{"id":19977,"date":"2023-10-03T11:11:00","date_gmt":"2023-10-03T09:11:00","guid":{"rendered":"https:\/\/integrae.it\/?p=19977"},"modified":"2023-10-06T11:17:10","modified_gmt":"2023-10-06T09:17:10","slug":"update-03-10-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-10-2023-3\/","title":{"rendered":"UPDATE &#8211; 03.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the half-yearly report of June 30th, 2023, the Group ended the year with revenues of \u20ac 1.42 million, a strong increase compared to the figure for the first half of fiscal year 2022, which amounted to \u20ac 0.79 million. EBITDA for the period was negative and amounted to -\u20ac 0.92 million, compared to the previous year\u2019s half-year figure of -\u20ac 0.52, with a margin on value of production of -62.2% (vs -45.9% at 1H22A). EBIT, after depreciation and amortization of \u20ac 0.49 million, was -\u20ac 1.40 million, down from -\u20ac 1.17 million. Net Income was also negative at -\u20ac 1.44 million (-\u20ac 0.84 million as of 1H22A).&nbsp;<br><br>In light of the results published in the half-year report for 1H23A, we confirm our estimates for both the current year and the coming years. Specifically, we estimate FY23E production value of \u20ac20.00 million and EBITDA of \u20ac15.30 million, corresponding to a margin of 76.5%. For subsequent years, we expect value of production to increase to \u20ac 45.00 million(CAGR 22A-25E: 110.3%) in FY25E, with EBITDA of \u20ac 37.80 million (corresponding to a marginality of 84.0%), up from \u20ac 0.95 million in FY22A (corresponding to an EBITDA margin of 19.7%). &nbsp;<br><br>We conducted the equity value assessment of ISCC Fintech based on the DCF and Excess Return methodologies. The DCF method (which also includes a specific risk of 2.5% in the WACC calculation for prudential purposes) returns an equity value of \u20ac 152.8 million. The equity value of ISCC Fintech using the Excess Return method results in an equity value of \u20ac 105.1 million. This results in an average equity value of approximately \u20ac 129.0 million.&nbsp;<strong>The target price is \u20ac 10.00, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the half-yearly report of June 30th, 2023, the Group ended the year with revenues of \u20ac 1.42 million, a strong increase compared to the figure for the first half of fiscal year 2022,<\/p>\n","protected":false},"author":5,"featured_media":12122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[171],"class_list":["post-19977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-iscc-fintech-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 03.10.2023 - 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-03-10-2023-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 03.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the half-yearly report of June 30th, 2023, the Group ended the year with revenues of \u20ac 1.42 million, a strong increase compared to the figure for the first half of fiscal year 2022,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-10-2023-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-03T09:11:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-06T09:17:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/logo-sito.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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 - 03.10.2023 - 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-03-10-2023-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 03.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the half-yearly report of June 30th, 2023, the Group ended the year with revenues of \u20ac 1.42 million, a strong increase compared to the figure for the first half of fiscal year 2022,","og_url":"https:\/\/integrae.it\/en\/research\/update-03-10-2023-3\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-03T09:11:00+00:00","article_modified_time":"2023-10-06T09:17:10+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/logo-sito.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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