{"id":14338,"date":"2023-01-12T17:37:26","date_gmt":"2023-01-12T16:37:26","guid":{"rendered":"https:\/\/integrae.it\/?p=14338"},"modified":"2023-01-12T17:37:28","modified_gmt":"2023-01-12T16:37:28","slug":"update-06-10-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-06-10-2022\/","title":{"rendered":"UPDATE &#8211; 06.10.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half of 2022, the Group recorded revenues of \u20ac 10.50 million, 12.6% up compared to the previous period, when they amounted to \u20ac 9.32 million. EBITDA amounted to \u20ac 0.89 million, 44.8% down compared to 1H21A. Similarly, the EBITDA margin went from 17.4% in 1H21A to 8.5% over the period considered. Not considering the one-off components, \u00a0EBITDA Adj. for 1H22A stands at \u20ac 1.15 million, compared to a value as of 30 June 2021 of \u20ac 1.57 million. EBIT as of 30 June 2022 amounted to \u20ac -0.08 million, a net decrease compared to \u20ac 0.77 million in 1H21A. The Net Income went from \u20ac 0.41 million to 1H21A to \u20ac &#8211; 0.21 million as of 30 June 2022.<br><br>In the 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 FY22E revenues of \u20ac 21.00 million and EBITDA Adj. of \u20ac 2.96 million, corresponding to a marginality of 14.1%. For subsequent years, we expect the revenues value to increase up to \u20ac 26.40 million (CAGR 21A-24E: 12.4%) in FY24E, with EBITDA Adj. of \u20ac 5.40 million (corresponding to an EBITDA Adj. margin of 20.5%), up from \u20ac 2.93 million in FY21A (corresponding to an EBITDA Adj. margin of 15.8%). In terms of the Balance Sheet we estimate a cash positive NFP level for FY24E equal to \u20ac 1.77 million.<br><br>We conducted the evaluation of Websolute equity value based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which in the calculation of the WACC includes for prudential purposes also a specific risk of 2.5%) provides an equity value of \u20ac 74.8 million. The equity value of Websolute using the market multiples is equal to \u20ac 22.2 million. The result is an average equity value of approx. \u20ac 48.5 million.\u00a0<strong>The target price is \u20ac 5.00 (prev. \u20ac 5.25), we confirm unchanged BUY rating and \u00a0MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2022, the Group recorded revenues of \u20ac 10.50 million, 12.6% up compared to the previous period, when they amounted to \u20ac 9.32 million. EBITDA amounted to<\/p>\n","protected":false},"author":5,"featured_media":11482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[192],"class_list":["post-14338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-websolute-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 06.10.2022 - 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-06-10-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 06.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the end of the first half of 2022, the Group recorded revenues of \u20ac 10.50 million, 12.6% up compared to the previous period, when they amounted to \u20ac 9.32 million. 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