{"id":16281,"date":"2023-04-12T07:44:18","date_gmt":"2023-04-12T06:44:18","guid":{"rendered":"https:\/\/integrae.it\/?p=16281"},"modified":"2023-04-12T07:44:21","modified_gmt":"2023-04-12T06:44:21","slug":"update-12-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-12-04-2023\/","title":{"rendered":"UPDATE &#8211; 12.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Value of Production came in at \u20ac 18.51 million, compared to a value of \u20ac 18.74 million recorded at the end of 2021, and slightly down on the \u20ac20.10 million estimated in our previous report. EBITDA, amounting to \u20ac 0.14 million, recorded a decrease of 85.9% compared to \u20ac 1.00 million in the previous year, and was \u20ac 0.90 million lower than expected. The EBITDA Margin, reported as 0.8%, showed a decrease compared to 5.3% in 2021, 3.7 percentage points lower than our estimate, equal to 4.5%. Net Income was negative at \u20ac -0.21 million (\u20ac 0.47 million in 2021), lower than our expectation of \u20ac 0.34 million.<br><br>In light of the results published in the Annual Report for FY22A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production equal to \u20ac 22.00 million, and an EBITDA equal to \u20ac 1.00 million, corresponding to a margin of 4.5%. In the following years, we expect the Value of Production to rise to \u20ac 52.35 million (CAGR 22Y-27E: 23.1%) in FY27E, with EBITDA equal to \u20ac 3.40 million (corresponding to a margin of 6.5%), up from \u20ac 0.14 million in FY22A (corresponding to an EBITDA Margin of 0.8%). On the balance sheet, we estimate a cash positive NFP of \u20ac 8.46 million for FY27E.<br><br>We conducted our valuation of the equity value of Acquazzurra based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of \u20ac 25.8 million. <strong>The target price is \u20ac 10.00, HOLD rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Value of Production came in at \u20ac 18.51 million, compared to a value of \u20ac 18.74 million recorded at the end of 2021, and slightly down on the \u20ac20.10 million estimated in our<\/p>\n","protected":false},"author":5,"featured_media":11793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[177],"class_list":["post-16281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-acquazzurra-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 12.04.2023 - 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-12-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 12.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Value of Production came in at \u20ac 18.51 million, compared to a value of \u20ac 18.74 million recorded at the end of 2021, and slightly down on the \u20ac20.10 million estimated in our\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-12-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-12T06:44:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-12T06:44:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/acquazzurra-400X400.png\" \/>\n\t<meta property=\"og:image:width\" content=\"398\" \/>\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 - 12.04.2023 - 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-12-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 12.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Value of Production came in at \u20ac 18.51 million, compared to a value of \u20ac 18.74 million recorded at the end of 2021, and slightly down on the \u20ac20.10 million estimated in our","og_url":"https:\/\/integrae.it\/en\/research\/update-12-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-12T06:44:18+00:00","article_modified_time":"2023-04-12T06:44:21+00:00","og_image":[{"width":398,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/acquazzurra-400X400.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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