{"id":13618,"date":"2022-12-08T13:28:13","date_gmt":"2022-12-08T12:28:13","guid":{"rendered":"https:\/\/integrae.it\/?p=13618"},"modified":"2022-12-08T13:36:38","modified_gmt":"2022-12-08T12:36:38","slug":"update-05-10-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-10-2022\/","title":{"rendered":"UPDATE &#8211; 05.10.2022"},"content":{"rendered":"\n<p>The VoP in 1H22A amounted to \u20ac 23.35 million, with a sales revenues value of \u20ac 22.95 million, registering a growth of 20.7% compared to 1H21A (\u20ac 19.34 million). EBITDA, equal to \u20ac 9.59 million, recorded an increase of 22.4% compared to \u20ac 7.83 million in 1H21A. The EBITDA Margin, equal to 41.1%, also increased compared to the figure for the first half of last year (40.5%). EBIT amounted to \u20ac 6.03 million (\u20ac 5.27 million in 1H21A) with an EBIT margin of 25.8%. Net profit amounted to \u20ac 4.27 million, up compared to the figure as of 30\/06\/2022 (\u20ac 3.79 million). The NFP as of 30 June 2022 amounted to \u20ac 9.59 million of debt.<\/p>\n\n\n\n<p>In the light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and for the coming years. In particular, we estimate FY22E value of production equal to \u20ac 47.80 million and EBITDA of \u20ac 20.05 million, corresponding to a marginality of 41.9%. For subsequent years, we expect the value of production to increase up to \u20ac 70.50 million (CAGR 21A-25E: 14.34%) in FY25E, with EBITDA of \u20ac 29.75 million (corresponding to an EBITDA margin of 42.2%), compared to \u20ac 17.64 million in FY21A (corresponding to an EBITDA margin of 42.8%).<\/p>\n\n\n\n<p>We have conducted the valuation of Intred equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes also a specific risk of 1.0%) provides an equity value of \u20ac 490.9 million. The equity value of Intred using the market multiples is equal to \u20ac311.8 Mln. The result is an average equity value of approx. \u20ac 401.4 million. <strong>The target price is, therefore, \u20ac 25.30 (prev. \u20ac 25.30), BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The VoP in 1H22A amounted to \u20ac 23.35 million, with a sales revenues value of \u20ac 22.95 million, registering a growth of 20.7% compared to 1H21A (\u20ac 19.34 million). EBITDA, equal to \u20ac 9.59<\/p>\n","protected":false},"author":5,"featured_media":12089,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[199],"class_list":["post-13618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-intred-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 05.10.2022 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-05-10-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 05.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The VoP in 1H22A amounted to \u20ac 23.35 million, with a sales revenues value of \u20ac 22.95 million, registering a growth of 20.7% compared to 1H21A (\u20ac 19.34 million). EBITDA, equal to \u20ac 9.59\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-05-10-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-08T12:28:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:36:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/02\/20137.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 05.10.2022 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-05-10-2022\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 05.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"The VoP in 1H22A amounted to \u20ac 23.35 million, with a sales revenues value of \u20ac 22.95 million, registering a growth of 20.7% compared to 1H21A (\u20ac 19.34 million). 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