{"id":20272,"date":"2023-10-18T09:01:25","date_gmt":"2023-10-18T07:01:25","guid":{"rendered":"https:\/\/integrae.it\/?p=20272"},"modified":"2023-10-18T09:01:27","modified_gmt":"2023-10-18T07:01:27","slug":"update-18-10-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-10-2023-3\/","title":{"rendered":"UPDATE &#8211; 18.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the half year results as of 1H23A, Comal reported a value of production of \u20ac 47.03 million, up 22.3% compared to the figure of 1H22A, equal to \u20ac 38,44 million. EBITDA for the period came in at \u20ac 4.19 million, almost doubling (+94.3%) the 1H22A result of \u20ac 2.16 million, with a margin on the value of production of 8.9%. EBIT amounted to \u20ac 3.52 million, up 114.2% compared to \u20ac 1.64 million in 1H22A, with an EBIT Margin of 7.5%. Net Income was also positive and equal to \u20ac 1.63 million, up 93.0% compared to the value of 1H22A, equal to \u20ac 0,85 million.<br><br>In light of the published 1H23A half-year results, we substantially confirm our estimates for both the current year and the coming years, revising only the impact on the income statement of the higher financial charges. In particular, we estimate an FY23E value of production equal to \u20ac 103.50 million, and an EBITDA equal to \u20ac 9.50 million, corresponding to a margin of 9.2%. In the following years, we expect the value of production to rise to \u20ac 143.00 million (CAGR 22Y-25E: 22.5%) in FY25E, with an EBITDA equal to \u20ac 14.30 million (corresponding to a margin of 10.0%), up from \u20ac 6.93 million in FY22A (corresponding to an EBITDA Margin of 8.9%).<br><br>We conducted our valuation of the equity value of Comal 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 113.4 million. Using market multiples, the equity value of Comal is \u20ac 86.6 million. The results give an average equity value of \u20ac 100.0 million.\u00a0<strong>The target price is \u20ac 8.70, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the half year results as of 1H23A, Comal reported a value of production of \u20ac 47.03 million, up 22.3% compared to the figure of 1H22A, equal to \u20ac 38,44 million. EBITDA for the<\/p>\n","protected":false},"author":5,"featured_media":11990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[258],"class_list":["post-20272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-comal-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-18-10-2023-3\/\" \/>\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=\"In the half year results as of 1H23A, Comal reported a value of production of \u20ac 47.03 million, up 22.3% compared to the figure of 1H22A, equal to \u20ac 38,44 million. 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