{"id":16094,"date":"2023-04-03T07:53:55","date_gmt":"2023-04-03T06:53:55","guid":{"rendered":"https:\/\/integrae.it\/?p=16094"},"modified":"2023-04-03T07:56:22","modified_gmt":"2023-04-03T06:56:22","slug":"update-03-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023\/","title":{"rendered":"UPDATE &#8211; 03.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated financial statements as at December 31, 2022, Altea Green Power\u00a0recorded sales revenues of \u20ac 7.56 million, with a value of production value of\u00a0\u20ac 16.72\u00a0million, marking a 169.0% growth compared to the FY21A result, equal to \u20ac 6.22 million.\u00a0EBITDA came in at a value of \u20ac 6.16 million, recording a growth of 187.1% compared to the\u00a0result at the end of 2021 of \u20ac 2.15 million. EBIT, after depreciation, amortization and\u00a0write-downs of \u20ac 0.16 million, is positive and stands at \u20ac 6.00 million, again a significant\u00a0increase, by as much as 181.3% compared to the \u20ac 2.13 million recorded in FY21A. Net Income was also positive, amounting to \u20ac 4.12 million, versus \u20ac 1.19 million in the previous year.<br><br>In light of the results published in the annual report for FY22A, we have modified our\u00a0estimates for both the current year and the coming years. In particular, we now estimate a FY23E value of production equal to \u20ac 22.15 million, and an EBITDA equal to\u00a0 \u00a0 \u00a0 \u00a0 \u20ac 8.85 million, corresponding to a margin of 40.0%. Over the following years, we expect the value of production to rise to \u20ac 43.00 million (CAGR FY22Y &#8211; FY26E: 26.6%) in FY26E, with EBITDA equal to \u20ac 20.20 million (corresponding to a margin of 47.0%), up from\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac 6.16 million in FY22A (corresponding to an EBITDA margin of 36.8%).<br><br>We conducted the valuation of the equity value of Altea Green Power on the basis of the DCF method and multiples of a sample of comparable companies. 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 110.5 million. The equity value of Altea Green Power using market multiples is equal to \u20ac 95.5 million (with a 10,0% discount). The result is an average equity value of \u20ac 103.0 million. <strong>The target price is \u20ac 6.20 (prev. \u20ac 5.00), BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statements as at December 31, 2022, Altea Green Power\u00a0recorded sales revenues of \u20ac 7.56 million, with a value of production value of\u00a0\u20ac 16.72\u00a0million, marking a 169.0% growth compared to the<\/p>\n","protected":false},"author":5,"featured_media":12058,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[169],"class_list":["post-16094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-altea-green-power-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 03.04.2023 - 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-03-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 03.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the consolidated financial statements as at December 31, 2022, Altea Green Power\u00a0recorded sales revenues of \u20ac 7.56 million, with a value of production value of\u00a0\u20ac 16.72\u00a0million, marking a 169.0% growth compared to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T06:53:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-03T06:56:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png\" \/>\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\/png\" \/>\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 - 03.04.2023 - 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-03-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 03.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the consolidated financial statements as at December 31, 2022, Altea Green Power\u00a0recorded sales revenues of \u20ac 7.56 million, with a value of production value of\u00a0\u20ac 16.72\u00a0million, marking a 169.0% growth compared to the","og_url":"https:\/\/integrae.it\/en\/research\/update-03-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-03T06:53:55+00:00","article_modified_time":"2023-04-03T06:56:22+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","type":"image\/png"}],"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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