{"id":14336,"date":"2023-01-12T17:35:29","date_gmt":"2023-01-12T16:35:29","guid":{"rendered":"https:\/\/integrae.it\/?p=14336"},"modified":"2023-01-12T17:35:30","modified_gmt":"2023-01-12T16:35:30","slug":"update-17-10-2022-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-10-2022-4\/","title":{"rendered":"UPDATE &#8211; 17.10.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues as of 30 June 2022 amounted to \u20ac 30.25 million, 112.4% up compared to \u20ac 14.24 million in 1H21A. EBITDA Adjusted as of 30 June 2022 amounted to \u20ac 2.41 million, up from the previous period when it amounted to \u20ac 1.22 million. However, the EBITDA margin decreased slightly, from 8.5% of revenues in 1H21A to 8.0% at the end of the period analyzed. EBIT amounted to \u20ac 1.64 million, 63.0% up compared to the same period of 2021, when it amounted to \u20ac 1.01 million. Net Income, with a growth of 39.9%, amounted to \u20ac 0.99 million compared to 1H21A, when it amounted to \u20ac 0.71 million. The NFP amounted to \u20ac 7.99 million as of 30 June 2022, a worsening compared to 31 December 2021, when it amounted to \u20ac 4.15 million.<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 55.00 million and EBITDA Adj. of \u20ac 6.00 million, corresponding to a marginality of 10.9%. For subsequent years, we expect the revenues to increase up to \u20ac 118.00 million (CAGR 21A-24E: 51.2%) in FY24E, with EBITDA Adj. equal to \u20ac 18.20 million (corresponding to an EBITDA Adj. margin of 15.4%), up compared to \u20ac 3.63 million in FY21A (corresponding to an EBITDA margin of 10.7%). In terms of the Balance Sheet, we estimate an NFP for FY24E cash positive and equal to \u20ac 5.70 million.<br><br>We have conducted the valuation of Vantea 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 also a specific risk of 2.0%) provides an equity value of \u20ac 169.6 million. The equity value of Vantea using market multiples is \u20ac 80.5 million (including a discount of 25%). The result is an average equity value of approx. \u20ac 125.0 million.<strong>\u00a0The target price is \u20ac 10.00, rating BUY and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues as of 30 June 2022 amounted to \u20ac 30.25 million, 112.4% up compared to \u20ac 14.24 million in 1H21A. EBITDA Adjusted as of 30 June 2022 amounted to \u20ac 2.41 million, up from<\/p>\n","protected":false},"author":5,"featured_media":11883,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[179],"class_list":["post-14336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vantea-smart-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 17.10.2022 - 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-17-10-2022-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 17.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues as of 30 June 2022 amounted to \u20ac 30.25 million, 112.4% up compared to \u20ac 14.24 million in 1H21A. EBITDA Adjusted as of 30 June 2022 amounted to \u20ac 2.41 million, up from\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-17-10-2022-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T16:35:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T16:35:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/09\/vantea-smart1.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 - 17.10.2022 - 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-17-10-2022-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 17.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"Revenues as of 30 June 2022 amounted to \u20ac 30.25 million, 112.4% up compared to \u20ac 14.24 million in 1H21A. 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