{"id":19847,"date":"2023-10-04T08:50:03","date_gmt":"2023-10-04T06:50:03","guid":{"rendered":"https:\/\/integrae.it\/?p=19847"},"modified":"2023-10-04T08:50:05","modified_gmt":"2023-10-04T06:50:05","slug":"update-04-10-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-10-2023-3\/","title":{"rendered":"UPDATE &#8211; 04.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues came in at \u20ac 27.31 million, up 57.0% compared to the figure for the first half of 2022, equal to \u20ac 17.40 million. EBITDA, equal to \u20ac 3.02 million, recorded a strong increase (+63.8%), compared to the 1H22A value of \u20ac 1.84 million. The EBITDA margin stands at 10.2%, remaining substantially in line with the first half of 2022. EBIT came in at \u20ac 2.48 million (\u20ac 1.60 million in 1H22A), with an EBIT Margin of 8.4%, compared to 8.8% in 1H22A. Net income amounted to \u20ac 1.68 million, up from \u20ac 1.06 million in the first half of the previous year.\u00a0<br><br>In light of the published 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 58.35 million, and an EBITDA of \u20ac 6.35 million, corresponding to a margin of 10.9%. In the following years, we expect the value of production to rise to \u20ac 73.50 million (CAGR 22A-25E: 22.2%) in FY25E, with EBITDA equal to \u20ac 9.00 million (corresponding to a margin of 12.2%), up from \u20ac 3.92 million in FY22A (corresponding to an EBITDA margin of 9.7%).<br><br>We conducted our valuation of the equity value of FAE Technology based on the DCF method and on multiples of a sample of comparable companies. The DCF method (including, for prudential purpose a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 70.6 million. Using market multiples, the equity value of FAE Technology is estimated at \u20ac 58.3 million (including a discount of 25%). <strong>The result is an average equity value of approximately \u20ac 64.5 million. The target price is \u20ac 4.20, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues came in at \u20ac 27.31 million, up 57.0% compared to the figure for the first half of 2022, equal to \u20ac 17.40 million. EBITDA, equal to \u20ac 3.02 million, recorded a strong increase<\/p>\n","protected":false},"author":5,"featured_media":17428,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[243],"class_list":["post-19847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fae-technology-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-04-10-2023-3\/\" \/>\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 27.31 million, up 57.0% compared to the figure for the first half of 2022, equal to \u20ac 17.40 million. 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