RIPORTO I DATI ESSENZIALI DELLO STUDIO DI INTESA S.PAOLO-IMI CORPORATE SU AGATOS (BUY CON TARGET PRICE 1,53)
Strong sales growth: In 1H22, revenues more than doubled reaching EUR 10.2M,
including EUR 0.6M of capital gain on the disposal of 25% of Green Power Marcallese
to Sorgenia, corresponding to around 65% of Agatos’ business plan (EUR 15.6M sales
target for 2022). Sales were driven by the Biomethane division which accounted for
EUR 4.0M and the sharp growth of the energy efficiency division, which reached EUR
5.0M pushed up by the “Superbonus 110%”. Photovoltaic division reported EUR 1.2M
sales;
EBITDA turned positive: for EUR 0.2M despite increasing raw material costs. After D&A
costs for EUR 0.6M EBIT was negative for EUR 0.4M, a significant improvement
compared with 1H21;
Net result was negative for EUR 1.0M: After EUR 0.6M financial charges and taxes for
EUR 0.2M Agatos reported a negative bottom line at EUR 1.0M compared with EUR
6.8M in 1H21 which was penalised by a non-recurring write-down of EUR 5.5M linked
to the disposal of its wind activities finalised on September 2020;
Net debt at EUR 10.6M, substantially in line with Dec-21. Net equity was negative for
EUR 2.5M. We recall that last week Agatos signed an agreement with Macquaire
Bank and Atlas Capital Markets which will subscribe convertible bonds up to EUR
10M during the next 24 months;
What we think: Agatos reported solid improvements in 1H22 which make 2022 business
plan reliable. Biomethane division already reached the target for the full year, energy
efficiency division is at 70% of the target while the photovoltaic division is at 30% of the
expected sales for FY22 (but should strongly accelerate in 2H22). We confirm our
positive stance