{"id":13624,"date":"2022-12-08T13:35:12","date_gmt":"2022-12-08T12:35:12","guid":{"rendered":"https:\/\/integrae.it\/?p=13624"},"modified":"2022-12-08T13:35:13","modified_gmt":"2022-12-08T12:35:13","slug":"update-13-10-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-13-10-2022\/","title":{"rendered":"UPDATE – 13.10.2022"},"content":{"rendered":"\n

The Group, in the consolidated half-year financial report as of 30 June 2022, reported that it had generated revenues of \u20ac 14.35 million, compared to a value of \u20ac 9.18 million in the first half of last year, showing an increase of 56.3%. Adj. EBITDA, equal to \u20ac -0.99 million, recorded a slight contraction compared to \u20ac -0.85 million in the first half of 2021. EBIT amounted to \u20ac -1.35 million, while in the first half of 2021 it amounted to \u20ac -1.14 million. Net income amounted to \u20ac -0.91 million, essentially in line with the value of \u20ac -0.92 million in the first half of last year. The NFP amounted to \u20ac 5.75 million, a worsening compared to 31 December 2021 (equal to \u20ac 3.53 million).<\/p>\n\n\n\n

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 revenues of \u20ac 32.00 million and EBITDA Adj. of \u20ac -0.30 million, corresponding to a marginality of -0.9%. For subsequent years, we expect the revenues to increase up to \u20ac 50.00 million (CAGR 21A-25E: 17.4%) in FY25E, with EBITDA Adj. of \u20ac 3.80 million (corresponding to an EBITDA Adj. margin of 7.6%), up from \u20ac -0.45 million in FY21A (corresponding to an EBITDA Adj. margin of -1.7%). <\/p>\n\n\n\n

We have conducted the valuation of L&C\u2019s equity value based on the DCF methodology. For prudential purposes, we have included a specific risk of 2.5%. This results in a WACC of 6.80%. With the above data and taking as a reference our estimates and assumptions, the result is an equity value of \u20ac 25.3 million. The target price is, therefore, \u20ac 4.05 (prev. \u20ac 4.30), BUY rating and MEDIUM risk. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Group, in the consolidated half-year financial report as of 30 June 2022, reported that it had generated revenues of \u20ac 14.35 million, compared to a value of \u20ac 9.18 million in the first<\/p>\n","protected":false},"author":5,"featured_media":12110,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[201],"class_list":["post-13624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-longino-cardenal-en"],"acf":[],"yoast_head":"\nUPDATE - 13.10.2022 - 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-13-10-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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