{"id":16293,"date":"2023-04-12T07:50:15","date_gmt":"2023-04-12T06:50:15","guid":{"rendered":"https:\/\/integrae.it\/?p=16293"},"modified":"2023-04-12T07:50:17","modified_gmt":"2023-04-12T06:50:17","slug":"update-12-04-2023-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/","title":{"rendered":"UPDATE &#8211; 12.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the financial statements as at December 31, 2022, NVP confirmed its growth trend, com\u0002municating revenues to a value of \u20ac 17.41 million, a clear improvement on the FY21A result of \u20ac 12.95 million (+34.4%). EBITDA, as a result, rose by \u20ac 5.61 million, up 15.61% on \u20ac 4.87 million in FY21A, with an EBITDA Margin of 32.2% in 2022. EBIT stands at \u20ac 1.23 million, up 15.10% compared to \u20ac 1.04 million in FY21A, due to the increase in depreciation in the reva\u0002luation of production equipment, including Outside Broadcasting (OB) vans. Net Income was also positive, amounting to \u20ac 0.23 million.<br><br>In light of the results published in the Annual Report for FY22A, we substantially confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production of \u20ac 24.50 million, with an EBITDA of \u20ac 7.80 million, correspon\u0002ding to a margin of 34.4%. In the following years, we expect the Value of Production to rise to \u20ac 33.00 in FY25E, with an EBITDA of \u20ac 11.2 million (corresponding to an EBITDA Margin of 36.0%), up on the value of \u20ac 5.61 million in FY22A (corresponding to an EBITDA Margin of 32.2%).<br><br>We conducted our valuation of the equity value of NVP based on the DCF method and multiples of a sample of comparable companies. 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 67.3 million. Using market multiples, the equity value of NVP is \u20ac 46.7million (including a 25,0% discount). The result gives an average equity value of approximately \u20ac 57.0 million. <strong>The target price is \u20ac 7,50, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the financial statements as at December 31, 2022, NVP confirmed its growth trend, com\u0002municating revenues to a value of \u20ac 17.41 million, a clear improvement on the FY21A result of \u20ac 12.95 million<\/p>\n","protected":false},"author":5,"featured_media":11532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[189],"class_list":["post-16293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nvp-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-12-04-2023-5\/\" \/>\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=\"In the financial statements as at December 31, 2022, NVP confirmed its growth trend, com\u0002municating revenues to a value of \u20ac 17.41 million, a clear improvement on the FY21A result of \u20ac 12.95 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-12T06:50:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-12T06:50:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/nvp-ooqhb6sdkr0mft4enjsosypycio5ghawxsd523nnvk.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 - 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-12-04-2023-5\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 12.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the financial statements as at December 31, 2022, NVP confirmed its growth trend, com\u0002municating revenues to a value of \u20ac 17.41 million, a clear improvement on the FY21A result of \u20ac 12.95 million","og_url":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-12T06:50:15+00:00","article_modified_time":"2023-04-12T06:50:17+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/nvp-ooqhb6sdkr0mft4enjsosypycio5ghawxsd523nnvk.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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/nvp-ooqhb6sdkr0mft4enjsosypycio5ghawxsd523nnvk.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/nvp-ooqhb6sdkr0mft4enjsosypycio5ghawxsd523nnvk.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/","name":"UPDATE - 12.04.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/#primaryimage"},"datePublished":"2023-04-12T06:50:15+00:00","dateModified":"2023-04-12T06:50:17+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-12-04-2023-5\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 12.04.2023"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=16293"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16293\/revisions"}],"predecessor-version":[{"id":16294,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16293\/revisions\/16294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11532"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=16293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=16293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=16293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}