{"id":20040,"date":"2023-10-09T22:10:24","date_gmt":"2023-10-09T20:10:24","guid":{"rendered":"https:\/\/integrae.it\/?p=20040"},"modified":"2023-10-09T22:10:26","modified_gmt":"2023-10-09T20:10:26","slug":"initiation-of-coverage-09-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-09-10-2023\/","title":{"rendered":"Initiation of Coverage &#8211; 09.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Emma Villas SpA, a company established in 2006 by Giammarco Bisogno, an expert in the sector with over 25 years of experience, is a leading incoming tour operator specialised in the weekly vacation rentals sector of luxury villas and residences with private swimming pools. The Company, which boasts a widespread presence in 15 Italian regions, is the leading operator in Italy in terms of the number of properties managed and marketed exclusively, operating through so-called mandates without representation for at least two years. In the context of vacation villa rentals, mandates without representation refer to a specific type of mandate agreement, in which the owner of a villa gives an agent (Emma Villas) the power to manage the vacation rental of the property for a period (in this case at least two years), without conferring the same agent legal representation.<br><br>Despite the impact of the pandemic that has certainly negatively affected the market, the number of non-hotel accommodations in Italy increased in the 2019-2021 period, showing a 19-21 CAGR of +0.7%, thus reaching about 188.30 thousand properties in 2021. The trend is, albeit slightly, positive, in contrast to the decrease in the hotel supply, which in the three-year period showed a 19-21 CAGR of -1.0%, with a number of hotels equal to 32.10 thousand in 2021. The resilience of non-hotel facilities in such a complex period has, in particular, been driven by an increase in entrepreneurially managed rental accommodation. In fact, the latter show a 19-21 CAGR of +2.2%, representing 60.0% of total non-hotel facilities in 2021.<br><br>We have conducted the valuation of Emma Villas&#8217;s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The value resulting from the application of the DCF methodology (which in the calculation of the WACC includes for prudential purposes a specific risk equal to 2.5%) is equal to \u20ac 53.1 mln, while the equity value resulting from the multiples method, applying a 25% discount, is equal to \u20ac 43.0 mln. The result is an average equity value of \u20ac 48.1 mln. <strong>The target price is \u20ac 6.90, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Emma Villas SpA, a company established in 2006 by Giammarco Bisogno, an expert in the sector with over 25 years of experience, is a leading incoming tour operator specialised in the weekly vacation rentals<\/p>\n","protected":false},"author":5,"featured_media":19699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[305],"class_list":["post-20040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-emma-villas-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Initiation of Coverage - 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\/initiation-of-coverage-09-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Initiation of Coverage - 09.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Emma Villas SpA, a company established in 2006 by Giammarco Bisogno, an expert in the sector with over 25 years of experience, is a leading incoming tour operator specialised in the weekly vacation rentals\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-09-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T20:10:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-09T20:10:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/09\/5c6410858c16d10001c45c40-198x149-1x.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"198\" \/>\n\t<meta property=\"og:image:height\" content=\"198\" \/>\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":"Initiation of Coverage - 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\/initiation-of-coverage-09-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"Initiation of Coverage - 09.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"Emma Villas SpA, a company established in 2006 by Giammarco Bisogno, an expert in the sector with over 25 years of experience, is a leading incoming tour operator specialised in the weekly vacation rentals","og_url":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-09-10-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-09T20:10:24+00:00","article_modified_time":"2023-10-09T20:10:26+00:00","og_image":[{"width":198,"height":198,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/09\/5c6410858c16d10001c45c40-198x149-1x.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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