{"id":20024,"date":"2023-10-09T09:18:44","date_gmt":"2023-10-09T07:18:44","guid":{"rendered":"https:\/\/integrae.it\/?p=20024"},"modified":"2023-10-09T09:18:45","modified_gmt":"2023-10-09T07:18:45","slug":"update-09-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 09.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the half-yearly report as of June 30th, 2023, Nusco Group reported net revenues of \u20ac 24.60 million, showing favorable developments in the strategy of diversification and customization of Nusco\u2019s commercial offerings, aimed at improving quality standards for Italian customers and at the recovery of the construction sector in the Romanian market. EBITDA for the period amounted to \u20ac 2.92 million, generated respectively for \u20ac 2.12 milion from BU Windows and for \u20ac 0.80 milion from BU Doors; EBIT, after D&amp;A for \u20ac 0.84 mln, is equal to \u20ac 2.07 million. Net Income is positive at \u20ac 1.06 million.<br><br>In light of the published 1H23A half-year results, we have slightly updated our estimates for the current year, while our estimates for the coming years remain substantially unchanged. In particular, we now estimate FY23E revenues of \u20ac 53.00 million, and an EBITDA of \u20ac 6.35 million, corresponding to a margin of 12.0%. In the following years, we expect revenues to rise to \u20ac 66.30 million (CAGR 22A &#8211; 25E: 9.2%) in FY25E, with EBITDA equal to \u20ac 9.00 million (corresponding to a margin of 13.6%), up compared to \u20ac 5.20 million in FY22A (corresponding to an EBITDA Margin of 10.2%).<br><br>We conducted our valuation of the equity value of Nusco based on the DCF method. The DCF method (including for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac58.6 million. <strong>The target price is therefore \u20ac 3.15 (prev. \u20ac 3.15), with a BUY rating and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the half-yearly report as of June 30th, 2023, Nusco Group reported net revenues of \u20ac 24.60 million, showing favorable developments in the strategy of diversification and customization of Nusco\u2019s commercial offerings, aimed at<\/p>\n","protected":false},"author":5,"featured_media":11992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[175],"class_list":["post-20024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nusco-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-09-10-2023-2\/\" \/>\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=\"In the half-yearly report as of June 30th, 2023, Nusco Group reported net revenues of \u20ac 24.60 million, showing favorable developments in the strategy of diversification and customization of Nusco\u2019s commercial offerings, aimed at\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-09-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T07:18:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-09T07:18:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.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 - 09.10.2023 - 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-09-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the half-yearly report as of June 30th, 2023, Nusco Group reported net revenues of \u20ac 24.60 million, showing favorable developments in the strategy of diversification and customization of Nusco\u2019s commercial offerings, aimed at","og_url":"https:\/\/integrae.it\/en\/research\/update-09-10-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-09T07:18:44+00:00","article_modified_time":"2023-10-09T07:18:45+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.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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