MILAN (AIMnews.it) - IR Top Research started the KOLinPHARMA coverage with a target price of 8.67 euros per share, an average of 8.47 euros per share obtained with the DCF method and 8.87 obtained with the multiples method (applying a 27.75% discount to the peer group of international players and no discount to the peer group made up of companies listed on the AIM Italia market). KOLinPHARMA SpA, listed on AIM Italia from March 9, 2018 at an IPO price of 7 euros, is an Innovative SME specialised in research and development in the growing nutraceutical market. The Company's products are based on natural raw materials and are intended to support pharmacological treatments mainly for pathologies in the orthopedic-physiatric and gynecological fields. KOLinPHARMA sells products with its own brand through a qualified network of 58 medical-scientific informants (IMS). Customers are represented by pharmaceutical wholesalers who distribute to pharmacies and parapharmacies throughout Italy. The Company has shown rapid growth since its foundation in 2013 and ended 2017 with revenues of 4.1 million euros (2.5 million euros in 2016) and an EBITDA margin of 15%. The company is highly focused on innovation and works closely with the research departments of the Universities of Pavia and Calabria. KOLinPHARMA currently owns 4 patents (Italy) and 9 certifications (2 for the company and 7 for its products) and in 2017 received a certificate of excellence from the European Commission for a proposal in the Horizon 2020 project. According to KOLinPHARMA estimates it should close 2018 with revenues of 6.7 million euro, EBITDA of 1.5 million euro (EBITDA margin of 23%) and reach the break-even point at the level of net result, expected positive and equal to 0.5 millions of euros. The stock, which capitalises around 10 million euros with an Enterprise Value of 13 million euros, has a multiple EV / EBITDA 2018 of 8.3x against a median value of 9.2x of the peers considered.