{"id":16107,"date":"2023-04-03T08:14:06","date_gmt":"2023-04-03T07:14:06","guid":{"rendered":"https:\/\/integrae.it\/?p=16107"},"modified":"2023-04-03T08:14:07","modified_gmt":"2023-04-03T07:14:07","slug":"update-03-04-2023-7","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-7\/","title":{"rendered":"UPDATE &#8211; 03.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 39.41 million, compared to a value of \u20ac 23.97 million recorded at the end of 2021 (+64.4%), and to the \u20ac 32.30 million estimated in our previous report. EBITDA, equal to \u20ac 3.92 million, recorded an increase of 52.5%, compared to the \u20ac 2.57 million of the previous year, and slightly down on our previous estimate of \u20ac 4.50 million. The EBITDA Margin, equal to 9.7%, came in lower than the figure of the previous year (10.5%) and of our estimate (13.5%). EBIT stands at \u20ac 3.14 million (\u20ac 2.09 million in 2021), compared to our estimate of \u20ac 3.90 million. Net Income stands at \u20ac 2.11 million (\u20ac 1.45 million in 2021), a slight decrease from the \u20ac 2.70 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 year and the coming years. In particular, we now estimate an FY23E value of production equal to \u20ac 52.50 million, and an EBITDA equal to \u20ac 6.05 million, corresponding to a margin of 11.5%. In the following years, we expect the value of production to rise up to \u20ac 65.50 million (CAGR 22Y-25E: 17.6%) in FY25E, with EBITDA equal to \u20ac 8.30 million (corresponding to a margin of 12.7%), up from \u20ac 3.92 million in FY22A (corresponding to an EBITDA margin of 9.7%).\u00a0<br><br>We conducted our valuation of the equity value of FAE Technology based on the DCF method and on 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 65.7 million. Using market multiples, the equity value of FAE Technology is \u20ac 57.1 million (including a 25% discount). <strong>The result is an average equity value of approximately \u20ac 61.4 million. The target price is \u20ac 4.00, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 39.41 million, compared to a value of \u20ac 23.97 million recorded at the end of 2021 (+64.4%), and to the \u20ac 32.30 million estimated in our previous report. EBITDA, equal<\/p>\n","protected":false},"author":5,"featured_media":12365,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[243],"class_list":["post-16107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fae-technology-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-03-04-2023-7\/\" \/>\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 39.41 million, compared to a value of \u20ac 23.97 million recorded at the end of 2021 (+64.4%), and to the \u20ac 32.30 million estimated in our previous report. 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