{"id":16550,"date":"2023-04-26T08:45:30","date_gmt":"2023-04-26T06:45:30","guid":{"rendered":"https:\/\/integrae.it\/?p=16550"},"modified":"2023-04-26T09:20:26","modified_gmt":"2023-04-26T07:20:26","slug":"update-26-04-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/","title":{"rendered":"INITIATION OF COVERAGE &#8211; 26.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Spindox SpA is an Italian company based in Milan (Italy), founded in 2007 operating&nbsp;in the market of ICT products and services. The Company, also head of the Spindox Group, has the goal of supporting its Italian and foreign customers through the digitalization processes and the implementation of technology for the improvement of decisional and operative processes. Currently, Spindox boasts a solid and scalable business model, with products and services addressed to 5 sectors: Consulting, IT services, Network Services, Cybersecurity and Artificial Intelligence Technologies. Similarly, R&amp;D activities are of particular relevance for the Group as they act as enablers for the innovation and the expansion of the Group&#8217;s offering.<br><br>Spindox is a company active in the digital market, mainly focused on the segment of ICT products and services. Thanks to the recent extraordinary transactions, the Group entered in the digital market segments concerning cybersecurity with the foundation of Oplium Italia, and technologies of virtual, augmented and hybrid reality by founding Ultra. The market&nbsp;is expected to continue in its growth in the next years, and within the Italian context the forecasts are for&nbsp;a CAGR of 4.4% between 2022 and 2025 which will make the market reach&nbsp;a value of \u20ac 87.33 billion thanks mainly to the new investment programs.<br><br>We conducted the assessment of Spindox&#8217;s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The value resulting from the application of the DCF methodology &nbsp;is equal to \u20ac 106.1 million, while that resulting from the multiples method, applying a 25.0% discount, is equal to \u20ac 86.0 million. <strong>The average equity value is \u20ac 96.0 mln. The target price, therefore, is equal to \u20ac 16.00, BUY rating, MEDIUM risk.&nbsp;<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Spindox SpA is an Italian company based in Milan (Italy), founded in 2007 operating&nbsp;in the market of ICT products and services. The Company, also head of the Spindox Group, has the goal of supporting<\/p>\n","protected":false},"author":5,"featured_media":14941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,241],"tags":[284],"class_list":["post-16550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-initiation-of-coverage-en","tag-spindox-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>INITIATION OF COVERAGE - 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-26-04-2023-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INITIATION OF COVERAGE - 26.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Spindox SpA is an Italian company based in Milan (Italy), founded in 2007 operating&nbsp;in the market of ICT products and services. The Company, also head of the Spindox Group, has the goal of supporting\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T06:45:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T07:20:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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":"INITIATION OF COVERAGE - 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-26-04-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"INITIATION OF COVERAGE - 26.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"Spindox SpA is an Italian company based in Milan (Italy), founded in 2007 operating&nbsp;in the market of ICT products and services. The Company, also head of the Spindox Group, has the goal of supporting","og_url":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-26T06:45:30+00:00","article_modified_time":"2023-04-26T07:20:26+00:00","og_image":[{"width":900,"height":900,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.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-26-04-2023-2\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg","width":900,"height":900},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/","name":"INITIATION OF COVERAGE - 26.04.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/#primaryimage"},"datePublished":"2023-04-26T06:45:30+00:00","dateModified":"2023-04-26T07:20:26+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"INITIATION OF COVERAGE &#8211; 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\/16550","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=16550"}],"version-history":[{"count":2,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16550\/revisions"}],"predecessor-version":[{"id":16570,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/16550\/revisions\/16570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/14941"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=16550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=16550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=16550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}