{"id":20221,"date":"2023-10-17T08:45:08","date_gmt":"2023-10-17T06:45:08","guid":{"rendered":"https:\/\/integrae.it\/?p=20221"},"modified":"2023-10-17T08:45:10","modified_gmt":"2023-10-17T06:45:10","slug":"update-17-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 17.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production at the end of the period stood at \u20ac 49.39 million, up 27.1% from the 1H22A figure of \u20ac 38.85 million. EBITDA at the end of 1H23A amounted to \u20ac 3.65 million, up 26.3% from \u20ac 2.89 million in the previous period. Marginality, stood at 7.4% in line with 1H22A and an\u00a0 improvement over the first quarter of 2023 when it stood at 7.1%. EBIT, after depreciation, amortization and write-downs totaling \u20ac 1.74 million, stands at \u20ac 1.91 million demonstrating a growth of 28.2% compared to the first half of 2022. Net Income, stood at \u20ac 0.49 million, down 22.6% from the previous period. \u00a0<br><br>In light of the results published in the half-year report 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 \u20ac100.00 million and an EBITDA of \u20ac7.35 million, corresponding to a margin of 7.4%. For subsequent years, we expect value of production to increase to \u20ac 144.00 million (CAGR 22A-25E: 20.4%) in FY25E, with EBITDA of \u20ac 11.95 million (corresponding to a margin of 8.3%), up from \u20ac 6.31 million in FY22A (corresponding to an EBITDA margin of 7.7%).<br>\u00a0<br>We carried out the valuation of the equity value of Spindox 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 105.9 million. The equity value of Spindox using market multiples comes out to be \u20ac 86.4 million (including a discount of 25.0%). This results in an average equity value of \u20ac 96.1 mln. <strong>The target price is \u20ac 16.00, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production at the end of the period stood at \u20ac 49.39 million, up 27.1% from the 1H22A figure of \u20ac 38.85 million. EBITDA at the end of 1H23A amounted to \u20ac<\/p>\n","protected":false},"author":5,"featured_media":14941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[284],"class_list":["post-20221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-spindox-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-17-10-2023-2\/\" \/>\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=\"The value of production at the end of the period stood at \u20ac 49.39 million, up 27.1% from the 1H22A figure of \u20ac 38.85 million. EBITDA at the end of 1H23A amounted to \u20ac\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-17-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T06:45:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-17T06:45:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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-17-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 17.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production at the end of the period stood at \u20ac 49.39 million, up 27.1% from the 1H22A figure of \u20ac 38.85 million. 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