{"id":14320,"date":"2023-01-12T16:49:52","date_gmt":"2023-01-12T15:49:52","guid":{"rendered":"https:\/\/integrae.it\/?p=14320"},"modified":"2023-01-12T16:49:53","modified_gmt":"2023-01-12T15:49:53","slug":"update-05-10-2022-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-10-2022-4\/","title":{"rendered":"UPDATE &#8211; 05.10.2022"},"content":{"rendered":"\n<p>The value of production at the end of the first half of 2022 amounted to \u20ac 9.45 million, an increase of 10.0% compared to 1H21A when it amounted to \u20ac 8.59 million. EBITDA on 30 June 2022 amounted to \u20ac 1.65 million, 7.5% up compared to 1H21A, where it stood at \u20ac 1.53 million. The EBITDA margin, in fact, slightly decreased from 17.9% in 1H21A to 17.4% in 1H22A. EBIT, after amortization and depreciation of \u20ac 0.60 million, amounted to \u20ac 1.05 million, 34.4% up compared to 1H21A, when it amounted to \u20ac 0.78 million. Net Income amounted to \u20ac 0.58 million, 9.9% up compared to 1H21A, equal to \u20ac 0.53 million.<\/p>\n\n\n\n<p>In light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and for the coming years. In particular, we estimate FY22E value of production equal to \u20ac 21.00 million and EBITDA of \u20ac 3.90 million, corresponding to a marginality of 18.6%. We expect the value of production to increase to \u20ac 30.00 million in FY24E, with EBITDA of \u20ac 6.30 million, up from \u20ac 3.14 million in FY21A. In terms of the Balance Sheet we estimate a cash positive NFP level for FY24E equal to \u20ac 0.80 million.<\/p>\n\n\n\n<p>We have conducted the valuation of FOS\u2019s 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 also a specific risk of 2.5%) provides an equity value of \u20ac 49.7 million. The equity value of FOS using market multiples is \u20ac 32.4 million (including a discount of 25%). The result is an average equity value of approx. \u20ac 41.1 million.&nbsp;<strong>The target price is \u20ac 6.00, rating BUY and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of production at the end of the first half of 2022 amounted to \u20ac 9.45 million, an increase of 10.0% compared to 1H21A when it amounted to \u20ac 8.59 million. EBITDA on<\/p>\n","protected":false},"author":5,"featured_media":11531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[190],"class_list":["post-14320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-gruppo-fos-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 05.10.2022 - 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-05-10-2022-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 05.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production at the end of the first half of 2022 amounted to \u20ac 9.45 million, an increase of 10.0% compared to 1H21A when it amounted to \u20ac 8.59 million. 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