{"id":16287,"date":"2023-04-12T07:46:41","date_gmt":"2023-04-12T06:46:41","guid":{"rendered":"https:\/\/integrae.it\/?p=16287"},"modified":"2023-04-12T07:46:43","modified_gmt":"2023-04-12T06:46:43","slug":"update-12-04-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-2\/","title":{"rendered":"UPDATE &#8211; 12.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues came in at \u20ac 40.83 million, compared to a value of \u20ac 49.69 million recorded at the end of 2021 (Pro-forma), and to the \u20ac 45.00 million estimated in our previous report. EBITDA was \u20ac 4.98 million, up 14.0% compared to \u20ac 4.37 million in the previous year (Pro-forma), and in line with our previous estimate of \u20ac 5.00 million. The EBITDA Margin, equal to 12.2%, was higher than the Pro-forma data for the previous year (8.8%) and our estimate (11.1%). Net Income was \u20ac 2.01 million (\u20ac 2.47 million in FY21A*), slightly down on our previous estimate of \u20ac 2.45 million, mainly due to higher amortization.<br><br>In light of the results published in the Annual Report for FY22A and of the extraordinary transaction with Palladio SpA (leasing of the business unit and sub-leasing of properties used for business purposes), we have adjusted our estimates for both the current year and for the coming years. In particular, we estimate FY23E Revenues of \u20ac 63.00 million, and an EBITDA of \u20ac 7.30 million, corresponding to a margin of 11.6%. In the following years, we expect Revenues to rise to \u20ac 94.00 million (CAGR 22Y-26E: 23.2%) in FY26E, with EBITDA equal to \u20ac 11.25 million (corresponding to a margin of 12.0%), up from \u20ac 4.98 million in FY22A (corresponding to an EBITDA Margin of 12.2%).<br><br>We conducted our valuation of the equity value of G.M. Leather 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 73.6 million. <strong>The target price is \u20ac 6.55, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues came in at \u20ac 40.83 million, compared to a value of \u20ac 49.69 million recorded at the end of 2021 (Pro-forma), and to the \u20ac 45.00 million estimated in our previous report. EBITDA<\/p>\n","protected":false},"author":5,"featured_media":12271,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[166],"class_list":["post-16287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-g-m-leather-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-12-04-2023-2\/\" \/>\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=\"Revenues came in at \u20ac 40.83 million, compared to a value of \u20ac 49.69 million recorded at the end of 2021 (Pro-forma), and to the \u20ac 45.00 million estimated in our previous report. EBITDA\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-12-04-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-12T06:46:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-12T06:46:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Logo-GM-LEATHER-SPA-2022-pdf-724x1024-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"724\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\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 - 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-12-04-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 12.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"Revenues came in at \u20ac 40.83 million, compared to a value of \u20ac 49.69 million recorded at the end of 2021 (Pro-forma), and to the \u20ac 45.00 million estimated in our previous report. 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