{"id":20260,"date":"2023-10-18T08:34:33","date_gmt":"2023-10-18T06:34:33","guid":{"rendered":"https:\/\/integrae.it\/?p=20260"},"modified":"2023-10-18T08:34:35","modified_gmt":"2023-10-18T06:34:35","slug":"update-18-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-10-2023\/","title":{"rendered":"UPDATE &#8211; 18.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production for the first half-year of 2023 amounted to \u20ac 1.52 million, marking a notable increase compared to the 1H22A figure of \u20ac 0.10 million. EBITDA was negative by \u20ac -0.83 million, worsening compared to the 1H22A figure, negative by \u20ac -0.24 million. The EBITDA margin was -54.4%, showing an improvement compared to the 1H22A figure of -246.7%. EBIT, after depreciation and amortization of \u20ac 0.03 million, was negative by \u20ac -0.86 million, worsening compared to the 1H22A figure, negative by \u20ac -0.25 million. The NFP was cash positive by \u20ac 0.54 million, marking an improvement compared to the 2022 end-of-year figure of \u20ac 0.25 million of debt.<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 8.15 million and an EBITDA of \u20ac -0.80 million, corresponding to a margin of -9.8%. In the following years, given the dynamics of the projects undertaken by the group, we expect the value of production to reach \u20ac 1.05 million in FY26E, with EBITDA equal to \u20ac -1.00 million (corresponding to a margin of -95.2%), compared to \u20ac -0.90 million in FY22A (corresponding to an EBITDA margin of -55.8%). On the balance sheet, on the other hand, we estimate a cash positive NFP of \u20ac 2.33 million for FY23E.\u00a0<br><br>We conducted our valuation of the equity value of Arras Group 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 9.6 million. <strong>The target price is \u20ac 1.40, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production for the first half-year of 2023 amounted to \u20ac 1.52 million, marking a notable increase compared to the 1H22A figure of \u20ac 0.10 million. EBITDA was negative by \u20ac -0.83<\/p>\n","protected":false},"author":5,"featured_media":18944,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[298],"class_list":["post-20260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-arras-group-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 18.10.2023 - 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-18-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 18.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production for the first half-year of 2023 amounted to \u20ac 1.52 million, marking a notable increase compared to the 1H22A figure of \u20ac 0.10 million. 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