{"id":14043,"date":"2022-12-27T11:01:07","date_gmt":"2022-12-27T10:01:07","guid":{"rendered":"https:\/\/integrae.it\/?p=14043"},"modified":"2022-12-27T11:01:08","modified_gmt":"2022-12-27T10:01:08","slug":"update-29-09-2022-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-29-09-2022-3\/","title":{"rendered":"UPDATE &#8211; 29.09.2022"},"content":{"rendered":"\n<p>Revenues for the first year half amounted to \u20ac 21.53 million, 6.1% up compared to \u20ac 20.30 million in 1H21A. The value of the production recorded an increase of 20.6% (\u20ac 26.30 million in 1H22A vs \u20ac 21.80 million in 1H21A), mainly due to the increase in the warehouse on which the new acquisition MACS Srl affects for \u20ac 1.00 million. EBITDA amounted to \u20ac 4.65 million (\u20ac 4.38 million in 1H21A) with EBITDA margin equal to 21.6% unchanged compared to the first half of last year. EBIT, after amortization and depreciation of \u20ac 1.03 million, amounted to \u20ac 3.43 million, slightly higher than the result of 1H21A of \u20ac 3.28 million. The NFP amounted to \u20ac 0.09 million, worsening compared to the cash positive value of \u20ac 3.39 million for FY21A.&nbsp;<\/p>\n\n\n\n<p>In light of the results published in the half-yearly report for 1H22A, we maintain our estimates substantially unchanged for both the current year and the coming years. In particular, we estimate FY22E value of production equal to \u20ac 47.50 million and EBITDA of \u20ac 9.95 million, corresponding to a marginality of 21.9%. For subsequent years, we expect the value of production to increase up to \u20ac 54.50 million (CAGR FY21A &#8211; FY24E: 7.4%) in FY24E, with EBITDA of \u20ac 11.80 million (corresponding to an EBITDA margin of 22.7%), up from \u20ac 9.01 million in FY21A (corresponding to an EBITDA margin of 21.3%).<\/p>\n\n\n\n<p>We have conducted the valuation of&nbsp;Ilpra&nbsp;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 81.7 million. The equity value of&nbsp;Ilpra&nbsp;using market multiples is equal to \u20ac 86.9 million (with a 25% discount). The result is an average equity value of \u20ac 84.3 million.&nbsp;<strong>The target price is \u20ac 7.00 (prev. \u20ac 7.50),&nbsp;BUY&nbsp;rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenues for the first year half amounted to \u20ac 21.53 million, 6.1% up compared to \u20ac 20.30 million in 1H21A. The value of the production recorded an increase of 20.6% (\u20ac 26.30 million in<\/p>\n","protected":false},"author":5,"featured_media":11528,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[196],"class_list":["post-14043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-ilpra-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 29.09.2022 - 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-29-09-2022-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 29.09.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues for the first year half amounted to \u20ac 21.53 million, 6.1% up compared to \u20ac 20.30 million in 1H21A. 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