{"id":20219,"date":"2023-10-17T08:43:34","date_gmt":"2023-10-17T06:43:34","guid":{"rendered":"https:\/\/integrae.it\/?p=20219"},"modified":"2023-10-17T08:43:35","modified_gmt":"2023-10-17T06:43:35","slug":"update-17-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-10-2023\/","title":{"rendered":"UPDATE &#8211; 17.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half of 2023, the value of production stood at \u20ac 4.92 million, making an increase of 2.0% compared to the result of the first half-year of the previous financial year, \u20ac 4.83 million. EBITDA Adj. amounted to \u20ac 0.64 million, marking an improvement compared to the 1H22A figure, negative by \u20ac -0.04 million. The EBITDA Adj. Margin (calculated on the value of production) went from the negative value of -0.8% in 1H22A to the current positive value of 13.1%. \u00a0EBIT at the end of the period, stands at \u20ac 0.33 million, compared to the negative 1H22A figure of \u20ac -0.21 million. Net Income was also positive at \u20ac 0.14 million, compared to a loss of \u20ac 0.17 million in 1H22A. The NFP as of June 30th, 2023, was equal to \u20ac 3.55 million, marking a slight worsening compared to the pro-forma value at the end of 2022, equal to \u20ac 3.02 million.<br><br>In light of the results published for 1H23A, we slightly adjust our estimates for both the current year and the coming years. Specifically, we estimate a value of production for FY23E of \u20ac 13.10 million and an EBITDA Adj. of \u20ac 1.85 million, corresponding to a margin of 14.1%. For subsequent years, we expect the value of production to increase to \u20ac 27.20 million (CAGR 23E-26E: 26.6%) in FY26E, with EBITDA Adj. of \u20ac 6.10 million (corresponding to a margin of 22.4%), up from \u20ac 0.66 million in FY22A (equal to an EBITDA Adj. Margin of 6.3%).<br>\u00a0<br>We carried out the valuation of the equity value of iVision Tech based on the DCF method and multiples of a sample of comparable companies. The DCF method (which for prudential purposes also includes a specific risk of 2.5% in the WACC calculation) returns an equity value of \u20ac 31.1 million. The equity value of iVision Tech using market multiples comes out to be \u20ac 18.8 million (including a discount of 25.0%). This results in an average equity value of \u20ac 25.00 mln. <strong>The target price is \u20ac 3.60, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2023, the value of production stood at \u20ac 4.92 million, making an increase of 2.0% compared to the result of the first half-year of the previous<\/p>\n","protected":false},"author":5,"featured_media":18939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[302],"class_list":["post-20219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-ivision-tech-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 17.10.2023 - 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-17-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 17.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the end of the first half of 2023, the value of production stood at \u20ac 4.92 million, making an increase of 2.0% compared to the result of the first half-year of the previous\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-17-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T06:43:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-17T06:43:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/I-Vision-Tech-logo.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 - 17.10.2023 - 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-17-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 17.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half of 2023, the value of production stood at \u20ac 4.92 million, making an increase of 2.0% compared to the result of the first half-year of the previous","og_url":"https:\/\/integrae.it\/en\/research\/update-17-10-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-17T06:43:34+00:00","article_modified_time":"2023-10-17T06:43:35+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/I-Vision-Tech-logo.jpg","type":"image\/jpeg"}],"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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