{"id":16183,"date":"2023-04-05T07:34:57","date_gmt":"2023-04-05T06:34:57","guid":{"rendered":"https:\/\/integrae.it\/?p=16183"},"modified":"2023-04-05T07:34:59","modified_gmt":"2023-04-05T06:34:59","slug":"update-05-04-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-04-2023-2\/","title":{"rendered":"UPDATE &#8211; 05.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Value of Production came in at \u20ac 9.47 million, up 32.8% on the \u20ac 7.13 million recorded at the end of 2021, and slightly down on the \u20ac 10.95 million estimated in our previous report. EBITDA amounted to \u20ac 1.87 million, up 28.5% on the value recorded at the end of the previous year (\u20ac 1.46 million), and below our expectation of \u20ac 2.40 million. Also reported is an EBITDA Margin of 19.8% on the Value of Production, slightly down on the value of 20.4% in FY21A and our estimate of 21.9%. EBIT amounted to \u20ac 1.67 million (\u20ac 1.34 million in 2021), compared to our estimate of \u20ac 2.30 million. Net Income stands at \u20ac 1.13 million (\u20ac 0.98 million in 2021), slightly down on the \u20ac 1.70 million of our previous estimate.<br><br>In light of the results published in the Annual Report for FY22A, we confirm our estimates for both the current year and the coming years. In particular, we confirm an estimated FY23E Value of Production equal to \u20ac 15.15 million, and an EBITDA equal to \u20ac 3.45 million, corresponding to a margin of 22.8%. In the following years, we expect the Value of Production to rise to \u20ac 27.60 million (CAGR 22Y-25E: 42.9%) in FY25E, with EBITDA equal to \u20ac 6.85 million (corresponding to a margin of 24.8%), up from \u20ac 1.87 million in FY22A (corresponding to an EBITDA Margin of 19.8%).<br><br>Given the lack of comparable companies, we conducted our valuation of the equity value of Deodato Arte based on the DCF method alone. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned <strong>an equity value of \u20ac 53.4 million. The target price is \u20ac 1.70, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Value of Production came in at \u20ac 9.47 million, up 32.8% on the \u20ac 7.13 million recorded at the end of 2021, and slightly down on the \u20ac 10.95 million estimated in our<\/p>\n","protected":false},"author":5,"featured_media":14564,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[276],"class_list":["post-16183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-deodato-gallery-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-05-04-2023-2\/\" \/>\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=\"The Value of Production came in at \u20ac 9.47 million, up 32.8% on the \u20ac 7.13 million recorded at the end of 2021, and slightly down on the \u20ac 10.95 million estimated in our\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-05-04-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-05T06:34:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-05T06:34:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/01\/deodato-1.png\" \/>\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\/png\" \/>\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-05-04-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 05.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Value of Production came in at \u20ac 9.47 million, up 32.8% on the \u20ac 7.13 million recorded at the end of 2021, and slightly down on the \u20ac 10.95 million estimated in our","og_url":"https:\/\/integrae.it\/en\/research\/update-05-04-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-05T06:34:57+00:00","article_modified_time":"2023-04-05T06:34:59+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/01\/deodato-1.png","type":"image\/png"}],"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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