{"id":14334,"date":"2023-01-12T17:31:48","date_gmt":"2023-01-12T16:31:48","guid":{"rendered":"https:\/\/integrae.it\/?p=14334"},"modified":"2023-01-12T17:31:50","modified_gmt":"2023-01-12T16:31:50","slug":"update-30-09-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-30-09-2022\/","title":{"rendered":"UPDATE &#8211; 30.09.2022"},"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 revenues of \u20ac 30.31 million, registering an increase of 4.8% compared to the value of the first half of the previous year and confirming the growth plan announced during the listing phase. EBITDA for the period amounted to \u20ac 2.47 million, with an EBITDA margin of 7.8%, the result of good warehouse and inventory management; EBIT, after amortization and depreciation of \u20ac 1.29 million, amounted to \u20ac 1.18 million, with an EBIT margin of 3.7%. Net Income at the end of the first half of the year recorded a value of \u20ac 0.32 million. Access to the listed market and the capital raised have allowed the implementation of some strategic growth drivers, including the acquisition of synergistic realities to the business and the development of international expansion, in addition to the growth of the biomedical sector.\u00a0<br><br>In light of the results published in the half-yearly report for 1H22A, taking into account macroeconomic uncertainties, we modify our estimates for both the current year and the coming years. In particular, we estimate the FY22A value of production equal to \u20ac 64.00 million and an EBITDA Adj. equal to \u20ac 5.20 million, (marginality of 9.7%). For subsequent years, we expect the value of production to increase up to \u20ac 90.50 million (CAGR FY21A-FY25E: 11.7%) in FY25E, with EBITDA Adj. of \u20ac 10.70 million (EBITDA Adj. margin of 11.8%), up from \u20ac 3.82 million in FY21A (EBITDA Adj. margin of 7.0%).<br><br>We have conducted the valuation of SolidWorld 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 129.9 million. The equity value of SolidWorld using market multiples is equal to \u20ac 71.8 million (with a 25% discount). The result is an average equity value of \u20ac 100.8 million.\u00a0<strong>The target price is \u20ac 8.65 (prev. \u20ac 8.65), 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 revenues of \u20ac 30.31 million, registering an increase of 4.8% compared to the value of the<\/p>\n","protected":false},"author":5,"featured_media":12144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[167],"class_list":["post-14334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-solidworld-group-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 30.09.2022 - 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-30-09-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 30.09.2022 - 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 revenues of \u20ac 30.31 million, registering an increase of 4.8% compared to the value of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-30-09-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T16:31:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T16:31:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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 - 30.09.2022 - 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-30-09-2022\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 30.09.2022 - 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 revenues of \u20ac 30.31 million, registering an increase of 4.8% compared to the value of the","og_url":"https:\/\/integrae.it\/en\/research\/update-30-09-2022\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-01-12T16:31:48+00:00","article_modified_time":"2023-01-12T16:31:50+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.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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