{"id":20028,"date":"2023-10-09T09:21:41","date_gmt":"2023-10-09T07:21:41","guid":{"rendered":"https:\/\/integrae.it\/?p=20028"},"modified":"2023-10-09T09:21:42","modified_gmt":"2023-10-09T07:21:42","slug":"update-09-10-2023-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2023-4\/","title":{"rendered":"UPDATE &#8211; 09.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production stands at \u20ac 10.78 million, marking a strong growth of 37.5% compared to the 1H22A figure, equal to \u20ac 7.84 million, despite the uncertainty of the general economic context. EBITDA stands at \u20ac 0.63 million, returning to positive value after the negative 1H22A result of \u20ac 0.21 million. The EBITDA margin came in at 5.8%, an improvement compared to the 1H22A figure of -2.7%. EBIT, after depreciation and amortization of \u20ac 0.26 million, stands at \u20ac 0.37 million, up, due to the investments made, compared to the 1H22A negative figure of \u20ac -0.36 million. The NFP is equal to \u20ac 0.27 million of debt, an improvement compared to the 2022 end-of-year figure, equal to \u20ac 0.87 million of debt.<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 an FY23E value of production of \u20ac 22.00 million, and an EBITDA equal to \u20ac 1.00 million, corresponding to a margin of 4.5%. In the following years, we expect the value of production to rise to \u20ac 52.35 million (CAGR 22Y-27E: 23.1%) in FY27E, with EBITDA equal to \u20ac 3.40 million (corresponding to a margin of 6.5%), up from \u20ac 0.14 million in FY22A (corresponding to an EBITDA Margin of 0.8%). On the balance sheet level, however, we estimate a cash positive NFP of \u20ac 0.06 million for FY23E.<br><br>We conducted our valuation of the equity value of Acquazzurra based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of \u20ac 25.8 million. <strong>The target price is \u20ac 10.00, with a HOLD rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production stands at \u20ac 10.78 million, marking a strong growth of 37.5% compared to the 1H22A figure, equal to \u20ac 7.84 million, despite the uncertainty of the general economic context. EBITDA<\/p>\n","protected":false},"author":5,"featured_media":11793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[177],"class_list":["post-20028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-acquazzurra-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-09-10-2023-4\/\" \/>\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=\"The value of production stands at \u20ac 10.78 million, marking a strong growth of 37.5% compared to the 1H22A figure, equal to \u20ac 7.84 million, despite the uncertainty of the general economic context. 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