MILAN (AIMnews.it) - Integrae Sim has made the decision to Buy, a recommendation from Expert System (previously it was Hold) and revised the target price upwards, from 1.58 to 1.94 euros per share. "The equity value resulting from the DCF is equal to € 60.8 million, while that resulting from multiples is equal to € 77.9 million (net of the 25% discount for lower liquidity compared to previous- analysts write - We note that at the stated average value of 69.3 mln, Expert System deals with 56% off the industry average EV / Sales 2018 (2.6x versus 6.0x in the sector) and a 50% discount compared to the EV Average EBITDA 2018 for the sector (12.1x versus 24.1 average for the sector)". For 2018, Integrae Sim now expects 36.1 million euros of production value, 4.3 million ebitda (with a margin 11.9%) and a net loss of 4 million, while for the next year the forecasts amount to a production value of 40.4 million, with 7.7 million ebitda (margin of 18.9%) and 2 million in the red.