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

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 €42.51 million in 2022, up from €40.51 million in 2021. The largest portion of the revenue came from promotion and services, contributing €39.13 million. There was also an extraordinary revenue of €2.6 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 €7.82 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 €8.34 million (PY: €5.62 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 €3.7 million, up from €1.06 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 €50.0 - €52.0 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 €38.2 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 €41.58 million.
 
For 2023, we project the EBITDA to be €6.58 million with an EBITDA margin of 17.2%. We predict a steady increase in EBITDA and margin for subsequent years, with an EBITDA of €7.77 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 €50.31 million and an EBITDA of €13.12 million by 2026. Based on our DCF model, we have arrived at a target price of €4.00. 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)

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