{"id":13640,"date":"2022-12-08T14:46:09","date_gmt":"2022-12-08T13:46:09","guid":{"rendered":"https:\/\/integrae.it\/?p=13640"},"modified":"2022-12-08T14:47:02","modified_gmt":"2022-12-08T13:47:02","slug":"initiation-of-coverage-11-05-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-11-05-2022\/","title":{"rendered":"Initiation of Coverage – 11.05.2022"},"content":{"rendered":"\n

The Group managed to record a value of production at 30 June 2022 equal to \u20ac 7.98 million, a strong growth (+ 545.4%) compared to the first half of 2021, in which the value was equal to \u20ac 1.22 million. EBITDA at the end of the first half of 2022 amounted to – \u20ac 0.80 million, up 7.1% compared to the previous period, when it amounted to – \u20ac 0.86 million. The EBITDA margin in particular increased from – 70.7% to – 10.2%. EBIT, after depreciation and write-downs for a total of \u20ac 0.55 million, is equal to – \u20ac 1.36 million, worsening compared to 1H21A where it stood at – \u20ac 1.22 million. Net Income at the end of the first half of 2022 amounted to – \u20ac 1.41 million, down 5.6% compared to the previous period when it amounted to – \u20ac 1.33 million.<\/p>\n\n\n\n

In light of the results published in the half-yearly report for 1H22A, we are changing our estimates for both the current year and the coming years. In particular, we estimate the value of production 2022E equal to \u20ac29.65 million and the EBITDA equal to – \u20ac 1.00 million, corresponding to a margin of – 3.4%. For the following years, we expect the value of production to increase to \u20ac131.35 million (CAGR 21A-27E: 59.8%) in 2027E, with EBITDA equal to \u20ac 8.70 million (corresponding to an EBITDA margin of 6.6%), up compared to – \u20ac 1.49 million in 2021A (corresponding to an EBITDA margin of – 18.9%). As for the estimated investments, we expect Capex 2022E-2027E to amount to approximately \u20ac 4.60 million. We estimate an NFP for 2027E cash positive and equal to \u20ac 12.42 million.<\/p>\n\n\n\n

We conducted the assessment of the equity value of Destination Italia based on DCF methodology only. 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 31.5 million. The target price is \u20ac 2.60, rating BUY and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Group managed to record a value of production at 30 June 2022 equal to \u20ac 7.98 million, a strong growth (+ 545.4%) compared to the first half of 2021, in which the value<\/p>\n","protected":false},"author":5,"featured_media":12141,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,241],"tags":[248],"class_list":["post-13640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-initiation-of-coverage-en","tag-airtime-partecipazioni-2"],"acf":[],"yoast_head":"\nInitiation of Coverage - 11.05.2022 - 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\/initiation-of-coverage-11-05-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Initiation of Coverage - 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