{"id":20262,"date":"2023-10-18T08:37:31","date_gmt":"2023-10-18T06:37:31","guid":{"rendered":"https:\/\/integrae.it\/?p=20262"},"modified":"2023-10-18T08:37:33","modified_gmt":"2023-10-18T06:37:33","slug":"update-18-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 18.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group generated consolidated revenues of \u20ac30.21 million, marking a growth of 17.4% compared to 1H22A, which was \u20ac25.73 million. The value of production, including other revenues of \u20ac1.03 million, amounted to \u20ac31.24 million, reflecting an 18.7% increase compared to \u20ac26.33 million in 1H22A. EBITDA for 1H23A stood at \u20ac 3.61 million, a significant growth of 49.5% compared to the equivalent figure for 1H22A (\u20ac2.41 million), resulting in a margin on production value of 11.5% (9.2% in 1H22A). Net Income also showed a positive trend, totaling \u20ac1.27 million, an increase compared to the \u20ac0.54 million recorded in the previous fiscal year.<br><br>In light of the published 1H23A half-year results and the acquisition of Filostamp Srl, we have slightly adjusted our estimates for both the current year and the coming years. In particular, we estimate a consolidated FY23E value of production of \u20ac 61.00 million, and an EBITDA of \u20ac 7.00 million, corresponding to a margin of 11.5%. In the following years, we expect the value of production to rise to \u20ac 73.00 million (CAGR 22Y-25E: 11.0%) in FY25E, with EBITDA equal to \u20ac 9.50 million (corresponding to a margin of 13.0%), up from \u20ac 6.08 million in FY22A (corresponding to an EBITDA Margin of 11.4%).<br><br>We conducted our valuation of the equity value of Vimi Fasteners 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 47.9 million. Using market multiples, the equity value of Vimi Fasteners is estimated at \u20ac 27.0 million (including a 25.0% discount).<strong> This results an average equity value of approximately \u20ac 37.4 million. The target price is \u20ac 2.75, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group generated consolidated revenues of \u20ac30.21 million, marking a growth of 17.4% compared to 1H22A, which was \u20ac25.73 million. The value of production, including other revenues of \u20ac1.03 million, amounted to \u20ac31.24 million,<\/p>\n","protected":false},"author":5,"featured_media":12069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[251],"class_list":["post-20262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vimi-fasteners"],"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-18-10-2023-2\/\" \/>\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 Group generated consolidated revenues of \u20ac30.21 million, marking a growth of 17.4% compared to 1H22A, which was \u20ac25.73 million. The value of production, including other revenues of \u20ac1.03 million, amounted to \u20ac31.24 million,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-18-10-2023-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T06:37:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-18T06:37:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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 - 18.10.2023 - 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-18-10-2023-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 18.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Group generated consolidated revenues of \u20ac30.21 million, marking a growth of 17.4% compared to 1H22A, which was \u20ac25.73 million. 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