{"id":16374,"date":"2023-04-17T08:38:14","date_gmt":"2023-04-17T06:38:14","guid":{"rendered":"https:\/\/integrae.it\/?p=16374"},"modified":"2023-04-17T08:38:15","modified_gmt":"2023-04-17T06:38:15","slug":"update-17-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-04-2023\/","title":{"rendered":"UPDATE &#8211; 17.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>During 2022, the Group generated total consolidated revenues of \u20ac 52.19 million, reporting a growth of 14.8% compared to the figure reported as of December 31, 2021 (\u20ac 45.46 million), while the value of production came in at \u20ac 53.35 million (+11.2% versus FY21A). EBITDA for the period amounted to \u20ac 6.08 million, with EBITDA margin equal to 11,4%. EBIT, after amortization and depreciation of \u20ac 3.77 million, amounted to \u20ac 2.31 million, compared to \u20ac 2.62 million in FY21A. The Net Income was positive, amounting to \u20ac 1.75 million, down on the \u20ac 2.09 million reported in the previous year.<br><br>In light of the results published in the annual report for FY22A and of the very recent acquisition of Filostamp Srl, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E consolidated value of production of \u20ac 61.00 million, and an EBITDA of \u20ac 7.20 million, corresponding to a margin of 11.8%. In the following years, we expect the value of production to rise to \u20ac 73.00 million (CAGR 22Y-25E: 11.0%) in FY25E, with EBITDA equal to \u20ac 9.50 million (corresponding to a margin of 13.0%), up from \u20ac 6.08 million in FY22A (corresponding to an EBITDA Margin of 11.4%).<br><br>We conducted our valuation of the equity value of Vimi Fasteners 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 46.0 million. Using market multiples, the equity value of Vimi Fasteners is \u20ac 28.8 million (including a 25,0% discount). <strong>The result gives an average equity value of approximately \u20ac 37.4 million. The target price is \u20ac 2.75, with a BUY rating, and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During 2022, the Group generated total consolidated revenues of \u20ac 52.19 million, reporting a growth of 14.8% compared to the figure reported as of December 31, 2021 (\u20ac 45.46 million), while the value of<\/p>\n","protected":false},"author":5,"featured_media":12069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[251],"class_list":["post-16374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vimi-fasteners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 17.04.2023 - 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-17-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 17.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"During 2022, the Group generated total consolidated revenues of \u20ac 52.19 million, reporting a growth of 14.8% compared to the figure reported as of December 31, 2021 (\u20ac 45.46 million), while the value of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-17-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-17T06:38:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-17T06:38:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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 - 17.04.2023 - 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-17-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 17.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"During 2022, the Group generated total consolidated revenues of \u20ac 52.19 million, reporting a growth of 14.8% compared to the figure reported as of December 31, 2021 (\u20ac 45.46 million), while the value of","og_url":"https:\/\/integrae.it\/en\/research\/update-17-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-17T06:38:14+00:00","article_modified_time":"2023-04-17T06:38:15+00:00","og_image":[{"width":500,"height":500,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.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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