{"id":20127,"date":"2023-10-12T09:23:02","date_gmt":"2023-10-12T07:23:02","guid":{"rendered":"https:\/\/integrae.it\/?p=20127"},"modified":"2023-10-12T09:23:03","modified_gmt":"2023-10-12T07:23:03","slug":"update-12-10-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-12-10-2022\/","title":{"rendered":"UPDATE &#8211; 12.10.2022"},"content":{"rendered":"\n<p>The value of production in 1H23A amounted to \u20ac 13.66 million, up by 44.6% compared to the figure for 1H22A, equal to \u20ac 9.45 million. EBITDA for the half-year was \u20ac 2.34 million, marking an increase of 41.7% compared to the 1H22A figure, equal to \u20ac 1.65 million. The EBITDA Margin for the half-year was 17.1%, not far off the 1H22A figure of 17.4%. EBIT amounted to \u20ac 1.46 million, an increase of 39.2% compared to the 1H22A figure, equal to \u20ac 1.05 million. Net Income came in at \u20ac 0.80 million, up 38.7% compared to the 1H22A figure, equal to \u20ac 0.58 million. The NFP for the group is cash positive at \u20ac 0.49 million, showing an improvement compared to the 2022 end-of-year figure, cash positive by \u20ac 0.04 million.<\/p>\n\n\n\n<p>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 a FY23E value of production of \u20ac 26.50 million, and an EBITDA of \u20ac 4.50 million, corresponding to a margin of 17.0%. In the following years, we expect the value of production to rise to \u20ac 33.00 million (CAGR 22A-25E: 15.2%) in FY25E, with EBITDA equal to \u20ac 6.50 million (corresponding to a margin of 19.7%), up compared to \u20ac 3.86 million in FY22A (corresponding to an EBITDA margin of 17.9%).<\/p>\n\n\n\n<p>We conducted our valuation of the equity value of FOS 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 48.5 million. Using market multiples, the equity value of FOS was calculated as \u20ac 30.8 million (including a 25% discount). The results give an average equity value of approximately \u20ac 39.7 million.&nbsp;<strong>The target price is \u20ac 5.80, with a BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of production in 1H23A amounted to \u20ac 13.66 million, up by 44.6% compared to the figure for 1H22A, equal to \u20ac 9.45 million. EBITDA for the half-year was \u20ac 2.34 million, marking<\/p>\n","protected":false},"author":5,"featured_media":11531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[190],"class_list":["post-20127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-gruppo-fos-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 12.10.2022 - 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-12-10-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 12.10.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production in 1H23A amounted to \u20ac 13.66 million, up by 44.6% compared to the figure for 1H22A, equal to \u20ac 9.45 million. EBITDA for the half-year was \u20ac 2.34 million, marking\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-12-10-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T07:23:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T07:23:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/fos-400x400-1-ojra20r7ogw37m6pbaqv081pmxjgjy346xo42fvrfk.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 - 12.10.2022 - 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-12-10-2022\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 12.10.2022 - integrae.it \u2013 Financial Boutique","og_description":"The value of production in 1H23A amounted to \u20ac 13.66 million, up by 44.6% compared to the figure for 1H22A, equal to \u20ac 9.45 million. 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