{"id":16097,"date":"2023-04-03T07:58:48","date_gmt":"2023-04-03T06:58:48","guid":{"rendered":"https:\/\/integrae.it\/?p=16097"},"modified":"2023-04-03T07:58:49","modified_gmt":"2023-04-03T06:58:49","slug":"update-03-04-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-2\/","title":{"rendered":"UPDATE &#8211; 03.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In its Consolidated Financial Statements as at December 31, 2022, SolidWorld Group reported net sales revenues of \u20ac 57.75 million, up 4.8% compared to the 2021 year-end pro-forma result (equal to \u20ac 55.08 million). Value of production stands at \u20ac 60.76 million. EBITDA for the period amounted to \u20ac 4.02 million, a slight increase compared to the FY21A figure of \u20ac 3.82 million, for an EBITDA Margin of 6.6%. Considering extraordinary income and expenses of\u00a0\u20ac 0.08 million, Adjusted EBITDA came in at \u20ac 4.10 million. EBIT, after depreciation, amortization and write-downs of \u20ac 2.62 million, was equal to \u20ac 1.40 million, with an EBIT Margin of 2.3%, Net Income was also positive, amounting to \u20ac 0.11 million, up on the negative FY21A figure of \u20ac -0.13 million.<br><br>In light of the results published in the annual report for FY22A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production equal to \u20ac 63.70 million, and an EBITDA equal to \u20ac 6.00 \u200b\u200bmillion, corresponding to a margin of 9.4%. In the following years, we expect the Value of Production to rise to \u20ac 80.00 million (CAGR FY22A &#8211; FY25E: 9.6%) in FY25E, with EBITDA equal to \u20ac 9.20 million (corresponding to a margin of 11.5%), up from \u20ac 4.02 million in FY22A (corresponding to an EBITDA Margin of 6.6%).<br><br>We conducted our valuation of the equity value of SolidWorld Group based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 126.8 million. Using market multiples, the equity value of SolidWorldGroup was \u20ac 86.5 million (including a 25,0% discount). The result is an average equity value of approximately \u20ac 106.7 million.<strong>\u00a0The target price is \u20ac 9.15, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In its Consolidated Financial Statements as at December 31, 2022, SolidWorld Group reported net sales revenues of \u20ac 57.75 million, up 4.8% compared to the 2021 year-end pro-forma result (equal to \u20ac 55.08 million).<\/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-16097","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 - 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-03-04-2023-2\/\" \/>\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 its Consolidated Financial Statements as at December 31, 2022, SolidWorld Group reported net sales revenues of \u20ac 57.75 million, up 4.8% compared to the 2021 year-end pro-forma result (equal to \u20ac 55.08 million).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-04-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T06:58:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-03T06:58:49+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 - 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-03-04-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 03.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"In its Consolidated Financial Statements as at December 31, 2022, SolidWorld Group reported net sales revenues of \u20ac 57.75 million, up 4.8% compared to the 2021 year-end pro-forma result (equal to \u20ac 55.08 million).","og_url":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-03T06:58:48+00:00","article_modified_time":"2023-04-03T06:58:49+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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