{"id":13642,"date":"2022-12-08T14:48:11","date_gmt":"2022-12-08T13:48:11","guid":{"rendered":"https:\/\/integrae.it\/?p=13642"},"modified":"2022-12-08T14:48:12","modified_gmt":"2022-12-08T13:48:12","slug":"update-17-10-2022-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-10-2022-2\/","title":{"rendered":"UPDATE &#8211; 17.10.2022"},"content":{"rendered":"\n<p>At the end of the first half of 2022, the Company recorded a turnover of \u20ac 15.58 million, 46.0% up compared to \u20ac 10.67 million in 1H21A. EBITDA in the current period stood at \u20ac 1.56 million, up from 1H21A when it amounted to \u20ac 1.46 million (+7.0%). The Company&#8217;s EBITDA margin stood at 10.0% over the period and decreased compared to 13.7% in 1H21A. EBIT, after amortization and depreciation for a total of \u20ac 0.40 million and extraordinary income and expenses for a total of \u20ac 0.05 million, amounted to \u20ac 1.11 million, 1.4% down compared to 1H21A (\u20ac 1.13 million). At the end of the analyzed period, the NFP amounted to \u20ac 7.44 million, a worsening compared to 31 December 2021, when it amounted to \u20ac 5.63 million.&nbsp;<\/p>\n\n\n\n<p>In light of the results published in the half-yearly report for 1H22A, we modify our estimates both for the current year and for the coming years. In particular, we estimate the FY22E value of production equal to \u20ac 47.00 million and EBITDA of \u20ac 6.00 million, corresponding to a marginality of 13.0%. For subsequent years, we expect the value of production to increase up to \u20ac 54.00 million (CAGR FY21A-24E: 28.2%) in FY24E, with EBITDA of \u20ac 8.30 million (corresponding to an EBITDA margin of 15.4%), up from \u20ac 5.59 million in FY21A (corresponding to an EBITDA margin of 47.1%).<\/p>\n\n\n\n<p>We have conducted the valuation of Nusco&#8217;s 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 55.8 million. <strong>The target price is \u20ac 3.00 (prev. 2.80), BUY rating and MEDIUM risk.&nbsp;<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2022, the Company recorded a turnover of \u20ac 15.58 million, 46.0% up compared to \u20ac 10.67 million in 1H21A. EBITDA in the current period stood at<\/p>\n","protected":false},"author":5,"featured_media":11992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[175],"class_list":["post-13642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nusco-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 17.10.2022 - 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-17-10-2022-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 17.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the end of the first half of 2022, the Company recorded a turnover of \u20ac 15.58 million, 46.0% up compared to \u20ac 10.67 million in 1H21A. EBITDA in the current period stood at\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-17-10-2022-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-08T13:48:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:48:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.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 - 17.10.2022 - 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-17-10-2022-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 17.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half of 2022, the Company recorded a turnover of \u20ac 15.58 million, 46.0% up compared to \u20ac 10.67 million in 1H21A. 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