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This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

METAVISIO

CR 		Bloomberg   ALTHO FP
Comput. related Hardware  /  France  Web Site   |   Investors Relation
Moving swiftly around the globe
Target
Upside 712%
Price (€) 1.48
Target Price (€) 12.0
Market Cap (€M) 11.7
Debt

Metavisio has three outstanding convertible bonds with amounts of €577k, €5m and €7.1m issued in 2016, 2019 and 2020 respectively. The first bond will mature in June 2022 and the other two bonds have a maturity period of three years. The total outstanding convertible obligations amounted to €6.8m at the end of September 2022. The company also has access to an unlimited EDEBEX credit line.
Funding - Liquidity
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  12/21A 12/22E 12/23E 12/24E
EBITDA €th 6,510 5,683 13,207 24,499
Funds from operations (FFO) €th 6,685 2,695 8,272 16,539
Ordinary shareholders' equity €th 7,518 15,743 23,158 37,989
Gross debt €th 28,498 21,000 26,000 25,000
   o/w Less than 1 year - Gross debt €th 990 1,000 1,000 1,000
   o/w 1 to 5 year - Gross debt €th 27,508 20,000 25,000 24,000
 + Gross Cash €th -168 698 6,901 14,054
 = Net debt / (cash) €th 28,667 20,302 19,099 10,946
Bank borrowings €th 16,000 9,000 14,000 13,000
Issued bonds €th 12,000 12,000 12,000 12,000
Other financing €th 498 0.00 0.00 0.00
Gearing (at book value) % 380 156 85.1 39.5
Equity/Total asset (%) % 19.0 40.3 50.6 71.8
Adj. Net debt/EBITDA(R) x 4.40 3.57 1.45 0.45
Adjusted Gross Debt/EBITDA(R) x 4.45 3.70 1.97 1.02
Adj. gross debt/(Adj. gross debt+Equity) % 79.4 57.2 52.9 39.7
Ebit cover x 2.48 2.07 6.24 11.6
FFO/Gross Debt % 23.1 12.8 31.8 66.2
FFO/Net debt % 23.3 13.3 43.3 151
FCF/Adj. gross debt (%) % 14.2 7.26 4.62 32.6
(Gross cash+ "cash" FCF+undrawn)/ST debt x 3.97 2.22 8.10 22.2
"Cash" FCF/ST debt x 6.64 1.52 1.20 8.15
Credit Risk
Covenants
Changes to Story : 21/11/2022, Changes to Forecasts : 21/11/2022.