{"id":14326,"date":"2023-01-12T17:13:23","date_gmt":"2023-01-12T16:13:23","guid":{"rendered":"https:\/\/integrae.it\/?p=14326"},"modified":"2023-01-12T17:13:25","modified_gmt":"2023-01-12T16:13:25","slug":"update-05-10-2022-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-10-2022-5\/","title":{"rendered":"UPDATE &#8211; 05.10.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half of 2022, the Company recorded revenues of \u20ac 25.50 million, 28.0% up compared to 1H21A (\u20ac 19.93 million). EBITDA for the period amounted to \u20ac 3.85 million, 0.7% down compared to \u20ac 3.88 million in 1H21A. EBIT Adjusted, after amortization and depreciation of \u20ac 2.18 million, amounted to \u20ac 1.67 million, a decrease of 12.8% compared to the previous period (\u20ac 1.91 million). Net Income amounted to \u20ac 0.92 million, down compared to the first half of 2021, when it amounted to \u20ac 1.03 million. The NFP is equal to \u20ac 10.08 million of debt compared to \u20ac 7.84 million on 31 December 2021.<br><br>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 FY22E revenues equal to \u20ac 43.00 million and EBITDA estimated equal of \u20ac 7.65 million, corresponding to a marginality of 16.5%. For subsequent years, we expect the revenues to increase up to \u20ac 49.00 million (CAGR 21A-24E: 6.5%) in FY24E, with EBITDA of \u20ac 8.95 million (corresponding to an EBITDA margin of 17.0%), up from \u20ac 7.15 million in FY21A (corresponding to an EBITDA margin of 16.0%). In terms of Balance Sheet we estimate a cash positive NFP value for FY24E equal to \u20ac 3.39 million.\u00a0<br><br>We have conducted the valuation of Marzocchi Pompe equity value based on the DCF methodology and the 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 68.2 million. The equity value of Marzocchi Pompe using market multiples is \u20ac 49.5 million (including a discount of 25%). The result is an average equity value of approx. \u20ac 58.9 million.\u00a0<strong>The target price is \u20ac 9.00 (prev. \u20ac 9.00), BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2022, the Company recorded revenues of \u20ac 25.50 million, 28.0% up compared to 1H21A (\u20ac 19.93 million). EBITDA for the period amounted to \u20ac 3.85 million,<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[271],"class_list":["post-14326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-marzocchi-pompe-2"],"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-05-10-2022-5\/\" \/>\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=\"At the end of the first half of 2022, the Company recorded revenues of \u20ac 25.50 million, 28.0% up compared to 1H21A (\u20ac 19.93 million). EBITDA for the period amounted to \u20ac 3.85 million,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-05-10-2022-5\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T16:13:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T16:13:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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 - 05.10.2022 - 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-05-10-2022-5\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 05.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half of 2022, the Company recorded revenues of \u20ac 25.50 million, 28.0% up compared to 1H21A (\u20ac 19.93 million). 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