{"id":20133,"date":"2023-10-10T09:26:00","date_gmt":"2023-10-10T07:26:00","guid":{"rendered":"https:\/\/integrae.it\/?p=20133"},"modified":"2023-10-12T09:30:45","modified_gmt":"2023-10-12T07:30:45","slug":"update-10-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-10-10-2023\/","title":{"rendered":"UPDATE &#8211; 10.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>For the first half-year of 2023, the Group reported revenues of \u20ac 26.63 million, up 4.4% compared to 1H22A, equal to \u20ac 25.50 million. EBITDA amounted to \u20ac 4.96 million, marking a sharp rise from \u20ac 3.85 million in 1H22A (+28.8%). The EBITDA margin came in at 18.0%, compared to 15.0% in 1H22A. Adjusted EBIT amounted to \u20ac 3.37 million, showing strong growth compared to the \u20ac 1.67 million recorded in the first half-year of 2022. The Adjusted EBIT Margin was 12.7%, compared to a 1H22A value of 6.5%. Net income reached \u20ac 2.10 million, up 127.4% compared to the previous year\u2019s figure of \u20ac0.92 million. The NFP went from \u20ac 7.85 million in FY22A to \u20ac 8.29 in 1H23A. &nbsp;<br><br>In light of the results published in the 1H23A half-year report, we have partially adjusted our estimates for both the current year and the coming years. In particular, we estimate FY23E revenues of \u20ac 49.00 million, and an EBITDA of \u20ac 8.70 million, corresponding to a margin of 17.0%. In the following years, we expect revenues to reach \u20ac 54.00 million (CAGR 22A-25E: 3.6%) in FY25E, with EBITDA equal to \u20ac 10.30 million (corresponding to a margin of 18, 2%), up compared to \u20ac 7.56 million in FY22A (corresponding to an EBITDA margin of 15.1%).&nbsp;<br><br>We conducted our valuation of the equity value of Marzocchi Pompe based on 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 66.4 million. Using market multiples, the equity value of Marzocchi Pompe was calculated to be \u20ac 57.9 million (including a 25% discount).&nbsp;<strong>The results give an average equity value of approximately \u20ac 62.1 million. The target price is \u20ac 9.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>For the first half-year of 2023, the Group reported revenues of \u20ac 26.63 million, up 4.4% compared to 1H22A, equal to \u20ac 25.50 million. EBITDA amounted to \u20ac 4.96 million, marking a sharp rise<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[271],"class_list":["post-20133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-marzocchi-pompe-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 10.10.2023 - 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-10-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 10.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"For the first half-year of 2023, the Group reported revenues of \u20ac 26.63 million, up 4.4% compared to 1H22A, equal to \u20ac 25.50 million. EBITDA amounted to \u20ac 4.96 million, marking a sharp rise\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-10-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-10T07:26:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T07:30:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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 - 10.10.2023 - 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-10-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 10.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"For the first half-year of 2023, the Group reported revenues of \u20ac 26.63 million, up 4.4% compared to 1H22A, equal to \u20ac 25.50 million. 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