{"id":20115,"date":"2023-10-12T08:30:41","date_gmt":"2023-10-12T06:30:41","guid":{"rendered":"https:\/\/integrae.it\/?p=20115"},"modified":"2023-10-12T08:30:42","modified_gmt":"2023-10-12T06:30:42","slug":"update-12-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-12-10-2023\/","title":{"rendered":"UPDATE &#8211; 12.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated report as of June 30th, 2023, the Group reported consolidated revenues of\u00a0\u20ac 33.22 million, marking a decrease of 26.1% compared to the 1H22A figure, equal to \u20ac 45.17 million. EBITDA for the period amounted to \u20ac 0.64 million, compared to the 1H22A figure\u00a0equal to \u20ac 2.77 million, reporting a margin on the value of production equal to 1.9%, lower than in the first half of the previous year (6.1%).EBIT amounted to \u20ac 0.09 million, compared to a figure of 1H22A equal to \u20ac 2.19 million. Net Income was -\u20ac 0.44 million, marking a decrease from the 1H22A figure of \u20ac 1.28 mln.<br><br>In light of the results published in the half-year report for 1H23A, we update our estimates for both the current year and the coming years. Specifically, we estimate FY23E production value of \u20ac 93.80 million and EBITDA of \u20ac 9.30 million, corresponding to a margin of 10.0%. For the following years, we expect value of production to increase up to \u20ac 124.60 million in FY26E, with EBITDA of \u20ac 15.50 milion (corresponding to an EBITDA margin of 12.5%), up from a FY22A value of \u20ac 5.49 mln (corresponding to an EBITDA margin of 6.1%).<br><br>We conducted our valuation of the equity value of Promotica 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 \u20ac 118.7 million. <strong>The target price is therefore equal to \u20ac7.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated report as of June 30th, 2023, the Group reported consolidated revenues of\u00a0\u20ac 33.22 million, marking a decrease of 26.1% compared to the 1H22A figure, equal to \u20ac 45.17 million. EBITDA for<\/p>\n","protected":false},"author":5,"featured_media":11539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[181],"class_list":["post-20115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-promotica-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 12.10.2023 - 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-12-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 12.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the consolidated report as of June 30th, 2023, the Group reported consolidated revenues of\u00a0\u20ac 33.22 million, marking a decrease of 26.1% compared to the 1H22A figure, equal to \u20ac 45.17 million. 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