{"id":14330,"date":"2023-01-12T17:18:13","date_gmt":"2023-01-12T16:18:13","guid":{"rendered":"https:\/\/integrae.it\/?p=14330"},"modified":"2023-01-12T17:18:14","modified_gmt":"2023-01-12T16:18:14","slug":"update-10-10-2022-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-10-10-2022-3\/","title":{"rendered":"UPDATE &#8211; 10.10.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production, equal to \u20ac 31.56 million, is 24.5% up compared to the previous period closed with an amount of \u20ac 25.35 million. EBITDA, equal to \u20ac 3.39 million, decreased by 10.8% compared to the value of 1H21A, which stood at \u20ac 3.80 million. EBIT, after amortization of \u20ac 0.51 million, amounted to \u20ac 2.88 million, down compared to the first half of the previous fiscal year (\u20ac 3.24 million). Net Income amounted to \u20ac 1.99 million, registering a 19.2% decrease compared to the figure as of 30 June 2021 (\u20ac 2.46 million). The NFP went from \u20ac &#8211; 4.93 million in FY21A to \u20ac &#8211; 6.90 million in 1H22A, registering an overall improvement of \u20ac 1.97 million.<br><br>In \u00a0light 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 75.00 million and EBITDA of \u20ac 11.50 million, corresponding to a marginality of 15.3%. For subsequent years, we expect the value of production to increase up to \u20ac 89.00 million (CAGR FY21A-24E: 15.1%) in FY24E, with EBITDA of \u20ac 18.70 million (corresponding to an EBITDA margin of 21.0%), up from \u20ac 10.88 million in FY21A (corresponding to an EBITDA margin of 18.6%). We estimate an NFP for FY24E cash positive and equal to \u20ac 21.20 million.<br><br>We have conducted the valuation of Sebino 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 134.7 million. The equity value of Sebino using market multiples is equal to \u20ac 134.9 million (with a 25% discount). The result is an average equity value of \u20ac134.8 million.\u00a0<strong>The target price is \u20ac 10.00 (prev. \u20ac 9.31), BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production, equal to \u20ac 31.56 million, is 24.5% up compared to the previous period closed with an amount of \u20ac 25.35 million. EBITDA, equal to \u20ac 3.39 million, decreased by 10.8%<\/p>\n","protected":false},"author":5,"featured_media":11433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[187],"class_list":["post-14330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-sebino-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 10.10.2022 - 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-10-10-2022-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 10.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production, equal to \u20ac 31.56 million, is 24.5% up compared to the previous period closed with an amount of \u20ac 25.35 million. EBITDA, equal to \u20ac 3.39 million, decreased by 10.8%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-10-10-2022-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T16:18:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T16:18:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/01\/sebino-400x400-1-orkuntsjn7uw9spmmj0clzi1hq4byzheqdrbbym2e8.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 - 10.10.2022 - 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-10-10-2022-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 10.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"The value of production, equal to \u20ac 31.56 million, is 24.5% up compared to the previous period closed with an amount of \u20ac 25.35 million. 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