MILAN (AIMnews.it) – IRTop Research has updated its assessment on Bomi Italia, which incorporates the acquisition of Farma Logistica, the changed market conditions (risk-free rate and equity risk premium) and the lowering of multiples. The target price passes from € 4.87 per share to € 4.50 p.a. (with a potential upside of 71%) mainly due to a turnover of 2018-2020 lower than previous estimates. The top-line difference, analysts explain, is mainly linked to the change of assumptions on the exchange rate, particularly on EUR/BRL from 3.9 to 4.5. The new estimates for 2018-2020 forecast an average cut of about 2% for revenues and EBITDA (126.4 million euro for the expected turnover of 2018 with an EBITDA margin of 10%). The expected profitability for 2020 was confirmed at 11.3% with respect to a turnover estimated at € 145.2 million. Also for 2020, IRTop Research expects a group net profit of 6.0 million thanks to the ongoing consolidation of minorities; net financial debt, affected by the significant acquisitions concluded since the beginning of the year (De Salute and Farma Logistica), is estimated to have fallen to € 11.9 million thanks to good cash generation. The Bomi Italia stock, which capitalises around 44 million euro, has a multiple EV/EBITDA 2018 of 5.4x against a median value of 12.3x of the peers considered.