{"id":15973,"date":"2023-03-29T08:02:01","date_gmt":"2023-03-29T07:02:01","guid":{"rendered":"https:\/\/integrae.it\/?p=15973"},"modified":"2023-03-29T08:02:03","modified_gmt":"2023-03-29T07:02:03","slug":"update-29-03-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-29-03-2022\/","title":{"rendered":"UPDATE &#8211; 29.03.2022"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of Revenues stands at \u20ac 23.18 mln, compared to a value of \u20ac 19.29 mln recorded at the end of 2021 (Pro-forma) and \u20ac 23.65 mln estimated in our previous report. EBITDA, equal to \u20ac2.39 mln, recorded an increase of 36.7% compared to the \u20ac 1.75 mln of the previous year (Pro-forma) and in line with our previous estimate of \u20ac 2.30 mln. EBITDA Margin, equal to 10.3%, was higher than the Pro-forma data of the previous year (9.1%) and our estimate (9.7%). Net Income came in at \u20ac 1.24 mln (\u20ac 0.80 mln in FY21A*), in line with our previous estimate of \u20ac 1.20 mln.\u00a0<br><br>In the light of the results published in the annual report for FY22A, we confirm almost fully the estimates for both the current year and the coming years. In particular, we estimate FY23E Revenues of \u20ac 24.70 mln, and EBITDA of \u20ac 2.60 mln, corresponding to a margin of 10.5%. For the following years, we expect the value of Revenues to rise to \u20ac 27.25 mln (CAGR 22Y-25E: 5.5%) in FY25E, with EBITDA equal to \u20ac 2.65 mln (corresponding to a margin of 9.7%), up from \u20ac 2.39 mln in FY22A (corresponding to an EBITDA Margin of 10.3%).\u00a0<br><br>We carried out the valuation of the equity value of Saccheria F.lli Franceschetti on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (which for prudential purposes also included a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 34.4 mln. Using market multiples, the equity value of Saccheria F.lli Franceschetti is \u20ac 17.8 mln (including a 25% discount). The result is an average equity value of approximately \u20ac 26.1 mln. <strong>The target price is \u20ac 2.95, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of Revenues stands at \u20ac 23.18 mln, compared to a value of \u20ac 19.29 mln recorded at the end of 2021 (Pro-forma) and \u20ac 23.65 mln estimated in our previous report. EBITDA,<\/p>\n","protected":false},"author":5,"featured_media":13772,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[268],"class_list":["post-15973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-saccheria-franceschetti-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 29.03.2022 - 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-29-03-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 29.03.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of Revenues stands at \u20ac 23.18 mln, compared to a value of \u20ac 19.29 mln recorded at the end of 2021 (Pro-forma) and \u20ac 23.65 mln estimated in our previous report. 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