MILANO (AIMnews.it) - IR Top Research updates its equity research on Piteco in light of the first consolidated financial statements approved by the Board, following the acquisition of the American company Juniper Payments LLC. The target price goes from 5.79 Euro p.s. to 5.64 euros p.s. (with a potential upside of 13%) mainly due to a slightly lower 2017 revenue than forecast (€ 17.0 million vs. € 17.8 million). The top-line difference, analysts explain, is mainly linked to the business line dedicated to ad hoc projects developed for larger customers; the other two business lines, recurring fees and software, recorded growth in line with expectations. The new estimates envisage a 3.2% cut on average for sales and 2.8% on average for EBITDA (20.4 million euros for 2018, expected turnover with an EBITDA margin of 40.4%). Despite this, the CAGR 2018-2020 is expected to be + 8% for sales and + 10% for EBITDA, which will reach an EBITDA margin in 2020 of 41.8%. Thanks to the business models of Piteco and Juniper, which involve a low level of investments, over the years the group will be able to continue to generate cash and reduce its NFP, conditioned by the American acquisition. The Piteco Group ended the 2017 year with a turnover of 17 million euros, an increase of 21% compared to 2016 and with a net profit of 3.4 million (20% of revenues).