{"id":19840,"date":"2023-10-04T08:46:42","date_gmt":"2023-10-04T06:46:42","guid":{"rendered":"https:\/\/integrae.it\/?p=19840"},"modified":"2023-10-04T08:46:50","modified_gmt":"2023-10-04T06:46:50","slug":"update-03-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 04.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues came in at \u20ac 21.70 million in 1H23A, compared to \u20ac 21.53 million reported at the end of the first half-year of 2022, marking a slight growth of 0.8%. EBITDA for the first half of 2023, equal to \u20ac 3.02 million, saw an increase of 16.2%, compared to \u20ac 2.60 million in 1H22A. The EBITDA margin, equal to 13.9%, came in higher than the figure for the first half of 2022 (12.1%). EBIT stands at \u20ac 2.02 million, thus marking a growth of 2.9% compared to the \u20ac 1.97 million reported for 1H22A. Finally, the NFP rose from approximately \u20ac 15.39 million of debt in FY22A to \u20ac 21.49 million, also of debt, in 1H23A.<br><br>In light of the publication of the 1H23A half-year results, 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 46.00 million, and an EBITDA of \u20ac 6.00 million, corresponding to a margin of 13.2%. In the following years, we expect the value of production to rise to \u20ac 70.00 million (CAGR 22A-26E: 13.4%) in FY26E, with EBITDA equal to \u20ac 9.35 million (corresponding to a margin of 13.5%), up from \u20ac 4.98 million in FY22A (corresponding to an EBITDA margin of 12.2%). On the balance sheet, however, we estimate an NFP for FY23E equal to \u20ac 21.98 million of debt.\u00a0<br><br>We conducted our valuation of the equity value of G.M. Leather 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 59.5 million. <strong>The target price is \u20ac 5.30, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues came in at \u20ac 21.70 million in 1H23A, compared to \u20ac 21.53 million reported at the end of the first half-year of 2022, marking a slight growth of 0.8%. EBITDA for the first<\/p>\n","protected":false},"author":5,"featured_media":17421,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[166],"class_list":["post-19840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-g-m-leather-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 04.10.2023 - 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-03-10-2023-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 04.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues came in at \u20ac 21.70 million in 1H23A, compared to \u20ac 21.53 million reported at the end of the first half-year of 2022, marking a slight growth of 0.8%. 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