The Company generated revenues of \u20ac 8.18 million,up 30.0% from the same period last year (\u20ac 6.29 million as of 1H21A). The result is mainly attributable to sports events, including soccer, volleyball, basketball and motorcycling, as well as some races in the Ferrari one-make championship, amounting to approximately \u20ac 5.50 million. EBITDA as of 1H22A stood at \u20ac 3.06 million, registering an increase of approximately 20.0%, compared with last year’s first-half value of \u20ac 2.55 million, for an EBITDA margin of 37.4%. EBIT is \u20ac 0.51 million, while Net Income is negative at – \u20ac 0.08 million. <\/p>\n\n\n\n
In light of the results published in the half-yearly report for 1H22A, we slightly 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 20.00 million and EBITDA of \u20ac 6.75 million, corresponding to a marginality of 37.5%. For subsequent years, we expect the value of production to increase up to \u20ac 26.00 million (CAGR 21A-24E: 16.2%) in FY24E, with EBITDA of \u20ac 9.60 million (corresponding to an EBITDA margin of 40.0%), up from \u20ac 4.90 million in FY21A (corresponding to an EBITDA margin of 36.5%). <\/p>\n\n\n\n
We have conducted the valuation of NVP’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 66.6 million. The equity value of NVP using market multiples is equal to \u20ac 36.0 million (with a 25% discount). The result is an average equity value of \u20ac 51.3 million. The target price is \u20ac 6.75 (prev. \u20ac 6,75), BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The Company generated revenues of \u20ac 8.18 million,up 30.0% from the same period last year (\u20ac 6.29 million as of 1H21A). The result is mainly attributable to sports events, including soccer, volleyball, basketball and<\/p>\n","protected":false},"author":5,"featured_media":11532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[189],"class_list":["post-13644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nvp-en"],"acf":[],"yoast_head":"\n