{"id":16140,"date":"2023-04-04T09:16:03","date_gmt":"2023-04-04T08:16:03","guid":{"rendered":"https:\/\/integrae.it\/?p=16140"},"modified":"2023-04-04T09:16:24","modified_gmt":"2023-04-04T08:16:24","slug":"update-03-04-2023-8","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2023-8\/","title":{"rendered":"UPDATE &#8211; 04.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group, as at December 31, 2022, recorded a Value of Production of \u20ac 33.75 million, up 3.6% compared to \u20ac 32.58 million in FY21A. EBITDA came in at \u20ac 5.83 million, slightly down on FY21A, when it amounted to \u20ac 5.87 million. Similarly, the EBITDA Margin went down from 18.0% in FY21A to 17.3% in FY22A. EBIT amounted to \u20ac 1.76 million, down 21.6% on the value of the previous period (\u20ac 2.24 million). As for Net Income, the Group recorded a value of \u20ac 0.86 million, down on the \u20ac 1.63 million of FY21A, equal to 47.1%.&nbsp;<br><br>In the light of the results published in the Annual Report for FY22A, and the adoption of IAS\/IFRS international accounting standards, 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 38.60 million, and an EBITDA equal to \u20ac 7.55 million, corresponding to a margin of 19.6%. In the following years, we expect the Value of Production to rise to \u20ac 48.15 million (CAGR 22Y-25E: 12.5%) in FY25E, with EBITDA equal to \u20ac 12.65 million (corresponding to a margin of 26.3%), up from \u20ac 5.83 million in FY22A (corresponding to an EBITDA Margin of 17.3%).<br><br>We conducted our valuation of the equity value of Siav 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 75.9 million. Using market multiples, the equity value of Siav was calculated as equal to \u20ac 67.2 million (including a 25% discount).&nbsp;<strong>The result is an average equity value of approximately \u20ac 71.5 million. The target price is \u20ac 7.80, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group, as at December 31, 2022, recorded a Value of Production of \u20ac 33.75 million, up 3.6% compared to \u20ac 32.58 million in FY21A. EBITDA came in at \u20ac 5.83 million, slightly down<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-16140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 04.04.2023 - 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-03-04-2023-8\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group, as at December 31, 2022, recorded a Value of Production of \u20ac 33.75 million, up 3.6% compared to \u20ac 32.58 million in FY21A. EBITDA came in at \u20ac 5.83 million, slightly down\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-04-2023-8\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-04T08:16:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-04T08:16:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.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 - 04.04.2023 - 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-03-04-2023-8\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Group, as at December 31, 2022, recorded a Value of Production of \u20ac 33.75 million, up 3.6% compared to \u20ac 32.58 million in FY21A. 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