{"id":20170,"date":"2023-10-13T08:50:49","date_gmt":"2023-10-13T06:50:49","guid":{"rendered":"https:\/\/integrae.it\/?p=20170"},"modified":"2023-10-13T08:50:50","modified_gmt":"2023-10-13T06:50:50","slug":"update-13-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-13-10-2023\/","title":{"rendered":"UPDATE &#8211; 13.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues came in at \u20ac 16.70 million, up 16.4% compared to the 1H22A figure, equal to \u20ac 14.35 million. Adjusted EBITDA amounted to \u20ac -0.07 million, an increase on the 1H22A figure, negative by \u20ac 0.99 million. The Adjusted EBITDA Margin also improved, going from -6.9% in 1H22A to -0.4% in the first half-year of 2023. EBIT stands at \u20ac -0.45 million, an improvement compared to the 1H22A figure, negative by \u20ac 1.35 million. Net Income was \u20ac -0.60 million, up compared to the 1H22A figure of \u20ac -0.91 million. The NFP is equal to \u20ac 6.53 million, a slight worsening compared to the figure at the end of 2022, equal to \u20ac 5.41 million.<br><br>In light of the results published in the half-year report for 1H23A, we have partially adjusted our estimates for both the current year and the coming years. In particular, for FY23E, we estimate sales of \u20ac 36.50 million, and an Adjusted EBITDA of \u20ac 0.95 million, corresponding to a margin of 2.6%. In the following years, we expect the value of sales to rise to \u20ac 50.00 million (CAGR 22A-25E: 16.4%) in FY25E, with Adjusted EBITDA equal to \u20ac 3.55 million (corresponding to a margin of 7.1%), up compared to \u20ac -0.71 million in FY22A (corresponding to an Adjusted EBITDA margin of &#8211; 2.2%). On the balance sheet, we estimate a debt NFP of \u20ac 5.20 million for FY25E.<br><br>Given the lack of comparable companies, we conducted our valuation of the equity value of Longino &amp; Cardenal based on the DCF method alone. 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 25.0 million. <strong>The target price is \u20ac 4.00, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues came in at \u20ac 16.70 million, up 16.4% compared to the 1H22A figure, equal to \u20ac 14.35 million. Adjusted EBITDA amounted to \u20ac -0.07 million, an increase on the 1H22A figure, negative by<\/p>\n","protected":false},"author":5,"featured_media":12110,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[201],"class_list":["post-20170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-longino-cardenal-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 13.10.2023 - 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-13-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 13.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues came in at \u20ac 16.70 million, up 16.4% compared to the 1H22A figure, equal to \u20ac 14.35 million. 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