{"id":20363,"date":"2023-10-23T08:30:38","date_gmt":"2023-10-23T06:30:38","guid":{"rendered":"https:\/\/integrae.it\/?p=20363"},"modified":"2023-10-23T08:30:39","modified_gmt":"2023-10-23T06:30:39","slug":"update-23-10-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-23-10-2023\/","title":{"rendered":"UPDATE &#8211; 23.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The company\u2019s revenues came in at \u20ac 3.18 million, marking an increase of 30.8% compared to the 1H22A figure of \u20ac 2.43 million. EBITDA came in negative by \u20ac 0.45 million, worsening compared to the 1H22A figure, negative by \u20ac 0.15 million. EBIT, after depreciation and amortization of \u20ac 0.33 million, stood at a value of \u20ac -0.78 million, worsening compared to the 1H22A figure of \u20ac -0.47 million. Net Income came in at \u20ac -0.61 million, compared to a loss of \u20ac -0.45 million in 1H22A. The NFP is cash positive by \u20ac 0.51 million, showing an improvement compared to the 2022 year-end cash positive figure of \u20ac 0.45 million.\u00a0<br><br>In light of the published 1H23A half-year results, we have updated our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of \u20ac 7.20 million, and an EBITDA of \u20ac -0.50 million, corresponding to a margin of -7.4%. In the following years, we expect the value of production to rise to \u20ac 11.30 million (CAGR 22A-25E: 20.3%) in FY25E, with EBITDA equal to \u20ac 2.35 million (corresponding to a margin of 21.4%), up from \u20ac -0.34 million in FY22A (corresponding to an EBITDA margin of -5.8%).<br><br>We conducted our valuation of the equity value of ICC based on the DCF method. 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 15.8 million. <strong>The target price is \u20ac 3.30 (prev. \u20ac 4,20), with BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s revenues came in at \u20ac 3.18 million, marking an increase of 30.8% compared to the 1H22A figure of \u20ac 2.43 million. EBITDA came in negative by \u20ac 0.45 million, worsening compared to<\/p>\n","protected":false},"author":5,"featured_media":12109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[173],"class_list":["post-20363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-icc-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 23.10.2023 - 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-23-10-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 23.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The company\u2019s revenues came in at \u20ac 3.18 million, marking an increase of 30.8% compared to the 1H22A figure of \u20ac 2.43 million. 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