{"id":16101,"date":"2023-04-03T08:06:27","date_gmt":"2023-04-03T07:06:27","guid":{"rendered":"https:\/\/integrae.it\/?p=16101"},"modified":"2023-04-03T08:06:29","modified_gmt":"2023-04-03T07:06:29","slug":"update-03-04-2023-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-4\/","title":{"rendered":"UPDATE &#8211; 03.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 48.51 million, up 19.7% on FY21A (\u20ac 40.54 million) and our previous report\u2019s estimate of \u20ac 43.00 million. EBITDA came in at \u20ac 7.56 million, an increase of 5.6% compared to \u20ac 7.15 million in FY21A, and remaining substantially in line with our estimate of \u20ac 7.65 million. The EBITDA margin was 15.1%, compared to a value of 16.0% for FY21A, and to our expectation of 16.5%. Adjusted EBIT was \u20ac 3.61 million, up on the \u20ac 3.38 million of FY21A (+7.0%), and substantially confirming our estimate of \u20ac 3.65 million. Net Income stood at \u20ac 1.96 million, up 23.5% on the result of the previous year (\u20ac 1.59 million), confirming our expectation for 2022 (\u20ac1.95 million).<br><br>In light of the results published in the annual report for FY22A, we have adjusted our estimates. In particular, for FY23E, we estimate revenues of \u20ac 49.00 million and EBITDA of \u20ac 8.30 million, corresponding to a margin of 16.2%. In the following years, we expect revenues to rise to \u20ac 54.00 million (CAGR 22Y-25E: 4.1%) in FY25E, with an EBITDA of \u20ac 10.30 million (corresponding to a margin of 18. 2%), up from \u20ac 7.56 million in FY22A (corresponding to an EBITDA margin of 15.1%). Regarding the balance sheet, we estimate a cash positive NFP for FY25E of \u20ac 1.67 million.<br><br>We conducted our valuation of the equity value of Marzocchi Pompe 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 63.9 million. Using market multiples, the equity value of Marzocchi Pompe is equal to \u20ac 56.4 million (including a 25% discount).\u00a0<strong>The result is an average equity value of approximately \u20ac 60.2 million. The target price is \u20ac 9.20, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 48.51 million, up 19.7% on FY21A (\u20ac 40.54 million) and our previous report\u2019s estimate of \u20ac 43.00 million. EBITDA came in at \u20ac 7.56 million, an increase of 5.6% compared<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[271],"class_list":["post-16101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-marzocchi-pompe-2"],"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-03-04-2023-4\/\" \/>\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=\"Revenues amounted to \u20ac 48.51 million, up 19.7% on FY21A (\u20ac 40.54 million) and our previous report\u2019s estimate of \u20ac 43.00 million. EBITDA came in at \u20ac 7.56 million, an increase of 5.6% compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-04-2023-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T07:06:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-03T07:06:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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-03-04-2023-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 03.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"Revenues amounted to \u20ac 48.51 million, up 19.7% on FY21A (\u20ac 40.54 million) and our previous report\u2019s estimate of \u20ac 43.00 million. 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