Company: Landi Renzo
Listings: Milan Exchange & Frankfurt Exchange
Ticker: LR.MI & ARQ.F
Market cap at time of publication: € 127 MEUR
Stock price at time of publication: € 0.565
Analyst target Price: € 0.98 EUR
Business: RNG/Hydrogen mobility & OEM producer


ESGFIRE Comment:

We are pleased to see our portfolio company Landi Renze deliver a solid report for full year of 2022.

The company reported consolidated revenues of EUR306.3 million, up EUR64.3 million,  up  27 percent from EUR 242.0 million in the previous year. The company is currently trading at 6 X EV/EBITDA for 2023, and 4,83 X EV/EBITDA for 2024. Compare that to peer Westport Fuel systems trading at negative EV/EBITDA for 2023.

According to management the hydrogen division is growing even more quickly than anticipated. It is also anticipated and expected that margins will increase as a result of cost control measurements taken by management. For the Indian JV KLR  revenues grew by 81 % . The outlook for 2023 is an expected improvement vs. 2022, with growing EBITDA and cash from operations .

Landi Renzo is the global leader in the natural gas, biomethane and hydrogen sustainable mobility and
infrastructure sector. The Group stands out for its extensive presence at global level in over 50 countries,
generating nearly 90% of its revenues abroad. Landi Renzo S.p.A. has been listed on the Euronext STAR Milan segment of Borsa Italiana since June 2007

Full press release available below:

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