{"id":19975,"date":"2023-10-02T11:09:00","date_gmt":"2023-10-02T09:09:00","guid":{"rendered":"https:\/\/integrae.it\/?p=19975"},"modified":"2023-10-06T11:16:25","modified_gmt":"2023-10-06T09:16:25","slug":"update-02-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-02-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 02.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half-year of 2023, Websolute Group reported revenues of \u20ac 10.32 million, a slight decrease of 1.8% compared to the results of 1H22A, in which revenues amounted to \u20ac 10.50 million. EBITDA came in at \u20ac 1.38 million, showing a marked increase (+54.8%) compared to 1H22A, in which it was equal to \u20ac 0.89 million. Similarly, the EBITDA margin went from 8.0% in 1H22A to 12.4% in the half-year under review. EBIT came in positive and equal to \u20ac 0.21 million, showing a marked increase compared to the negative result of \u20ac 0.08 million reported in 1H22A. The value of Net Income for 1H23A was similarly on the rise, coming in at \u20ac -0.10 million, compared to a result for 1H22A equal to \u20ac -0.21 million. The NFP for the first half-year of 2022 showed an improvement of 21.7% compared to the FY22A result (equal to \u20ac 3.24 million of debt), settling at a value of \u20ac 2.53 million of debt.<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 FY23E sales revenues of \u20ac 21.50 million and an adjusted EBITDA equal to \u20ac 4.00 million, corresponding to a margin of 17.4%. In the following years, we expect the sales value to rise to \u20ac 26.50 million (CAGR 22A-25E: 7.2%) in FY25E, with adjusted EBITDA equal to \u20ac 6 .10 million, corresponding to a margin of 21.8%. As regards the balance sheet, we estimate a cash positive NFP of \u20ac 2.87 million for FY25E.<br><br>We conducted our valuation of the equity value of Websolute based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 52.5 million. Using market multiples, the equity value of Websolute was calculated as \u20ac 43.6 million. The result gives an average equity value of approximately \u20ac 48.1 million.&nbsp;<strong>The target price is \u20ac 4.70, BUY rating, and MEDIUM risk<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half-year of 2023, Websolute Group reported revenues of \u20ac 10.32 million, a slight decrease of 1.8% compared to the results of 1H22A, in which revenues amounted to \u20ac<\/p>\n","protected":false},"author":5,"featured_media":11482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[192],"class_list":["post-19975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-websolute-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-02-10-2023-2\/\" \/>\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=\"At the end of the first half-year of 2023, Websolute Group reported revenues of \u20ac 10.32 million, a slight decrease of 1.8% compared to the results of 1H22A, in which revenues amounted to \u20ac\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-02-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T09:09:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-06T09:16:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg\" \/>\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\/jpeg\" \/>\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-02-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 02.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half-year of 2023, Websolute Group reported revenues of \u20ac 10.32 million, a slight decrease of 1.8% compared to the results of 1H22A, in which revenues amounted to \u20ac","og_url":"https:\/\/integrae.it\/en\/research\/update-02-10-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-02T09:09:00+00:00","article_modified_time":"2023-10-06T09:16:25+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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