{"id":19979,"date":"2023-10-05T11:13:00","date_gmt":"2023-10-05T09:13:00","guid":{"rendered":"https:\/\/integrae.it\/?p=19979"},"modified":"2023-10-06T11:13:46","modified_gmt":"2023-10-06T09:13:46","slug":"update-05-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/","title":{"rendered":"UPDATE &#8211; 05.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Total revenues amounted to \u20ac 9.00 million, marking a growth of 92.9% compared to the 1H22A figure of \u20ac 4.67 million. Excluding the contribution of In-Sane Srl, equal to \u20ac 3.74 million, revenues still showed an increase of 12.8% compared to those of 1H22A. EBITDA, equal to \u20ac 1.37 million, recorded an increase of 12.8% compared to the 1H22A figure of \u20ac 1.21 million. The EBITDA margin went from 26.0% in 1H22A to the current 15.2%, marking a contraction of 10.8%. EBIT, after amortization and depreciation of \u20ac 0.18 million, stands at \u20ac 1.19 million, an increase of 12.8% compared to the 1H22A figure of \u20ac 1.05 million. The NFP remains cash positive at a value of \u20ac 1.31 million, but was down on the 2022 end-of-year figure.<br><br>In light of the published 1H23A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate FY23E Revenues of \u20ac 20.60 million, and an EBITDA of \u20ac 3.95 million, corresponding to a margin of 19.2%. In the following years, we expect the value of Revenues to rise to \u20ac 26.00 million (CAGR 22Y-25E: 37.9%) in FY25E, with EBITDA equal to \u20ac 5.65 million (corresponding to a margin of 21.7%), up from \u20ac 2.68 million in FY22A (corresponding to an EBITDA margin of 27.0%).<br><br>We conducted our valuation of the equity value of IDNTT 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 56.2 million. Using market multiples, the equity value of IDNTT is \u20ac 45.9 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 51.1 million.\u00a0<strong>The target price is \u20ac 6.80, with a BUY rating, and MEDIUM risk.<\/strong><br><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Total revenues amounted to \u20ac 9.00 million, marking a growth of 92.9% compared to the 1H22A figure of \u20ac 4.67 million. Excluding the contribution of In-Sane Srl, equal to \u20ac 3.74 million, revenues still<\/p>\n","protected":false},"author":5,"featured_media":11759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[290],"class_list":["post-19979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-idntt-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 05.10.2023 - 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-05-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 05.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Total revenues amounted to \u20ac 9.00 million, marking a growth of 92.9% compared to the 1H22A figure of \u20ac 4.67 million. Excluding the contribution of In-Sane Srl, equal to \u20ac 3.74 million, revenues still\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-05T09:13:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-06T09:13:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/IDNTT-400X400.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 - 05.10.2023 - 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-05-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 05.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"Total revenues amounted to \u20ac 9.00 million, marking a growth of 92.9% compared to the 1H22A figure of \u20ac 4.67 million. Excluding the contribution of In-Sane Srl, equal to \u20ac 3.74 million, revenues still","og_url":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-05T09:13:00+00:00","article_modified_time":"2023-10-06T09:13:46+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/IDNTT-400X400.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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/IDNTT-400X400.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/IDNTT-400X400.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/","name":"UPDATE - 05.10.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/#primaryimage"},"datePublished":"2023-10-05T09:13:00+00:00","dateModified":"2023-10-06T09:13:46+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-05-10-2023\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-05-10-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 05.10.2023"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/19979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=19979"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/19979\/revisions"}],"predecessor-version":[{"id":19980,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/19979\/revisions\/19980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11759"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=19979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=19979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=19979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}