{"id":19843,"date":"2023-10-04T08:47:44","date_gmt":"2023-10-04T06:47:44","guid":{"rendered":"https:\/\/integrae.it\/?p=19843"},"modified":"2023-10-04T08:47:47","modified_gmt":"2023-10-04T06:47:47","slug":"update-04-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-10-2023\/","title":{"rendered":"UPDATE &#8211; 04.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>As of 30 June 2023, Impianti recorded revenues amounting to \u20ac 3.87 million, down 18.4% compared to the 1H22A figure, equal to \u20ac 4.74 million. EBITDA was negative by \u20ac -0.60 million, down compared to the figure for 1H22A, positive by \u20ac 0.08 million. The EBITDA Margin stood at -15.6%, resulting in a deterioration compared to the 1H22A figure, equal to 1.6%. EBIT came in at \u20ac -0.83 million, down from the figure for 1H22A, equal to \u20ac 0.04 million. Net Income was also negative by \u20ac -0.80 million, compared to the 1H22A result of \u20ac 0.01 million. Lastly, the NFP as of 30 June 2023 was cash positive by \u20ac 0.20 million, showing a decrease compared to the previous year-end figure, cash positive by \u20ac 0.49 million.<br><br>In light of the results published in the half-yearly report for 1H23A, we are modifying our estimates for both the current year and subsequent years. In particular, we estimate a FY23E production value of \u20ac 9.40 million and an EBITDA of \u20ac -0.20 million, corresponding to a margin of -2.2%. For subsequent years, we expect the value of production to increase to \u20ac 18.00 million in FY25E, with an EBITDA of \u20ac 1.50 million (corresponding to an EBITDA margin of 8.4%), up from the value of \u20ac 0.14 million in FY22A (corresponding to an EBITDA margin of 1.4%).<br><br>We have conducted the valuation of Impianti\u2019s equity value based on the DCF methodology. The DCF method (which in the calculation of the WACC also includes a specific risk of 2.5% for prudential purposes) provides an equity value of \u20ac 13.0 million. <strong>The target price is therefore \u20ac 1.70 (prev. \u20ac 2.35), we confirm BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of 30 June 2023, Impianti recorded revenues amounting to \u20ac 3.87 million, down 18.4% compared to the 1H22A figure, equal to \u20ac 4.74 million. EBITDA was negative by \u20ac -0.60 million, down compared<\/p>\n","protected":false},"author":5,"featured_media":17286,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[264],"class_list":["post-19843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-impianti-2"],"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-04-10-2023\/\" \/>\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=\"As of 30 June 2023, Impianti recorded revenues amounting to \u20ac 3.87 million, down 18.4% compared to the 1H22A figure, equal to \u20ac 4.74 million. EBITDA was negative by \u20ac -0.60 million, down compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-04-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T06:47:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T06:47:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/05\/Impianti-logo.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 - 04.10.2023 - 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-04-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"As of 30 June 2023, Impianti recorded revenues amounting to \u20ac 3.87 million, down 18.4% compared to the 1H22A figure, equal to \u20ac 4.74 million. 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