{"id":16105,"date":"2023-04-03T08:13:08","date_gmt":"2023-04-03T07:13:08","guid":{"rendered":"https:\/\/integrae.it\/?p=16105"},"modified":"2023-04-03T08:13:09","modified_gmt":"2023-04-03T07:13:09","slug":"update-03-04-2023-6","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/","title":{"rendered":"UPDATE &#8211; 03.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production stands at \u20ac 46.08 million, compared to a value of \u20ac 41.24 million recorded at the end of 2021, and to \u20ac 47.80 million estimated in our previous report. EBITDA, equal to \u20ac 19.85 million, recorded an increase of 12.6%, compared to \u20ac 17.64 million in the previous year, and it is in line with our previous estimate of \u20ac 20.05 million. EBIT, after amortization and depreciation of \u20ac 7.69 million, stands at \u20ac 12.16 million (\u20ac 11.79 million in 2021), compared to our estimate of \u20ac 13.25 million. Net Income stands at \u20ac 8.67 million (\u20ac8.62 million in 2021), slightly down from the \u20ac 9.70 million of our previous estimate. \u00a0<br><br>In light of the results published in the FY22A annual report, we have adjusted our estimates for both the current and the coming years. In particular, we now estimate a FY23E value of production equal to \u20ac 50.50 million, and an EBITDA equal to \u20ac 21.60 million, corresponding to a margin of 42.8%. For the following years, we expect the value of production to rise in FY25E to \u20ac 61.50 million (CAGR 22Y-25E: 10.1%), with EBITDA equal to \u20ac 26.50 million (corresponding to a margin of 43.1%), up from \u20ac 19.85 million in FY22A, corresponding to an EBITDA margin of 43.1%. Regarding the balance sheet, for FY25E, we estimate a positive cash NFP of \u20ac 3.84 million.<br><br>We conducted the valuation of the equity value of Intred on the basis of 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) returns an equity value of \u20ac 434.4 million. Using market multiples, the equity value of Intred is \u20ac 279.6 million. <strong>The result is an average equity value of approximately \u20ac 357.0 million. The target price is\u00a0\u20ac 22.50, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production stands at \u20ac 46.08 million, compared to a value of \u20ac 41.24 million recorded at the end of 2021, and to \u20ac 47.80 million estimated in our previous report. EBITDA,<\/p>\n","protected":false},"author":5,"featured_media":12089,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[199],"class_list":["post-16105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-intred-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-03-04-2023-6\/\" \/>\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=\"The value of production stands at \u20ac 46.08 million, compared to a value of \u20ac 41.24 million recorded at the end of 2021, and to \u20ac 47.80 million estimated in our previous report. 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EBITDA,","og_url":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-03T07:13:08+00:00","article_modified_time":"2023-04-03T07:13:09+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/02\/20137.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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/02\/20137.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/02\/20137.png","width":400,"height":400,"caption":"INTRED"},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/","name":"UPDATE - 03.04.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/#primaryimage"},"datePublished":"2023-04-03T07:13:08+00:00","dateModified":"2023-04-03T07:13:09+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-6\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 03.04.2023"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=16105"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16105\/revisions"}],"predecessor-version":[{"id":16106,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16105\/revisions\/16106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12089"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=16105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=16105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=16105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}