{"id":13697,"date":"2022-12-12T15:56:58","date_gmt":"2022-12-12T14:56:58","guid":{"rendered":"https:\/\/integrae.it\/?p=13697"},"modified":"2022-12-12T15:56:59","modified_gmt":"2022-12-12T14:56:59","slug":"update-04-10-2022-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-10-2022-2\/","title":{"rendered":"UPDATE – 04.10.2022"},"content":{"rendered":"\n

Altea recorded value of production of \u20ac 7.50 mln, +181.0% compared to the value of  \u20ac 2.67 mln in the first half of 2021, due to the start of activities related to Co-development projects. EPC and Energy Efficiency activities, on the other hand, slow down to prioritize projects with higher margins. EBITDA as of 1H22A is equal to \u20ac 1.78 mln, registering 100.0% growth compared to 1H21, when it amounted to \u20ac 0.89 mln. EBITDA margin decreased to 23.7% (vs. 33.3% at 1H21A) due to higher service costs and the closure of some projects. Net income is positive and equal to \u20ac 1.17 mln.<\/p>\n\n\n\n

In light of the results published in the half-yearly report for 1H22A, we confirm almost entirely our estimates for both the current year and the coming years. In particular, we estimate FY22A value of production equal to \u20ac 16.50 million and EBITDA of \u20ac 6.00 million, corresponding to a marginality of 36.4%. For subsequent years, we expect the value of production to increase up to \u20ac 36.50 million (CAGR FY21A – FY26E: 42.5%) in FY26E, with EBITDA of \u20ac 13.50 million (corresponding to an EBITDA margin of 37.0%), up from \u20ac 2.15 million in FY21A (corresponding to an EBITDA margin of 34.5%).<\/p>\n\n\n\n

We have conducted the valuation of Altea 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 98.9 million. The equity value of Altea using market multiples is equal to \u20ac 62.6 million (with a 10% discount). The result is an average equity value of \u20ac 80.8 million. The target price is \u20ac 5.00 (prev. \u20ac 5.40), BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Altea recorded value of production of \u20ac 7.50 mln, +181.0% compared to the value of  \u20ac 2.67 mln in the first half of 2021, due to the start of activities related to Co-development projects. EPC<\/p>\n","protected":false},"author":5,"featured_media":12058,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[169],"class_list":["post-13697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-altea-green-power-en"],"acf":[],"yoast_head":"\nUPDATE - 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-04-10-2022-2\/\" \/>\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=\"Altea recorded value of production of \u20ac 7.50 mln, +181.0% compared to the value of  \u20ac 2.67 mln in the first half of 2021, due to the start of activities related to Co-development projects. 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