{"id":19983,"date":"2023-10-05T11:19:00","date_gmt":"2023-10-05T09:19:00","guid":{"rendered":"https:\/\/integrae.it\/?p=19983"},"modified":"2023-10-06T11:20:47","modified_gmt":"2023-10-06T09:20:47","slug":"update-05-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-05-10-2023-2\/","title":{"rendered":"UPDATE – 05.10.2023"},"content":{"rendered":"\n
In the consolidated report as of June 30th, 2023, the Group reports consolidated revenues of\u00a0\u20ac 33.14 million, up 9.3% compared to the 1H22A figure of \u20ac 30.31 million, confirming its growth path. EBITDA for the period amounted to \u20ac 2.76 million, marking an increase of 11.6% over the 1H22A figure of \u20ac 2.47 million and reporting a margin on value of production of 7.8%, in line with the previous year. EBIT, on the other hand, amounted to \u20ac 1.19 million, with EBIT Margin decreasing from 3.7% in 1H22A to the current 3.4%, due to a slight increase in D&A as a result of the investments made in the first part of the fiscal year. Net Income was also positive, \u20ac 0.43 million, up from the 1H22A figure of \u20ac 0.32 million.\u00a0

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 estimate an FY23E value of production equal to \u20ac 65.50 million with EBITDA of \u20ac 5.20 million, corresponding to a margin of 7.9%, slightly decreasing from the previous expectations due to integration costs of new acquisitions, especially referring to new personnel. For the following years, we estimate value of production increasing to \u20ac 84.00 million (CAGR FY22A – FY25E: 11.4%) in FY25E, with EBITDA of \u20ac 8.40 million (margin of 10.0%), up from \u20ac 4.02 million in FY22A (margin of 6.6%).

We conducted our valuation of the equity value of SolidWorld Group on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (which in the calculation of WACC also includes for prudential purposes a specific risk of 2.5%) returns an equity value of \u20ac 111.2 mln. The equity value using market multiples turns out to be \u20ac 85.4 mln (including a 25% discount). This results in an average equity value of approximately \u20ac 98.3 mln.\u00a0The target price is \u20ac 7.00, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In the consolidated report as of June 30th, 2023, the Group reports consolidated revenues of\u00a0\u20ac 33.14 million, up 9.3% compared to the 1H22A figure of \u20ac 30.31 million, confirming its growth path. EBITDA for<\/p>\n","protected":false},"author":5,"featured_media":12144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[167],"class_list":["post-19983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-solidworld-group-en"],"acf":[],"yoast_head":"\nUPDATE - 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-05-10-2023-2\/\" \/>\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=\"In the consolidated report as of June 30th, 2023, the Group reports consolidated revenues of\u00a0\u20ac 33.14 million, up 9.3% compared to the 1H22A figure of \u20ac 30.31 million, confirming its growth path. 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