{"id":14332,"date":"2023-01-12T17:25:59","date_gmt":"2023-01-12T16:25:59","guid":{"rendered":"https:\/\/integrae.it\/?p=14332"},"modified":"2023-01-12T17:26:00","modified_gmt":"2023-01-12T16:26:00","slug":"update-03-10-2022-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-10-2022-3\/","title":{"rendered":"UPDATE &#8211; 03.10.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half of 2022, the value of production stood at \u20ac 5.22 million, 24.9% up compared to the value recorded in 1H21A, equal to \u20ac 4.18 million. EBITDA on 30 June 2022 amounted to \u20ac 0.86 million, an increase of 16.9% compared to the previous period, equal to \u20ac 0.74 million; on the other hand, there was a reduction in EBITDA margin, which went from 17.6% to 16.5%. The Group&#8217;s EBIT, after amortization for a total of \u20ac 0.42 million, amounted to \u20ac 0.44 million, 47.2% up compared to 1H21A (\u20ac 0.30 million). Net Income was also positive, 10.8% up from the first half of the year, equal to \u20ac 0.36 million, compared to \u20ac 0.32 million in 1H21A. Finally, in terms of Balance Sheet, there was a slight improvement in the NFP, which reached \u20ac 1.02 million cash positive, compared to \u20ac 0.98 million cash positive 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 value of production equal to \u20ac 11.00 million and EBITDA of \u20ac 2.15 million, corresponding to a marginality of 19.5%. For subsequent years, we expect the value of production to increase up to \u20ac 17.65 million (CAGR 21A-25E: 17.4%) in 2025E, with EBITDA of \u20ac 4.20 million (corresponding to an EBITDA margin of 23.8%), up from \u20ac 1.37 million in 2021A (corresponding to an EBITDA margin of 14.7%). As for the estimated investments, we expect Capex 2022E-2025E to be equal to approx. \u20ac 4.15 million; finally, we estimate a cash positive NFP for FY25E equal to \u20ac 7.42 million.<br><br>We have conducted the valuation of Circle 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 21.9 million. The equity value of Circle using market multiples is equal to \u20ac 18.4 million (with a 25% discount). The result is an average equity value of \u20ac 20.1 million.\u00a0<strong>The target price is \u20ac 5.00 (prev. \u20ac 5.20), 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 value of production stood at \u20ac 5.22 million, 24.9% up compared to the value recorded in 1H21A, equal to \u20ac 4.18 million. EBITDA on<\/p>\n","protected":false},"author":5,"featured_media":11526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[197],"class_list":["post-14332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-circle-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 03.10.2022 - 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-03-10-2022-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 03.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the end of the first half of 2022, the value of production stood at \u20ac 5.22 million, 24.9% up compared to the value recorded in 1H21A, equal to \u20ac 4.18 million. 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