{"id":17892,"date":"2023-06-26T08:41:20","date_gmt":"2023-06-26T06:41:20","guid":{"rendered":"https:\/\/integrae.it\/?p=17892"},"modified":"2023-06-26T08:41:21","modified_gmt":"2023-06-26T06:41:21","slug":"update-26-06-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-26-06-2023\/","title":{"rendered":"UPDATE &#8211; 26.06.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production came in at \u20ac 51.95 million, compared to a value of \u20ac 36.32 million reported at the end of 2021, and \u20ac 56.40 million estimated in our previous report. Adjusted EBITDA, equal to \u20ac 3.83 million, saw an increase of 5.3% compared to the \u20ac 3.63 million of the previous year, and was below our previous estimate of \u20ac 6.00 million. The adjusted EBITDA margin, equal to 7.6%%, was lower than the figure for the previous year of 10.5%, and our estimate of 10.9%. EBIT, after amortization and depreciation of \u20ac 1.07 million, came in at \u20ac 2.20 million (\u20ac 2.18 million in 2021), down on our previous estimate of \u20ac 2.60 million. The NFP showed a deterioration from \u20ac 4.15 million to \u20ac 7.14 million of debt.<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 now estimate an FY23E value of production equal to \u20ac 72.00 million, and an Adjusted EBITDA equal to \u20ac 5.20 million, corresponding to a margin of 7.4%. Over the following years, we expect the value of production to rise to \u20ac 142.00 million (CAGR 22Y-25E: 39.8%) in FY25E, with an Adjusted EBITDA equal to \u20ac 10.70 million (corresponding to a margin of 7.6%), up from \u20ac 3.83 million in FY22A (corresponding to an adjusted EBITDA margin of 7.6%).<br><br>We conducted our valuation of the equity value of Vantea 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 77.9 million. Using market multiples, the equity value of Vantea is equal to \u20ac 76.7 million (including a discount of 25%). The result gives an average equity value of approximately \u20ac 77.3 million. <strong>The target price is \u20ac 6.00, 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 51.95 million, compared to a value of \u20ac 36.32 million reported at the end of 2021, and \u20ac 56.40 million estimated in our previous report. Adjusted<\/p>\n","protected":false},"author":5,"featured_media":11883,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[179],"class_list":["post-17892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vantea-smart-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 26.06.2023 - 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-26-06-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 26.06.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production came in at \u20ac 51.95 million, compared to a value of \u20ac 36.32 million reported at the end of 2021, and \u20ac 56.40 million estimated in our previous report. 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