{"id":16148,"date":"2023-04-04T13:10:08","date_gmt":"2023-04-04T12:10:08","guid":{"rendered":"https:\/\/integrae.it\/?p=16148"},"modified":"2023-04-04T13:10:09","modified_gmt":"2023-04-04T12:10:09","slug":"update-04-04-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/","title":{"rendered":"UPDATE &#8211; 04.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues from Sales, the Group\u2019s core business, amounted to \u20ac 21.53 million, while the Value of Production came in at \u20ac 21.72 million, compared to a 2021 value of \u20ac 18.23 million (+19.1%). EBITDA for the period amounted to \u20ac 2.19 million, again up significantly (+49.2%) compared to the 2021 figure, equal to \u20ac 1.47 million. Margins followed the same trend, reaching 10.1% of the Value of Production, compared to 8.1% in FY21A, and 9.2% in FY22E. EBIT, after amortization and depreciation of \u20ac 0.54 million, stands at \u20ac 1.65 million (+32.2% compared to FY21A). Net Income was also positive, amounting to \u20ac 1.01 million and up by 71.1% compared to the 2021 result of \u20ac 0.59 million.<br><br>In light of the results published in the Interim Report for FY22A, we have adjusted our esti\u0002mates for both the current year and the coming years. In particular, we estimate a Value of Production for FY23E of \u20ac 23.65 million and an EBITDA of \u20ac 2.45 million. In the following years, we expect the Value of Production to rise to \u20ac 30.00 million (CAGR: FY22A\u2013FY25E: 11.4%) in FY25E, with EBITDA equal to \u20ac 3.90 million, corresponding to a margin of 13.3%, up from \u20ac 2.19 million in FY22A, corresponding to a margin of 10.1%.<br><br>We conducted our valuation of the equity value of Pozzi Milano based on the DCF method. The DCF method (including, for prudential purposes, a specific risk equal to 2.5% in the calculation of the WACC) returned an equity value of \u20ac 59.5 million. <strong>The target price is, therefore, equal to \u20ac 1.75 (prev. \u20ac 1.55), BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues from Sales, the Group\u2019s core business, amounted to \u20ac 21.53 million, while the Value of Production came in at \u20ac 21.72 million, compared to a 2021 value of \u20ac 18.23 million (+19.1%). EBITDA<\/p>\n","protected":false},"author":5,"featured_media":12262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[165],"class_list":["post-16148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pozzi-milano-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-04-04-2023-2\/\" \/>\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=\"Revenues from Sales, the Group\u2019s core business, amounted to \u20ac 21.53 million, while the Value of Production came in at \u20ac 21.72 million, compared to a 2021 value of \u20ac 18.23 million (+19.1%). EBITDA\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-04T12:10:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-04T12:10:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/logospa-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1811\" \/>\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-04-04-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"Revenues from Sales, the Group\u2019s core business, amounted to \u20ac 21.53 million, while the Value of Production came in at \u20ac 21.72 million, compared to a 2021 value of \u20ac 18.23 million (+19.1%). EBITDA","og_url":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-04T12:10:08+00:00","article_modified_time":"2023-04-04T12:10:09+00:00","og_image":[{"width":2560,"height":1811,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/logospa-scaled.jpg","type":"image\/jpeg"}],"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-04-04-2023-2\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/logospa-scaled.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/logospa-scaled.jpg","width":2560,"height":1811},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/","name":"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/#primaryimage"},"datePublished":"2023-04-04T12:10:08+00:00","dateModified":"2023-04-04T12:10:09+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 04.04.2023"}]},{"@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\/16148","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=16148"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16148\/revisions"}],"predecessor-version":[{"id":16149,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16148\/revisions\/16149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12262"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=16148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=16148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=16148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}