{"id":16103,"date":"2023-04-03T08:11:52","date_gmt":"2023-04-03T07:11:52","guid":{"rendered":"https:\/\/integrae.it\/?p=16103"},"modified":"2023-04-03T08:11:53","modified_gmt":"2023-04-03T07:11:53","slug":"update-03-04-2023-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-5\/","title":{"rendered":"UPDATE &#8211; 03.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 62.16 million, compared to \u20ac 40.31 million recorded at the end of 2021, and to \u20ac 58.50 million estimated in our previous report. EBITDA, equal to \u20ac 15.83 million, recorded a strong increase compared to the \u20ac 8.79 million of the previous year (up 80.1%) and to our expectation of \u20ac 13.35 million. EBITDA Margin, equal to 25.5%, also grew, compared to 21.8% in 2021, exceeding our previous estimate of 23.0%. EBIT came in at \u20ac 13.91 million (\u20ac 6.78 million in 2021), compared to our estimate of \u20ac 11.35 million. Net Income was \u20ac 10.83 million (\u20ac 5.03 million in FY21A), up from the \u20ac 9.25 million of our previous estimate.<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 FY23E revenues of \u20ac 70.00 million, and an EBITDA of \u20ac 17.85 million, corresponding to a margin of 25.5%. In the following years, we expect the value of revenues to rise to \u20ac 87.80 million (CAGR 22A-25E: 12.2%) in FY25E, with EBITDA equal to \u20ac 23.50 million (corresponding to a margin of 26.8%), up from \u20ac 15.83 million in FY22A (corresponding to an EBITDA Margin of 25.5%). Regarding the balance sheet, we estimate a cash positive NFP of \u20ac 15.22 million for FY25E.<br>We conducted our valuation of the equity value of FOPE based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of \u20ac 252.5 million. Using market multiples, we calculated the equity value of FOPE to be<br>\u20ac 195.6 million (including a 25% discount). The result is an average equity value of approximately \u20ac 224.1 million. The target price is \u20ac 41.50, BUY rating and MEDIUM risk<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 62.16 million, compared to \u20ac 40.31 million recorded at the end of 2021, and to \u20ac 58.50 million estimated in our previous report. EBITDA, equal to \u20ac 15.83 million, recorded<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-16103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-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-03-04-2023-5\/\" \/>\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 62.16 million, compared to \u20ac 40.31 million recorded at the end of 2021, and to \u20ac 58.50 million estimated in our previous report. 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