{"id":17794,"date":"2023-06-20T08:49:11","date_gmt":"2023-06-20T06:49:11","guid":{"rendered":"https:\/\/integrae.it\/?p=17794"},"modified":"2023-06-20T08:49:13","modified_gmt":"2023-06-20T06:49:13","slug":"update-20-06-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-20-06-2023\/","title":{"rendered":"UPDATE &#8211; 20.06.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production came in at \u20ac 91.27 million, compared to a value of \u20ac 40.13 million reported at the end of 2021, and \u20ac 80.00 million estimated in our previous report. EBITDA, equal to \u20ac 5.49 million, saw an increase of 169.0% compared to the \u20ac 2.04 million of the previous year, and is slightly below our previous estimate of \u20ac6.00 million. This value corresponds to an EBITDA Margin of 6.1%, up on the margin reported in FY21A of 5.2%, and below our estimate of 7.5%. EBIT, after amortization and depreciation of \u20ac 1.32 million, came in at \u20ac 4.18 million, compared to \u20ac 1.50 million in 2021 (and to our estimate of \u20ac 5.00 million). The NFP showed a deterioration, rising from \u20ac 12.41 million to \u20ac 18.08 million of debt.<br><br>In light of the results published in the annual report for FY22A, we have updated our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of \u20ac 98.80 million, and an EBITDA equal to \u20ac 9.80 million, corresponding to a margin of 10.0%. In the following years, we expect the value of production to rise to \u20ac 115.90 million in FY25E, with EBITDA equal to \u20ac 13.80 million (corresponding to a margin of 12.0%), up compared to a value of \u20ac 5.49 million in FY22A (corresponding to an EBITDA margin of 6.1%).<br><br>We conducted our valuation of the equity value of Promotica based on the DCF method. 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 118.7 million.\u00a0We therefore confirm a <strong>target price of \u20ac7.00, 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 91.27 million, compared to a value of \u20ac 40.13 million reported at the end of 2021, and \u20ac 80.00 million estimated in our previous report. EBITDA,<\/p>\n","protected":false},"author":5,"featured_media":11539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[181],"class_list":["post-17794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-promotica-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 20.06.2023 - 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-20-06-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 20.06.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production came in at \u20ac 91.27 million, compared to a value of \u20ac 40.13 million reported at the end of 2021, and \u20ac 80.00 million estimated in our previous report. EBITDA,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-20-06-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-20T06:49:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-20T06:49:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/promotica.jpg\" \/>\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\/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 - 20.06.2023 - 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-20-06-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 20.06.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production came in at \u20ac 91.27 million, compared to a value of \u20ac 40.13 million reported at the end of 2021, and \u20ac 80.00 million estimated in our previous report. 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