{"id":17251,"date":"2023-05-29T11:07:44","date_gmt":"2023-05-29T09:07:44","guid":{"rendered":"https:\/\/integrae.it\/?p=17251"},"modified":"2023-05-29T11:07:46","modified_gmt":"2023-05-29T09:07:46","slug":"update-29-05-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/","title":{"rendered":"UPDATE &#8211; 29.05.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the 2022 financial year, Mexedia Group generated consolidated revenues amounting to \u20ac 140.90 million, up 6.9% compared to the FY21A figure. EBITDA, equal to \u20ac 8.37 million, saw an increase of 18.7%, compared to \u20ac 7.05 million in the previous year. The EBITDA Margin, equal to 5.9%, was also higher than the previous year\u2019s figure of 5.3%. EBIT, after amortization and depreciation of \u20ac 0.01 million, came in at \u20ac 8.36 million (\u20ac 6.89 million in FY21A). Finally, the NFP came in at a debt value of \u20ac 26.38 million, worsening compared to the previous year\u2019s value (\u20ac 18.40 million of debt).<br><br>In light of the results published in the annual report for FY22A, and the recent acquisitions of PhoneTime Inc. and Matchcom Inc., we have revised our estimates for both the current year and the coming years. In particular, we now estimate an FY23E value of production of \u20ac 310.00 million, and an EBITDA of \u20ac 15.60 million, corresponding to a margin of 5.0%. In the following years, we expect the value of production to rise to \u20ac 490.00 million (CAGR 22Y-27E: 28.3%) in FY27E, with EBITDA equal to \u20ac 37.90 million (corresponding to a margin of 7.7%), up from \u20ac 8.37 million in FY22A (corresponding to an EBITDA Margin of 5.9%).<br><br>We conducted our valuation of the equity value of Mexedia 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 262.2 million. <strong>The target price is \u20ac 46.00, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the 2022 financial year, Mexedia Group generated consolidated revenues amounting to \u20ac 140.90 million, up 6.9% compared to the FY21A figure. EBITDA, equal to \u20ac 8.37 million, saw an increase of 18.7%, compared<\/p>\n","protected":false},"author":5,"featured_media":17249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[287],"class_list":["post-17251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-mexedia-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 29.05.2023 - 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-29-05-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 29.05.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the 2022 financial year, Mexedia Group generated consolidated revenues amounting to \u20ac 140.90 million, up 6.9% compared to the FY21A figure. EBITDA, equal to \u20ac 8.37 million, saw an increase of 18.7%, compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-29T09:07:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-29T09:07:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/05\/Mexedia-Logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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 - 29.05.2023 - 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-29-05-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 29.05.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the 2022 financial year, Mexedia Group generated consolidated revenues amounting to \u20ac 140.90 million, up 6.9% compared to the FY21A figure. EBITDA, equal to \u20ac 8.37 million, saw an increase of 18.7%, compared","og_url":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-05-29T09:07:44+00:00","article_modified_time":"2023-05-29T09:07:46+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/05\/Mexedia-Logo.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; 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-29-05-2023\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/05\/Mexedia-Logo.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/05\/Mexedia-Logo.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/","name":"UPDATE - 29.05.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/#primaryimage"},"datePublished":"2023-05-29T09:07:44+00:00","dateModified":"2023-05-29T09:07:46+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-29-05-2023\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-29-05-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 29.05.2023"}]},{"@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\/17251","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=17251"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/17251\/revisions"}],"predecessor-version":[{"id":17252,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/17251\/revisions\/17252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/17249"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=17251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=17251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=17251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}