Original-Research: Health Italia S.p.A. (von GBC AG): BUY

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Original-Research: Health Italia S.p.A. - von GBC AG

Einstufung von GBC AG zu Health Italia S.p.A.

Unternehmen: Health Italia S.p.A.
ISIN: IT0005221004

Anlass der Studie: Research Report (Initiating Coverage)
Empfehlung: BUY
Kursziel: 4.00 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung: 
Analyst: Matthias Greiffenberger, Marcel Schaffer

Reinforces its success by returning to its profitable core business,
setting the stage for growth and innovation. Significant boost in sales and
profits expected.
 
Health Italia S.p.A. The Health Italia Group is a healthcare and welfare
organization aiming to enhance the quality and accessibility of health and
welfare services. The primary focus of the group revolves around enrolling
new members into the Mutual Health Funds MBA. Commissions are offered for
successfully recruiting new members. The acquisition of these new members
is accomplished through a multi-channel strategy, with a significant
emphasis on leveraging the support of over 2,000 independent promoters and
a network of banks. Additionally, the group operates successfully in the
telemedicine sector and provides valuable services to mutual healthcare
funds.
 
Health Italia S.p.A. reported revenues of EUR42.51 million in 2022, up from
EUR40.51 million in 2021. The largest portion of the revenue came from
promotion and services, contributing EUR39.13 million. There was also an
extraordinary revenue of EUR2.6 million from a real estate transaction
involving the company's headquarters. Segment-wise, the
promotion-and-services segment was the largest revenue generator, but it
faced a slight decrease due to the effects of the COVID pandemic. The
health-benefits segment showed strong growth, largely due to the success of
telemedicine services. Meanwhile, the nutraceuticals-and-cosmeceuticals
segment saw a decline due to a shift in corporate strategy.
 
On the earnings side, the company reported an adjusted EBITDA of EUR7.82
million in 2022, an increase of 3.5% from 2021. Cost reductions across all
profit and loss positions helped achieve substantial non-adjusted EBITDA
growth of 48.5%, raising it to EUR8.34 million (PY: EUR5.62 million). The
promotion-and-services segment was the leading contributor to EBITDA. Both
the nutraceuticals-and-cosmeceuticals segment and the health-benefits
segment are nearing break-even point, indicating a positive trend towards
profitability. The overall net result significantly improved to EUR3.7
million, up from EUR1.06 million the previous year.
 
Health Italia is undergoing a strategic transformation, focusing on
promotion, telemedicine, medical services, and healthcare plans while
scaling back investments in the nutraceutical and real estate sectors. The
COVID-19 pandemic has accelerated the demand for telemedicine services,
which the company aims to capitalize on, while improving service quality
and efficiency. Health Italia is also investing in digital platforms. They
are expanding their sales channels to include an online platform, thus
broadening their customer base. The company's agility and commitment
position it for significant growth in the coming years. Their revenue
guidance for 2023-2026 aims for revenues between EUR50.0 - EUR52.0 million,
with a focus on reinvestment, cost-saving, and sustainability. According to
our projections, the company's revenue is expected to experience a slight
decline to EUR38.2 million in 2023. This can be attributed to the impact of
extraordinary real estate income in 2022 and a strategic shift in our
operations. However, we anticipate the revenue to grow by 8.6% in 2024 to
reach EUR41.58 million.
 
For 2023, we project the EBITDA to be EUR6.58 million with an EBITDA margin
of 17.2%. We predict a steady increase in EBITDA and margin for subsequent
years, with an EBITDA of EUR7.77 million and an EBITDA margin of 18.7% for
2024.
 
In the DCF model we are in sync with the guidance and forecast revenues of
EUR50.31 million and an EBITDA of EUR13.12 million by 2026. Based on our DCF
model, we have arrived at a target price of EUR4.00. Given the significant
upside potential, we assign a Buy rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27631.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung
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Date and time of completion of the research report: 28.08.2023 (15:00)
Date and time of the first disclosure of the research report: 29.08.2023 (10:00)

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


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