{"id":20197,"date":"2023-10-16T13:17:10","date_gmt":"2023-10-16T11:17:10","guid":{"rendered":"https:\/\/integrae.it\/?p=20197"},"modified":"2023-10-16T13:17:12","modified_gmt":"2023-10-16T11:17:12","slug":"update-16-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-16-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 16.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the financial statement as of June 30th, 2023, Altea Green Power communicated sales revenues of \u20ac 2.14 million, amounting to a value of production of \u20ac 10.05 million, marking a 34.0% growth compared to the 1H22A result, equal to \u20ac 7.50 million. EBITDA for the period came in at a value of \u20ac 5.17 million, recording a growth of 190.9% compared to the 1H22A result of \u20ac 1.78 million. EBIT, after depreciation and amortization of \u20ac 0.08 million, is equal to \u20ac 5.08 million, again a significant increase of 199.8% compared to the \u20ac 1.70 million recorded in 1H22A. Net Income was also positive, amounting to \u20ac 3.46 million, versus \u20ac 1.17 of 1H22A.<br><br>In light of the half year results published in the financial statement 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 equal to \u20ac 22.15 million, and an EBITDA equal to \u20ac 10.00 million, corresponding to a margin of 45.1%. In the following years, we expect the value of production to rise to \u20ac 43.00 million (CAGR FY22A &#8211; FY26E: 26.6%) in FY26E, with EBITDA equal to \u20ac 22.10 million (corresponding to a margin of 51.4%), up from \u20ac 6.16 million in FY22A (corresponding to an EBITDA Margin of 36.8%).<br><br>We conducted our valuation of the equity value of Altea Green Power 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 128.1 million. Using market multiples, the equity value of Altea Green Power is \u20ac 96.0 million (with a 10.0% discount applied). The results give an average equity value of \u20ac 112.1 million.\u00a0<strong>The target price is \u20ac 6.75 (prev. \u20ac 6.20). We confirm a BUY rating and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the financial statement as of June 30th, 2023, Altea Green Power communicated sales revenues of \u20ac 2.14 million, amounting to a value of production of \u20ac 10.05 million, marking a 34.0% growth compared<\/p>\n","protected":false},"author":5,"featured_media":12058,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[169],"class_list":["post-20197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-altea-green-power-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 16.10.2023 - 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-16-10-2023-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 16.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the financial statement as of June 30th, 2023, Altea Green Power communicated sales revenues of \u20ac 2.14 million, amounting to a value of production of \u20ac 10.05 million, marking a 34.0% growth compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-16-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-16T11:17:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-16T11:17:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\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 - 16.10.2023 - 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-16-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 16.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the financial statement as of June 30th, 2023, Altea Green Power communicated sales revenues of \u20ac 2.14 million, amounting to a value of production of \u20ac 10.05 million, marking a 34.0% growth compared","og_url":"https:\/\/integrae.it\/en\/research\/update-16-10-2023-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-16T11:17:10+00:00","article_modified_time":"2023-10-16T11:17:12+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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