{"id":16143,"date":"2023-10-06T11:25:00","date_gmt":"2023-10-06T09:25:00","guid":{"rendered":"https:\/\/integrae.it\/?p=16143"},"modified":"2023-10-06T11:25:02","modified_gmt":"2023-10-06T09:25:02","slug":"update-06-10-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-06-10-2023-3\/","title":{"rendered":"UPDATE &#8211; 06.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues in 1H23A were valued at \u20ac 16.52 million, marking a growth of 17.3% compared to 1H22A figure (\u20ac 14.08 million). EBITDA came in at \u20ac 2.21 million, remaining substantially in line with that of the same period of the previous year, equal to \u20ac 2.22 million. The EBITDA margin for 1H23A was 13.3%, compared to 14.2% for 1H22A. EBIT amounted to \u20ac 0.21 million, marking a slight decrease on the 2022 half-year value of \u20ac 0.29 million, with an EBIT margin that went from 1.8% in 1H22A to 1.2% in the period in under review. Net Income for the Group stands at -\u20ac 0.47\u00a0 million, in line with the value of -\u20ac 0.06\u00a0million in 1H22A.\u00a0<br><br>In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate a FY23E value of production of \u20ac 36.80 million, and an EBITDA of \u20ac 5.65 million, corresponding to a margin of 15.4%. In the following years, we expect the value of production to rise to \u20ac 48.05 million (CAGR 22A-25E: 12.5%) in FY25E, with EBITDA equal to \u20ac 12.25 million (corresponding to a margin of 25.5%), up on the value of \u20ac 5.83 million reported 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 64.9 million. Using market multiples, the equity value of Siav was calculated as equal to \u20ac 65.3 million (including a 25% discount).\u00a0<strong>The result is an average equity value of approximately \u20ac 65.1 million. The target price is \u20ac 7.10, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues in 1H23A were valued at \u20ac 16.52 million, marking a growth of 17.3% compared to 1H22A figure (\u20ac 14.08 million). EBITDA came in at \u20ac 2.21 million, remaining substantially in line with that<\/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-16143","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 - 06.10.2023 - 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-06-10-2023-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 06.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues in 1H23A were valued at \u20ac 16.52 million, marking a growth of 17.3% compared to 1H22A figure (\u20ac 14.08 million). EBITDA came in at \u20ac 2.21 million, remaining substantially in line with that\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-06-10-2023-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-06T09:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-06T09:25:02+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 - 06.10.2023 - 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-06-10-2023-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 06.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"Revenues in 1H23A were valued at \u20ac 16.52 million, marking a growth of 17.3% compared to 1H22A figure (\u20ac 14.08 million). 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