Core Viewpoint - Lleida.net has shown significant financial recovery, with a strong performance in the first quarter of 2025, leading to a revised price target of €4 per share from Checkpoint Partners, maintaining a 'Buy' rating [1][2]. Financial Performance - Lleida.net reported a profit before tax increase of 477% and a 129% rise in EBITDA year-on-year in Q1 2025, driven by growth in its SaaS and Commercial SMS business lines [1]. - The company achieved record sales of €5.29 million in Q1 2025, marking a 12% increase compared to the same period last year [4]. - EBITDA for the first quarter reached €1.22 million, an 84% increase, while operating profit was €716,000, up 387% year-on-year [4]. - The net profit for 2025 is now expected to be €2.3 million, up from a previous estimate of €1.3 million [3]. Valuation Metrics - The new price target of €4.00 reflects an increase in EBITDA estimates, with the stock trading at 2025 and 2026 EV/EBITDA multiples of 7x and 5x, respectively, which are considered low for a growth company [2][3]. - Lleida.net's valuation multiples are significantly lower compared to similar companies in the sector [2]. Company Background - Founded in 1995, Lleida.net is a leading provider of certification, notification, and registered electronic signature services in Europe, holding over 300 patents across more than 60 countries [5].