{"id":19693,"date":"2023-09-29T09:35:04","date_gmt":"2023-09-29T07:35:04","guid":{"rendered":"https:\/\/integrae.it\/?p=19693"},"modified":"2024-03-21T15:19:59","modified_gmt":"2024-03-21T14:19:59","slug":"update-29-09-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-29-09-2023\/","title":{"rendered":"UPDATE &#8211; 29.09.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Green Oleo, in its financial statement as of June 30th, 2022, reported a value of production of \u20ac 34.56 million, of which \u20ac 33.40 million came from sales revenues, \u20ac 1.58 million came from inventory changes, and \u20ac 2.75 million came from the other revenues item. EBITDA came in equal to \u20ac 1.05 million, corresponding to an EBITDA margin of 3.0% on the value of production. EBIT, considering the issues mentioned above, recorded a negative value for the first half-year of 2023, equal to \u20ac -0.16 million, following D&amp;A of \u20ac 1.21 million. Net Income, calculated net of deferred taxes of \u20ac 0.60 million, was positive and amounted to \u20ac 0.12 million.<br><br>In light of the FY22A results, we have revised our estimates for both the current year and the coming years. In particular, we estimate a FY23E value of production of \u20ac 74.70 million and an EBITDA of \u20ac 4.00 million, corresponding to a margin of 5.4%. In the following years, we expect the value of production to rise to \u20ac 116.30 million in FY26E, with EBITDA of \u20ac 10.80 million (corresponding to an EBITDA margin of 9.3 %), up compared to the value of \u20ac 8.15 million in FY22A (corresponding to an EBITDA margin of 9.4%).&nbsp;<br><br>We conducted our valuation of the equity value of Green Oleo based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk equal to 2.5% in the calculation of the WACC) returned an equity value of \u20ac 108.4 million. Using market multiples, the equity value of Green Oleo is \u20ac 63.0 million (including a 25.0% discount). The result gives an average equity value of approximately \u20ac 85.7 million.&nbsp;<strong>The target price is \u20ac 2.65 (prev. \u20ac3.25), with a BUY rating, and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Green Oleo, in its financial statement as of June 30th, 2022, reported a value of production of \u20ac 34.56 million, of which \u20ac 33.40 million came from sales revenues, \u20ac 1.58 million came from<\/p>\n","protected":false},"author":5,"featured_media":17871,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[300],"class_list":["post-19693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-green-oleo-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 29.09.2023 - 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-29-09-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 29.09.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Green Oleo, in its financial statement as of June 30th, 2022, reported a value of production of \u20ac 34.56 million, of which \u20ac 33.40 million came from sales revenues, \u20ac 1.58 million came from\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-29-09-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-29T07:35:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-21T14:19:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/06\/Green-Oleo.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 - 29.09.2023 - 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-29-09-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 29.09.2023 - integrae.it \u2013 Financial Boutique","og_description":"Green Oleo, in its financial statement as of June 30th, 2022, reported a value of production of \u20ac 34.56 million, of which \u20ac 33.40 million came from sales revenues, \u20ac 1.58 million came from","og_url":"https:\/\/integrae.it\/en\/research\/update-29-09-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-09-29T07:35:04+00:00","article_modified_time":"2024-03-21T14:19:59+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/06\/Green-Oleo.jpg","type":"image\/jpeg"}],"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; 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