{"id":20365,"date":"2023-10-23T08:31:40","date_gmt":"2023-10-23T06:31:40","guid":{"rendered":"https:\/\/integrae.it\/?p=20365"},"modified":"2023-10-23T08:31:42","modified_gmt":"2023-10-23T06:31:42","slug":"update-23-10-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-2\/","title":{"rendered":"UPDATE &#8211; 23.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the half year results as of June 30, 2023, NVP reported revenues of \u20ac 12.74 million, marking a clear increase compared to the 1H22A result of \u20ac 8.18 million (+55.7%). EBITDA, consequently, rose by \u20ac 3.71 million, up 21.4% compared to \u20ac 3.06 million in 1H22A, with an EBITDA Margin of 29.2%. EBIT came in equal to \u20ac 1.69 million, up 229.4% compared to \u20ac 0.51 million in 1H22A. Net Income was also positive, amounting to \u20ac 0.39 million.<br><br>In light of the 1H23A half-year results, we have slightly adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of \u20ac 26.50 million, with an EBITDA of \u20ac 8.00 million, corresponding to a margin of 32.7%. In the following years, we expect the value of production to rise to \u20ac 35.00 in FY25E, with EBITDA equal to \u20ac 11.55 million (corresponding to an EBITDA Margin of 35.0%), up from \u20ac 5.61 million in FY22A (corresponding to an EBITDA Margin of 32.2%).<br><br>We conducted our valuation of the equity value of NVP 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 73.1 million. Using market multiples, the equity value of NVP is \u20ac 46.2 million (including a 25.0% discount). <strong>The results give an average equity value of approximately \u20ac 59.6 million. The target price is \u20ac 7.85, 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 June 30, 2023, NVP reported revenues of \u20ac 12.74 million, marking a clear increase compared to the 1H22A result of \u20ac 8.18 million (+55.7%). EBITDA, consequently, rose<\/p>\n","protected":false},"author":5,"featured_media":11532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[189],"class_list":["post-20365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nvp-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-23-10-2023-2\/\" \/>\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=\"In the half year results as of June 30, 2023, NVP reported revenues of \u20ac 12.74 million, marking a clear increase compared to the 1H22A result of \u20ac 8.18 million (+55.7%). 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