{"id":16564,"date":"2023-04-26T09:14:20","date_gmt":"2023-04-26T07:14:20","guid":{"rendered":"https:\/\/integrae.it\/?p=16564"},"modified":"2023-04-26T09:14:21","modified_gmt":"2023-04-26T07:14:21","slug":"update-26-04-2023-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-26-04-2023-5\/","title":{"rendered":"UPDATE – 26.04.2023"},"content":{"rendered":"\n
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

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%).

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%). 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>The value of production for the year amounted to \u20ac 77.76 million, up 84.6% compared to the value of production for the previous year, equal to \u20ac 42.12 million. EBITDA for the period came in at a value of \u20ac 6.93 million, more than doubling (+104.4%) the FY21A result of \u20ac 3.39 million, and with a margin on the value of production of 8.9%. EBIT, after amortization and depreciation of \u20ac 1.18 million, was \u20ac 5.75 million, up 162.2% compared to \u20ac 2.19 million in FY21A, with an EBIT margin of 7.4%. Net Income was also positive and growing, equal to \u20ac 3.36 million, up 189.5% compared to \u20ac 1.16 million in FY21A..

In light of the results published in the annual report for FY22A, we have considerably adjusted our estimates for both the current year and the coming years. In particular, we estima\u0002te an FY23E value of production equal to \u20ac 103.50 million, and an EBITDA equal to \u20ac 9.50 million, corresponding to a margin of 9.2%. In the following years, we expect the value of production to rise to \u20ac 143.00 million (CAGR 22Y-25E: 22.5%) in FY25E, with an EBITDA equal to \u20ac 14.30 million (corresponding to a margin of 10.0%), up from \u20ac 6.93 million in FY22A (corresponding to an EBITDA margin of 8.9%).

We conducted our valuation of the equity value of Comal 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 111.7 million. Using market multiples, the equity value of Comal is \u20ac 88.4 million. The result is an average equity value of approximately \u20ac 100.0 million.\u00a0The target price is \u20ac 8.70, BUY rating, and MEDIUM risk.<\/strong>
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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":11990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[258],"class_list":["post-16564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-comal-2"],"acf":[],"yoast_head":"\nUPDATE - 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-26-04-2023-5\/\" \/>\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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