{"id":20306,"date":"2023-10-19T08:39:13","date_gmt":"2023-10-19T06:39:13","guid":{"rendered":"https:\/\/integrae.it\/?p=20306"},"modified":"2023-10-19T08:39:15","modified_gmt":"2023-10-19T06:39:15","slug":"update-19-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-19-10-2023\/","title":{"rendered":"UPDATE &#8211; 19.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The 1H23A value of production came in at \u20ac 118.96 million, up 18.1% compared to \u20ac 100.69 million in 1H22A. EBITDA for the period amounted to \u20ac 5.64 million, up by 35.4% compared to \u20ac 4.17 million in 1H22A, with an EBITDA margin equal to 4.7%, up from the margin of 4.1% in the first half-year of 2023. EBIT, after depreciation and amortization of \u20ac 0.91 million, is equal to \u20ac 4.73 million, marking an increase of 36.3% compared to the 1H22A result of \u20ac 3.47 million. Net Income stands at \u20ac 2.91 million, compared to \u20ac 2.39 million recorded in 1H22A, representing a growth of 22.0%. From the point of view of capital, the NFP for the half-year amounted to approximately \u20ac 22.56 million of debt, compared to \u20ac 18.04 million of debt in FY22A.<br><br>In light of the published 1H23A half-year results, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY23E value of production of \u20ac 243.00 million, and an EBITDA of \u20ac 13.20 million, corresponding to a margin of 5.4%. In the following years, we expect the value of production to rise to \u20ac 380.00 million (CAGR 22A-25E: 23.1%) in FY25E, with EBITDA equal to \u20ac 25.60 million (corresponding to a margin of 6.7%), up compared to \u20ac 9.69 million in FY22A (corresponding to an EBITDA margin of 4.8%).<br><br>We conducted our valuation of the equity value of Pasquarelli Auto 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 94.2 million. Using market multiples, the equity value is \u20ac 91.9 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 93.0 million. <strong>The target price is \u20ac 3.75, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The 1H23A value of production came in at \u20ac 118.96 million, up 18.1% compared to \u20ac 100.69 million in 1H22A. EBITDA for the period amounted to \u20ac 5.64 million, up by 35.4% compared to<\/p>\n","protected":false},"author":5,"featured_media":17226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[288],"class_list":["post-20306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pasquarelli-auto-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 19.10.2023 - 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-19-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 19.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The 1H23A value of production came in at \u20ac 118.96 million, up 18.1% compared to \u20ac 100.69 million in 1H22A. EBITDA for the period amounted to \u20ac 5.64 million, up by 35.4% compared to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-19-10-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-19T06:39:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-19T06:39:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/05\/Pasquarelli-Auto.png\" \/>\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\/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 - 19.10.2023 - 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-19-10-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 19.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The 1H23A value of production came in at \u20ac 118.96 million, up 18.1% compared to \u20ac 100.69 million in 1H22A. 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