{"id":13632,"date":"2022-12-08T14:35:33","date_gmt":"2022-12-08T13:35:33","guid":{"rendered":"https:\/\/integrae.it\/?p=13632"},"modified":"2022-12-08T14:35:34","modified_gmt":"2022-12-08T13:35:34","slug":"update-13-10-2022-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-13-10-2022-2\/","title":{"rendered":"UPDATE &#8211; 13.10.2022"},"content":{"rendered":"\n<p>Revenues amounted to \u20ac 7.34 million, essentially in line with the value of \u20ac 7.21 million recorded in the first six months of last year. EBITDA Adj. amounted to \u20ac 1.73 million, with a marginality of 23.3%, compared to 1H21A of \u20ac 2.36 million (corresponding to a marginality of 32.6%). EBIT, after amortization and depreciation of \u20ac 1.17 million, amounted to \u20ac &#8211; 0.30 million, compared to \u20ac 1.34 million as of 30 June 2021. Net profit amounted to \u20ac &#8211; 0.50 million, down compared to the first half of 2021, where it amounted to \u20ac 0.80 million. The NFP is cash positive and equal to \u20ac 0.75 million, an improvement compared to the figure of 30 June 2021 (cash positive for \u20ac 0.12 million).<\/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 revenues equal to \u20ac 15.50 million and EBITDA Adj. estimated equal of \u20ac 4.05 million, corresponding to a marginality of 26.1%. For subsequent years, we expect the revenues to increase up to \u20ac 22.00 million (CAGR 21A-24E: 17.05%) in FY24E, with EBITDA Adj. equal to \u20ac 6.65 million (corresponding to an EBITDA margin of 30.2%), up compared to \u20ac 3.82 million in FY21A (corresponding to an EBITDA margin of 27.0%). In terms of the Balance Sheet we estimate a cash positive NFP value for FY24E equal to \u20ac 5.42 million.&nbsp;<\/p>\n\n\n\n<p>We have conducted the valuation of ABTG\u2019s equity value based on the DCF methodology. 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 41.8 million.&nbsp;<strong>The target price is, therefore, \u20ac 8.20 (prev. \u20ac 8.20), BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 7.34 million, essentially in line with the value of \u20ac 7.21 million recorded in the first six months of last year. EBITDA Adj. amounted to \u20ac 1.73 million, with a<\/p>\n","protected":false},"author":5,"featured_media":11935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[246],"class_list":["post-13632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-abtg"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 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-13-10-2022-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 13.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 7.34 million, essentially in line with the value of \u20ac 7.21 million recorded in the first six months of last year. EBITDA Adj. amounted to \u20ac 1.73 million, with a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-13-10-2022-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-08T13:35:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:35:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"225\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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 - 13.10.2022 - 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-13-10-2022-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 13.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"Revenues amounted to \u20ac 7.34 million, essentially in line with the value of \u20ac 7.21 million recorded in the first six months of last year. 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