MILAN (AIMnews.it) - IR Top Research started the BioDue coverage with a target price of 6.84 euro per share (price 4.97 euro as of 11 April 2018), an average of 7.59 euro per share obtained with the DCF method and 6.09 obtained using the multiples method (applying a 28.5% discount to a group of peers made up of international players). BioDue S.p.A., founded in 1986 and listed on the AIM Italia market since May 2015 at an IPO price of € 3.55, is one of the largest companies active in the Italian nutraceutical market. The company develops, manufactures and distributes food supplements, dermocosmetics and ophthalmic products, medical devices and herbal products both on behalf of national and international pharmaceutical companies and for its brands (Pharcos, BiOfta and Selerbe); it also produces "private labels" for the retail market on behalf of pharmacies, parapharmacies and herbalists. BioDue operates with a vertically integrated business model in 5 industrial plants owned in Tavernelle Val di Pesa (near Florence) and currently has 160 employees. After constant growth since the beginning, the company closed 2017 with total revenues of 36.3 million euro (CAGR 2012-2017 + 6.5%), of which about 12% were made abroad, an EBITDA margin of 12.6% and a group net profit of 4.1 million, with a dividend proposed by the BoD of 0.06 euros per share. BioDue currently owns 9 patents (many with both national and international validity) and 155 registered trademarks and has two quality certifications (ISO 22716 and ISO 13485). According to IR Top Research estimates, BioDue is expected to close 2018 with revenues of 40.7 million euros, EBITDA of 6.8 million (EBITDA margin of 16.6%) and a group net profit of 3.2 million, for an expected dividend of € 0.10 per share. The stock, which capitalises around 55 million euros with an enterprise value of 62 million, has a multiple EV / EBITDA 2018 of 9.3x against an average value of 14x, with the international peers considered.