{"id":19960,"date":"2023-10-06T08:38:12","date_gmt":"2023-10-06T06:38:12","guid":{"rendered":"https:\/\/integrae.it\/?p=19960"},"modified":"2023-10-06T08:38:14","modified_gmt":"2023-10-06T06:38:14","slug":"update-06-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-06-10-2023\/","title":{"rendered":"UPDATE &#8211; 06.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group reported revenues for the period amounting to \u20ac 34.68 million, up by 25.4% compared to the figure for 1H22A, equal to \u20ac 27.66 million. EBITDA was valued at \u20ac 9.08 million, a sharp increase compared to 1H22A, in which it was \u20ac 6.65 million. The EBITDA margin was 26.2%, marking an increase compared to that of the first half-year of 2022 (24.0%). EBIT came in at \u20ac 8.09 million (\u20ac 5.71 million in 1H22A), corresponding to an EBIT Margin of 23.3%, up compared to 20.6% in the same period of the previous year. Net Income stands at \u20ac 5.57 million, compared to the 2022 first half-year result of \u20ac 4.70 million. The NFP went from a cash positive \u20ac 1.50 million in FY22A to a debt of \u20ac 4.97 million in 1H23A.<br><br>In light of the results published in the half-year report for 1H23A, we have partially adjusted our estimates for both the current year and the coming years. In particular, we estimate FY23E revenues of \u20ac 68.50 million, and an EBITDA of \u20ac 17.50 million, corresponding to a margin of 25.5%. In the following years, we expect the value of revenues to rise to \u20ac 87.80 million (CAGR 22Y-25E: 12.2%) in FY25E, with EBITDA equal to \u20ac 23.50 million (corresponding to a margin of 26.8%), up from \u20ac 15.83 million in FY22A (corresponding to an EBITDA Margin of 25.5%).\u00a0<br><br>We conducted our valuation of the equity value of FOPE based on 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 253.2 million. Using market multiples, the equity value of FOPE was estimated at \u20ac 195.0 million (including a discount of 25%). <strong>The results give an average equity value of approximately \u20ac 224.1 million. The target price is \u20ac 41.50, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group reported revenues for the period amounting to \u20ac 34.68 million, up by 25.4% compared to the figure for 1H22A, equal to \u20ac 27.66 million. EBITDA was valued at \u20ac 9.08 million, a<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-19960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 06.10.2023 - 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-06-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 06.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group reported revenues for the period amounting to \u20ac 34.68 million, up by 25.4% compared to the figure for 1H22A, equal to \u20ac 27.66 million. 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