{"id":16548,"date":"2023-04-26T08:44:23","date_gmt":"2023-04-26T06:44:23","guid":{"rendered":"https:\/\/integrae.it\/?p=16548"},"modified":"2023-04-26T08:44:24","modified_gmt":"2023-04-26T06:44:24","slug":"update-26-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-26-04-2023\/","title":{"rendered":"UPDATE &#8211; 26.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production came in at \u20ac 15.84 million, up on the value of \u20ac 14.18 million recorded at the end of 2021, and down slightly on the \u20ac 15.50 million estimated in our previous report. EBITDA, amounting to \u20ac 2.48 million, fell by 34.3% compared to \u20ac 3.77 million in the previous year, and was lower than our estimate of \u20ac 3.15 million. The EBITDA Margin, equal to 15.6%, was also down on the value of 2021 (26.6%), and below our previous estimate of 20.3%. Net Income was \u20ac -0.62 million, compared to \u20ac 0.82 million in 2021.<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 of \u20ac 18.70 million, and EBITDA of \u20ac 3.75 million, corresponding to a margin of 20.1%. In the following years, we expect the value of production to rise to \u20ac 25.50 million (CAGR 22Y-25E: 17.2%) in FY25E, with EBITDA equal to \u20ac 6.55 million (corresponding to a margin of 25.7%), up from \u20ac 2.48m in FY22A (corresponding to an EBITDA margin of 15.6%). On the balance sheet, we estimate a cash positive NFP for FY25E of \u20ac 7.50 million.<br><br>We conducted our valuation of the equity value of ABTG 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 38.2 million. <strong>The target price is \u20ac 7.50, with a 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 15.84 million, up on the value of \u20ac 14.18 million recorded at the end of 2021, and down slightly on the \u20ac 15.50 million estimated in<\/p>\n","protected":false},"author":5,"featured_media":11935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[246],"class_list":["post-16548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-abtg"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 26.04.2023 - 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-26-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 26.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production came in at \u20ac 15.84 million, up on the value of \u20ac 14.18 million recorded at the end of 2021, and down slightly on the \u20ac 15.50 million estimated in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-26-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T06:44:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T06:44:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"225\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\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 - 26.04.2023 - 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-26-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 26.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production came in at \u20ac 15.84 million, up on the value of \u20ac 14.18 million recorded at the end of 2021, and down slightly on the \u20ac 15.50 million estimated in","og_url":"https:\/\/integrae.it\/en\/research\/update-26-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-26T06:44:23+00:00","article_modified_time":"2023-04-26T06:44:24+00:00","og_image":[{"width":225,"height":225,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.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; 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26.04.2023"}]},{"@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\/16548","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=16548"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16548\/revisions"}],"predecessor-version":[{"id":16549,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16548\/revisions\/16549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11935"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=16548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=16548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=16548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}