu­ture share pri­ce po­ten­ti­al.

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.