{"id":16181,"date":"2023-04-05T07:33:33","date_gmt":"2023-04-05T06:33:33","guid":{"rendered":"https:\/\/integrae.it\/?p=16181"},"modified":"2023-04-05T08:25:28","modified_gmt":"2023-04-05T07:25:28","slug":"update-05-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-04-2023\/","title":{"rendered":"UPDATE &#8211; 05.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Convergenze, in its annual financial report as at December 31, 2022, stated a Value of Production value of \u20ac 28.36 million, up 50.3% compared to the FY21A value (\u20ac18.87 million), attributable to anomalous energy and natural gas market conditions. The Adjusted EBITDA amounted to \u20ac 1.45 million, down 20.5% compared to the previous year (\u20ac1.82 million), resul\u0002ting in an Adjusted EBITDA Margin equal to 5.1%. Due to the aforementioned market conditions, EBIT had a negative value in 2022 of \u20ac 0.44 million, compared to \u20ac 0.52 million in 2021. Net Income was also negative, equal to \u20ac -0.80 million.<br><br>In light of the FY22A results, we have revised our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production equal to \u20ac 23.10 mil\u0002lion, and EBITDA equal to \u20ac 2.20 million, corresponding to a margin of 9.5%. In the following years, we expect the Value of Production to rise to \u20ac 24.80 million in FY25E, with EBITDA equal to \u20ac 3.05 million (corresponding to an EBITDA margin of 12.3%), up compared to the \u20ac 1.37 million in FY22A (corresponding to an EBITDA margin of 4.8%).<br><br>We conducted our valuation of the equity value of Convergenze based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for pru\u0002dential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 36.2 million. Using market multiples, the equity value of Convergenze is \u20ac 16.2 million (including a 25.0% discount). The result is an average equity value of approximately \u20ac 26.2 million. <strong>The target price is \u20ac 3.50 (prev. \u20ac 6.00), BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Convergenze, in its annual financial report as at December 31, 2022, stated a Value of Production value of \u20ac 28.36 million, up 50.3% compared to the FY21A value (\u20ac18.87 million), attributable to anomalous energy<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-16181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 05.04.2023 - 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-05-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 05.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Convergenze, in its annual financial report as at December 31, 2022, stated a Value of Production value of \u20ac 28.36 million, up 50.3% compared to the FY21A value (\u20ac18.87 million), attributable to anomalous energy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-05-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-05T06:33:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-05T07:25:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.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 - 05.04.2023 - 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-05-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 05.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"Convergenze, in its annual financial report as at December 31, 2022, stated a Value of Production value of \u20ac 28.36 million, up 50.3% compared to the FY21A value (\u20ac18.87 million), attributable to anomalous energy","og_url":"https:\/\/integrae.it\/en\/research\/update-05-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-05T06:33:33+00:00","article_modified_time":"2023-04-05T07:25:28+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.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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