{"id":16560,"date":"2023-04-26T08:58:42","date_gmt":"2023-04-26T06:58:42","guid":{"rendered":"https:\/\/integrae.it\/?p=16560"},"modified":"2023-04-26T08:58:43","modified_gmt":"2023-04-26T06:58:43","slug":"update-26-04-2023-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-4\/","title":{"rendered":"UPDATE &#8211; 26.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In its annual financial report as of December 31, 2022, Borgosesia reported a total value of production value of \u20ac 32.42 million, up 25.9% on the previous year\u2019s figure of \u20ac 25.76 million. EBITDA is also growing (\u20ac 12.29 million versus \u20ac 11.96 million in 2021), while the Gross Operating Margin was equal to \u20ac 15.78 million. EBIT was equal to \u20ac 11.56 million, compared to the FY21A value of \u20ac 11.36 million, thus recording a growth of 2.5%. Net Income reached \u20ac 8.16 million, up 3.7% on the value recorded at the end of the previous year, equal to \u20ac 7.87 million<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 equal to \u20ac 43.00 million, and an EBITDA of \u20ac 16.35 million, corresponding to a margin of 38.0%. In the following years, we expect the value of production to rise to \u20ac 55.20 million (CAGR 22Y-27E: 11.2%) in FY27E, with EBITDA equal to \u20ac 21.55 million (corresponding to a margin of 39.0%), up from \u20ac 12.29 million in FY22A (corresponding to an EBITDA margin of 37.9%).<br><br>We conducted our valuation of the equity value of Borgosesia 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 109.6 million. Using market multiples, the equity value of Borgosesia was \u20ac 62.0 million (including a discount of 25%).<strong> The result gives an average equity value of approximately \u20ac 85.8 million. The target price is \u20ac 1.80, with a BUY rating, and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In its annual financial report as of December 31, 2022, Borgosesia reported a total value of production value of \u20ac 32.42 million, up 25.9% on the previous year\u2019s figure of \u20ac 25.76 million. EBITDA<\/p>\n","protected":false},"author":5,"featured_media":16558,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[266],"class_list":["post-16560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-borgosesia-2"],"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-26-04-2023-4\/\" \/>\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=\"In its annual financial report as of December 31, 2022, Borgosesia reported a total value of production value of \u20ac 32.42 million, up 25.9% on the previous year\u2019s figure of \u20ac 25.76 million. 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