{"id":13636,"date":"2022-12-08T14:41:32","date_gmt":"2022-12-08T13:41:32","guid":{"rendered":"https:\/\/integrae.it\/?p=13636"},"modified":"2022-12-08T14:41:34","modified_gmt":"2022-12-08T13:41:34","slug":"update-04-10-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/","title":{"rendered":"UPDATE &#8211; 04.10.2022"},"content":{"rendered":"\n<p>Convergenze recorded a value of production as of 1H22A of \u20ac 12.66 mln, up 40.7% from the 1H21 value of \u20ac 8.99 mln. The Company&#8217;s EBITDA, equal to \u20ac 0.63 mln, decreased 53.3% compared to \u20ac 1.35 mln 1H21A, with EBITDA margin decreasing from 15.0% in 1H21A to 5.0% in 1H22A; impacting the figure was the negative marginality of the BU Energy, which suffered from rising energy costs, while the marginality of the BU TLC increased. EBIT also decreased, amounting to &#8211; \u20ac 0.27 mln, due to depreciation and amortization resulting from increased investments on FTTH infrastructure. Net Income is negative at &#8211; \u20ac 0.43 mln, compared to the 1H21A figure of \u20ac 0.41 mln.<\/p>\n\n\n\n<p>In light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and the coming years. In particular, we estimate the FY22E value of production equal to \u20ac 23.30 million and EBITDA of \u20ac 2.45 million, corresponding to a marginality of 10.5%. For subsequent years, we expect the value of production to increase up to \u20ac 30.00 million (CAGR FY21A-FY24E: 16.4%) in FY24E, with EBITDA of \u20ac 4.55 million (corresponding to an EBITDA&nbsp;margin of 15.2%), up from \u20ac 1.82 million in FY21A (corresponding to an EBITDA margin of 9.7%).&nbsp;<\/p>\n\n\n\n<p>We have conducted the valuation of Convergenze&#8217;s 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 a specific risk of 2.5%) provides an equity value of \u20ac 65.3 million. The equity value of Convergenze using market multiples is equal to \u20ac 24.7 million (with a 25% discount). The result is an average equity value of \u20ac 45.0 million. <strong>The target price is \u20ac 6.00 (prev. \u20ac 6.20), BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Convergenze recorded a value of production as of 1H22A of \u20ac 12.66 mln, up 40.7% from the 1H21 value of \u20ac 8.99 mln. The Company&#8217;s EBITDA, equal to \u20ac 0.63 mln, decreased 53.3% compared<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-13636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 04.10.2022 - 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-04-10-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 04.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Convergenze recorded a value of production as of 1H22A of \u20ac 12.66 mln, up 40.7% from the 1H21 value of \u20ac 8.99 mln. The Company&#8217;s EBITDA, equal to \u20ac 0.63 mln, decreased 53.3% compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-08T13:41:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:41:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.jpg\" \/>\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\/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 - 04.10.2022 - 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-04-10-2022\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"Convergenze recorded a value of production as of 1H22A of \u20ac 12.66 mln, up 40.7% from the 1H21 value of \u20ac 8.99 mln. The Company&#8217;s EBITDA, equal to \u20ac 0.63 mln, decreased 53.3% compared","og_url":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2022-12-08T13:41:32+00:00","article_modified_time":"2022-12-08T13:41:34+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/","name":"UPDATE - 04.10.2022 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/#primaryimage"},"datePublished":"2022-12-08T13:41:32+00:00","dateModified":"2022-12-08T13:41:34+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-04-10-2022\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-04-10-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 04.10.2022"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/13636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=13636"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/13636\/revisions"}],"predecessor-version":[{"id":13637,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/13636\/revisions\/13637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11760"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=13636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=13636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=13636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}