{"id":19771,"date":"2023-10-02T08:52:34","date_gmt":"2023-10-02T06:52:34","guid":{"rendered":"https:\/\/integrae.it\/?p=19771"},"modified":"2023-10-02T08:52:35","modified_gmt":"2023-10-02T06:52:35","slug":"update-02-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-02-10-2023\/","title":{"rendered":"UPDATE &#8211; 02.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production in 1H23A came in at \u20ac 24.70 million, recording a growth of 5.8% compared to 1H22A (\u20ac 23.35 million). EBITDA, equal to \u20ac 10.75 million, saw an increase of 12.1% compared to \u20ac 9.59 million in 1H22A. The EBITDA Margin, equal to 43.5%, also rose compared to the equivalent figure for the first half of the previous year (41.1%). EBIT came in at \u20ac 5.95 million (\u20ac 6.03 million in 1H22A), with an EBIT Margin equal to 24.1%, compared to a figure of 25.8% in 1H22A. Net Income came in at \u20ac 3.90 million (\u20ac 4.27 million in the first half-year of 2022).<br><br>In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate a FY23E value of production of \u20ac 49.75 million, and an EBITDA of \u20ac 21.45 million, corresponding to a margin of 43.1%. In the following years, we expect the value of production to rise to \u20ac 67.35 million (CAGR 22A-26E: 10.0%) in FY26E, with EBITDA equal to \u20ac 29.15 million (corresponding to a margin of 43.3%), up compared to the \u20ac 19.85 million in FY22A (corresponding to an EBITDA Margin of 43.1%). On the balance sheet, for FY26E, we estimate an NFP of debt equal to \u20ac 5.27 million.<br><br>We conducted the valuation of the equity value of Intred on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of \u20ac 371.1 million. Using market multiples, the equity value of Intred was calculated as \u20ac 248.4 million. <strong>The result is therefore an average equity value of approximately \u20ac 309.8 million. The target price is \u20ac 19.50, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production in 1H23A came in at \u20ac 24.70 million, recording a growth of 5.8% compared to 1H22A (\u20ac 23.35 million). EBITDA, equal to \u20ac 10.75 million, saw an increase of 12.1%<\/p>\n","protected":false},"author":5,"featured_media":12089,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[199],"class_list":["post-19771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-intred-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 02.10.2023 - 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-02-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 02.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production in 1H23A came in at \u20ac 24.70 million, recording a growth of 5.8% compared to 1H22A (\u20ac 23.35 million). EBITDA, equal to \u20ac 10.75 million, saw an increase of 12.1%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-02-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T06:52:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-02T06:52:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/02\/20137.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 - 02.10.2023 - 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-02-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 02.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production in 1H23A came in at \u20ac 24.70 million, recording a growth of 5.8% compared to 1H22A (\u20ac 23.35 million). 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