{"id":13628,"date":"2022-12-08T13:43:06","date_gmt":"2022-12-08T12:43:06","guid":{"rendered":"https:\/\/integrae.it\/?p=13628"},"modified":"2022-12-08T13:43:07","modified_gmt":"2022-12-08T12:43:07","slug":"update-11-10-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-11-10-2022\/","title":{"rendered":"UPDATE &#8211; 11.10.2022"},"content":{"rendered":"\n<p>Revenues amounted to \u20ac 27.66 million, compared to a value of \u20ac 14.62 million recorded in 1H21A. EBITDA amounted to \u20ac 6.65 million, up compared to 1H21A, when it was equal to \u20ac 2.46 million. The EBITDA margin stands at 24.0%, showing a considerable increase compared to the marginality of the first half of 2021 (16.8%). EBIT, after amortization and depreciation of \u20ac 0.94 million, amounted to \u20ac 5.71 million, an improvement compared to the value of \u20ac 1.50 million of 30 June 2021. The NFP for 1H22A, equal to \u20ac 0.19 million, is worsening compared to the value of the previous annual report (cash positive for \u20ac 1.88 million).<\/p>\n\n\n\n<p>In light of the results published in the half-yearly report for 1H22A, we modify the estimates for the current year and for the coming years. In particular, we estimate FY22E revenues of \u20ac 58.00 million and EBITDA of \u20ac 13.35 million, corresponding to a marginality of 23.0%. For subsequent years, we expect the revenues to increase up to \u20ac 76.00 million (CAGR 21A-24E: 23.5%) in FY24E, with EBITDA of \u20ac 18.25 million (corresponding to an EBITDA margin of 24.0%), up from \u20ac 8.79 million in FY21A (corresponding to an EBITDA margin of 21.8%). In terms of the Balance Sheet, we estimate a cash positive NFP equal to \u20ac 9.45 million for FY24E.&nbsp;<\/p>\n\n\n\n<p>We have conducted the valuation of FOPE\u2019s 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 2.5%) provides an equity value of \u20ac 175.4 million. The equity value using market multiples is \u20ac 153.9 million (including a discount of 25%). The result is an average equity value of \u20ac164.7 million. <strong>The target price is, therefore, \u20ac 30.50 (prev. \u20ac20.00). We confirm BUY rating and MEDIUM risk.&nbsp;<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 27.66 million, compared to a value of \u20ac 14.62 million recorded in 1H21A. EBITDA amounted to \u20ac 6.65 million, up compared to 1H21A, when it was equal to \u20ac 2.46<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-13628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 11.10.2022 - 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-11-10-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 11.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 27.66 million, compared to a value of \u20ac 14.62 million recorded in 1H21A. 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