{"id":19985,"date":"2023-10-06T11:23:10","date_gmt":"2023-10-06T09:23:10","guid":{"rendered":"https:\/\/integrae.it\/?p=19985"},"modified":"2023-10-06T11:23:12","modified_gmt":"2023-10-06T09:23:12","slug":"update-06-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-06-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 06.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group, in the consolidated half-yearly financial report as of 30 June 2023, announced that it had generated revenues of \u20ac 2.28 million, up 55.2% compared to the half-yearly figure of 2022, equal to \u20ac 1.47 million. The EBITDA recorded a value of \u20ac 0.48 million, a strong growth (+156.3%) compared to 1H22A, in which it was equal to \u20ac 0.19 million. The EBITDA margin it stands at 16.5%, compared to a figure of 10.6% for the same half of the previous year. The EBIT is equal to \u20ac 0.33 million, an increase compared to 1H22A, equal to \u20ac \u00a00.17 million. The EBIT margin, similarly, grew from 9.7% in 1H22A to 11.6% in the first half of 2023. Net Income, at the end of 1H23A, stood at \u20ac 0.17 million, a slight increase compared to to the first half of 2022 (+15.2%). The NFP at 1H23A, equal to \u20ac 0.32 million of debt, worsened compared to the value of the previous annual report ( cash positive of \u20ac 0.16 million).\u00a0<br><br>In light of the results published in the semi-annual report for 1H23A, we modify the estimates for both the current year and the coming years. In particular, we estimate the FY23E production value of \u20ac 6.55 million and an EBITDA of \u20ac 2.55 million, corresponding to a margin of 38.9%. For the following years, we expect the value of production to increase up to \u20ac14.50 million (CAGR 22A-25E: 43.8%) in FY25E, with EBITDA equal to \u20ac 5.95 million (corresponding to a margin of 41.0%), up compared to \u20ac 1.84 million in FY22A (corresponding to an EBITDA margin by 37.7%).<br><br>Given the lack of comparable companies, we conducted our valuation of the equity value of Franchetti based on the DCF method alone. 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 49.2 million.<strong>\u00a0The target price is \u20ac 7.20, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group, in the consolidated half-yearly financial report as of 30 June 2023, announced that it had generated revenues of \u20ac 2.28 million, up 55.2% compared to the half-yearly figure of 2022, equal to<\/p>\n","protected":false},"author":5,"featured_media":17433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[163],"class_list":["post-19985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-franchetti-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-06-10-2023-2\/\" \/>\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, in the consolidated half-yearly financial report as of 30 June 2023, announced that it had generated revenues of \u20ac 2.28 million, up 55.2% compared to the half-yearly figure of 2022, equal to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-06-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-06T09:23:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-06T09:23:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/09\/Franchetti-Logo.png\" \/>\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\/png\" \/>\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 - 06.10.2023 - 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-06-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 06.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Group, in the consolidated half-yearly financial report as of 30 June 2023, announced that it had generated revenues of \u20ac 2.28 million, up 55.2% compared to the half-yearly figure of 2022, equal to","og_url":"https:\/\/integrae.it\/en\/research\/update-06-10-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-06T09:23:10+00:00","article_modified_time":"2023-10-06T09:23:12+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/09\/Franchetti-Logo.png","type":"image\/png"}],"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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