{"id":14328,"date":"2023-01-12T17:16:01","date_gmt":"2023-01-12T16:16:01","guid":{"rendered":"https:\/\/integrae.it\/?p=14328"},"modified":"2023-01-12T17:16:02","modified_gmt":"2023-01-12T16:16:02","slug":"update-07-10-2022-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-07-10-2022-2\/","title":{"rendered":"UPDATE &#8211; 07.10.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group, in the consolidated half-year financial report as of 30 June 2022, reported that it had generated a value of production of \u20ac 6.42 million, recording an increase of 20.7% compared to the value of \u20ac 5.32 million for 1H21A. EBITDA increased from \u20ac 2.13 million in 1H21A to \u20ac 3.60 million in 1H22A, registering an increase of 69.3% due to the growth in revenues and the reduction in costs incurred by the Group&#8217;s foreign companies. EBIT, after amortization and depreciation of \u20ac 0.60 million, amounted to \u20ac 3.00 million, up compared to the value of \u20ac 1.67 million in the first half of the previous fiscal year, corresponding to an EBIT margin of 46.7% against 31.3% in 1H21A.\u00a0<br><br>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 the FY22E value of production equal to \u20ac 13.00 million and EBITDA of \u20ac 6.30 million, corresponding to a marginality of 48.5%. For subsequent years, we expect the value of production to increase up to \u20ac 18.00 million (CAGR FY21A-24E: 14.87%) in FY24E, with EBITDA of \u20ac 7.40 million (EBITDA margin of 40.8%), up from\u00a0\u20ac 5.59 million in FY21A (EBITDA margin of 47.1%).<br><br>We have conducted the valuation of Renergetica 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\u00a0 \u20ac 73.2 million. The equity value of Renergetica using market multiples is equal to \u20ac 72.2 million (with a 25% discount). The result is an average equity value of \u20ac 72.7 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>The Group, in the consolidated half-year financial report as of 30 June 2022, reported that it had generated a value of production of \u20ac 6.42 million, recording an increase of 20.7% compared to the<\/p>\n","protected":false},"author":5,"featured_media":11525,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[198],"class_list":["post-14328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-renergetica-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 07.10.2022 - 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-07-10-2022-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 07.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group, in the consolidated half-year financial report as of 30 June 2022, reported that it had generated a value of production of \u20ac 6.42 million, recording an increase of 20.7% compared to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-07-10-2022-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T16:16:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T16:16:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/renergetica.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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 - 07.10.2022 - 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-07-10-2022-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 07.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"The Group, in the consolidated half-year financial report as of 30 June 2022, reported that it had generated a value of production of \u20ac 6.42 million, recording an increase of 20.7% compared to the","og_url":"https:\/\/integrae.it\/en\/research\/update-07-10-2022-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-01-12T16:16:01+00:00","article_modified_time":"2023-01-12T16:16:02+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/renergetica.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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