Checkpoint Partners Maintains 'Buy' Rating and €4 Price Target for Lleida.net

07 May 2025 11:11 CEST

Madrid, Spain.– May 7, 2025 – Technology company Lleida.net (BME: LLN) (EPA: ALLN) (OTCQX: LLEIF) received a new research report from Checkpoint Partners, maintaining its 'Buy' rating and setting a price target of €4 per share.

The report, written by analyst Guillermo Serrano, cites Lleida.net's strong financial recovery, including a 477% increase in profit before tax and a 129% rise in EBITDA YoY during the first quarter of 2025, driven by growth in SaaS and Commercial SMS business lines.

According to Serrano, "We are raising our 12-18-month price target to €4.00 (vs €3.00), which would place the stock at a 2026 EV/EBITDA (cash) multiple of 14x. Our target multiple remains unchanged; the increase is solely driven by our increased EBITDA estimates."

The report notes that Lleida.net is currently trading at clearly lower multiples compared to similar sector companies.

It states that: "LLN is now trading on 2025 and 2026 EV/EBITDA (cash) multiples of 7x and 5x, respectively, in our view not consistent with the valuation multiples of a growth company."

"We now expect Lleida.net to deliver an Ebitda of €3,7 million in 2025 (vs €2.8 million) and a Net Profit of €2.3 million (vs €1.3 million)," Serrano explained in his report.

Lleida.net recorded its best quarter ever between January and March 2025, with sales of €5.29 million, up 12 percent on the same period last year. The company recorded an EBITDA of €1.22 million in the first quarter, an increase of 84 percent, marking the best quarter in its history.

In the first quarter of 2025, the company's operating profit reached €716,000, up 387 percent year-on-year, and pre-tax profit was €641,000, a rise of 477 percent, both record highs in the company's history.

Founded in 1995, Lleida.net is one of Europe's leading providers of certification, notification, and registered electronic signature services.

The company holds more than 300 patents in its business segment in over 60 countries. It has been listed on BME Growth (Madrid) for 10 years, Euronext Paris, OTCQX in New York, Stuttgart, and Frankfurt.

Forward-Looking Statement: This press release contains forward-looking statements regarding Lleida.net and its innovations. These statements may include words such as "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "potential", the future tense, and similar terms. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including uncertainty around commercial success, intellectual property rights protection, and other business risks. These statements reflect current beliefs and forecasts as of the date of this press release. The company assumes no obligation to publicly update any forward-looking statements due to new information, future events, or other circumstances.