{"id":20021,"date":"2023-10-09T09:16:59","date_gmt":"2023-10-09T07:16:59","guid":{"rendered":"https:\/\/integrae.it\/?p=20021"},"modified":"2023-10-09T09:17:00","modified_gmt":"2023-10-09T07:17:00","slug":"update-09-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2023\/","title":{"rendered":"UPDATE &#8211; 09.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues for the first half of 2023 amounted to \u20ac 9.80 million, compared to approximately \u20ac 12.61 million in 1H22A, therefore marking a fall of 22.3%. EBITDA, equal to \u20ac 1.33 million, saw an increase of 16.7%, compared to \u20ac 1.14 million in the first half-year of 2022. The EBITDA Margin was therefore equal to 13.6%, reaching significantly higher than the 1H22A figure, equal to 9.0%. EBIT, after depreciation and amortization of \u20ac 0.26 million, stands at \u20ac 1.07 million (\u20ac 0.89 million in 1H22A). The NFP showed an improvement from \u20ac 5.35 of debt in FY22A to \u20ac 2.64 million in 1H23A.<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 revenues of \u20ac 19.50 million, and an EBITDA of \u20ac 2.45 million, corresponding to a margin of 12.6%. In the following years, we expect revenues to rise to \u20ac 22.00 million (CAGR 23E-25E: 6.2%) in FY25E, with EBITDA equal to \u20ac 3.35 million (corresponding to a margin of 15.2%), up compared to \u20ac 2.39 million in FY22A (corresponding to an EBITDA Margin of 10.3%).<br><br>We carried out the valuation of the equity value of Saccheria F.lli Franceschetti on the basis of 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 35.7\u00a0million. Using market multiples, the equity value of Saccheria F.lli Franceschetti is \u20ac 18.3 million (including a 25% discount). The results give an average equity value of approximately \u20ac 27.0 million. <strong>The target price is \u20ac 3.05, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues for the first half of 2023 amounted to \u20ac 9.80 million, compared to approximately \u20ac 12.61 million in 1H22A, therefore marking a fall of 22.3%. EBITDA, equal to \u20ac 1.33 million, saw an<\/p>\n","protected":false},"author":5,"featured_media":17425,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[268],"class_list":["post-20021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-saccheria-franceschetti-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 09.10.2023 - 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-09-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 09.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues for the first half of 2023 amounted to \u20ac 9.80 million, compared to approximately \u20ac 12.61 million in 1H22A, therefore marking a fall of 22.3%. 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