{"id":16150,"date":"2023-04-04T13:11:05","date_gmt":"2023-04-04T12:11:05","guid":{"rendered":"https:\/\/integrae.it\/?p=16150"},"modified":"2023-04-04T13:11:06","modified_gmt":"2023-04-04T12:11:06","slug":"update-04-04-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-3\/","title":{"rendered":"UPDATE &#8211; 04.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the pro-forma consolidated financial statements as at December 31, 2022, Nusco Group announced net revenues of \u20ac 50.92 million, deriving, in addition to the important contri\u0002bution from the newly acquired company (which performed excellently, particularly in the second half-year), above all from organic growth driven by the expansion of the franchising network, and by better diversification and customization in the commercial pipeline. EBIT\u0002DA for the period amounted to \u20ac 5.20 million, generated respectively for \u20ac 3.20 million by the Windows BU and for \u20ac2.00 million by the Doors BU; EBIT, equal to \u20ac 2.54 million, was negatively affected by the high value of the item in relation to depreciation and amortiza\u0002tion, equal to \u20ac 2.69 million, but Net Income is still positive for \u20ac 1.13 million.<br><br>In light of the results published in the Annual Report for FY22A, we have adjusted our esti\u0002mates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production equal to \u20ac 56.00 million, and EBITDA equal to \u20ac 6.50 million, corre\u0002sponding to a margin of 11.8%. In the following years, we expect the Value of Production to rise to \u20ac 67.50 million (CAGR 22Y-25E: 8.9%) in FY25E, with EBITDA equal to \u20ac 9.00 million (corresponding to a margin of 13.6%), up from \u20ac 5.20 million in FY22A (corresponding to an EBITDA Margin of 10.2%).<br><br>We conducted our valuation of the equity value of Nusco based on the DCF method. 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 58.7 million. <strong>The target price, therefore, is \u20ac 3.15 (prev. \u20ac 3,00), BUY rating, and MEDIUM risk..<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the pro-forma consolidated financial statements as at December 31, 2022, Nusco Group announced net revenues of \u20ac 50.92 million, deriving, in addition to the important contri\u0002bution from the newly acquired company (which performed<\/p>\n","protected":false},"author":5,"featured_media":11992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[175],"class_list":["post-16150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nusco-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-04-04-2023-3\/\" \/>\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=\"In the pro-forma consolidated financial statements as at December 31, 2022, Nusco Group announced net revenues of \u20ac 50.92 million, deriving, in addition to the important contri\u0002bution from the newly acquired company (which performed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-04-04-2023-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-04T12:11:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-04T12:11:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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-04-04-2023-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the pro-forma consolidated financial statements as at December 31, 2022, Nusco Group announced net revenues of \u20ac 50.92 million, deriving, in addition to the important contri\u0002bution from the newly acquired company (which performed","og_url":"https:\/\/integrae.it\/en\/research\/update-04-04-2023-3\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-04T12:11:05+00:00","article_modified_time":"2023-04-04T12:11:06+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.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; 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