{"id":20172,"date":"2023-10-13T08:52:19","date_gmt":"2023-10-13T06:52:19","guid":{"rendered":"https:\/\/integrae.it\/?p=20172"},"modified":"2023-10-13T08:52:21","modified_gmt":"2023-10-13T06:52:21","slug":"update-13-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-13-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 13.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production came in at \u20ac 9.10 million, up 22.7% compared to the 1H22A value, equal to \u20ac 7.42 million. EBITDA, equal to \u20ac 1.57 million, saw an increase of 81.5% compared to the 1H22A figure, equal to \u20ac 0.87 million and in line with the company\u2019s expectations. The EBITDA margin went from 11.7% in 1H22A to 17.3%, therefore marking an increase of 5.6%. We note that the positive trend is due to the improved ability to manage structural costs following the increase in revenues. EBIT was significantly affected by a provision linked to the devaluations of real estate assets for approximately \u20ac 0.74 million, and therefore settled at \u20ac 0.17 million. The NFP as of June 30, 2023, is substantially unchanged compared to that at the end of the previous year (a cash positive \u20ac 0.78 million), remaining cash positive at a value of \u20ac 0.74 million.<br><br>In light of the published 1H23A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of \u20ac 18.70 million, and EBITDA of \u20ac 3.75 million, corresponding to a margin of 20.1%. In the following years, we expect the value of production to rise to \u20ac 25.50 million (CAGR 22Y-25E: 17.2%) in FY25E, with EBITDA equal to \u20ac 6.55 million (corresponding to a margin of 25.7%), up from \u20ac 2.48m in FY22A (corresponding to an EBITDA margin of 15.6%). On the balance sheet, we estimate a cash positive NFP for FY23E of \u20ac 2.00 million.<br><br>We conducted our valuation of the equity value of ABTG based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of \u20ac 38.2 million. <strong>The target price is \u20ac 7.50, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production came in at \u20ac 9.10 million, up 22.7% compared to the 1H22A value, equal to \u20ac 7.42 million. EBITDA, equal to \u20ac 1.57 million, saw an increase of 81.5% compared<\/p>\n","protected":false},"author":5,"featured_media":11935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[306],"class_list":["post-20172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-alfio-bardolla-2"],"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-13-10-2023-2\/\" \/>\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=\"The value of production came in at \u20ac 9.10 million, up 22.7% compared to the 1H22A value, equal to \u20ac 7.42 million. EBITDA, equal to \u20ac 1.57 million, saw an increase of 81.5% compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-13-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-13T06:52:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-13T06:52:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"225\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\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 - 13.10.2023 - 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-13-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 13.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production came in at \u20ac 9.10 million, up 22.7% compared to the 1H22A value, equal to \u20ac 7.42 million. 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