{"id":20367,"date":"2023-10-23T08:32:50","date_gmt":"2023-10-23T06:32:50","guid":{"rendered":"https:\/\/integrae.it\/?p=20367"},"modified":"2023-10-23T08:32:51","modified_gmt":"2023-10-23T06:32:51","slug":"update-23-10-2023-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-3\/","title":{"rendered":"UPDATE &#8211; 23.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Sales revenues in 1H23A amounted to \u20ac 13.08 million, up 12.5% compared to \u20ac 11.62 million in 1H22A. EBITDA for the half-year came to \u20ac 2.41 million, slightly down by -12.3%, compared to \u20ac 2.75 million in 1H22A, with a EBITDA margin equal to 18.2%, compared to the margin of 23.6% in the first half-year of 2022. EBIT, after depreciation and amortization of \u20ac 0.08 million, was \u20ac 2.33 million, marking a decrease of -13.7% compared to the 1H22A result of \u20ac 2.70 million. The company\u2019s overall Net Income stands at \u20ac 0.43 million, compared to \u20ac 1.24 million recorded in 1H22A. From the point of view of capital, the NFP for the half-year amounted to approximately \u20ac 1.16 million of debt, compared to a cash positive \u20ac 1.00 million in FY22A.<br><br>In light of the published 1H23A half-year results, we partially confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of \u20ac 33.00 million, and an EBITDA equal to \u20ac 8.30 million, corresponding to a margin of 25.2%. In the following years, we expect the value of production to rise to \u20ac 50.30 million (CAGR 22A-26E: 16.8%) in FY26E, with EBITDA equal to \u20ac 14.20 million (corresponding to a margin of 28.2%), up from \u20ac 7.15 million in FY22A (corresponding to an EBITDA margin of 26.4%). On the balance sheet, for FY23E, we estimate a cash positive NFP of \u20ac 6.61 million.<br><br>We conducted our valuation of the equity value of E-Globe 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 62.2 million. <strong>The target price is \u20ac 3.45, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sales revenues in 1H23A amounted to \u20ac 13.08 million, up 12.5% compared to \u20ac 11.62 million in 1H22A. EBITDA for the half-year came to \u20ac 2.41 million, slightly down by -12.3%, compared to \u20ac<\/p>\n","protected":false},"author":5,"featured_media":19022,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[299],"class_list":["post-20367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-e-globe-2"],"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-23-10-2023-3\/\" \/>\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=\"Sales revenues in 1H23A amounted to \u20ac 13.08 million, up 12.5% compared to \u20ac 11.62 million in 1H22A. EBITDA for the half-year came to \u20ac 2.41 million, slightly down by -12.3%, compared to \u20ac\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-23-10-2023-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-23T06:32:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-23T06:32:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.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 - 23.10.2023 - 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-23-10-2023-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 23.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"Sales revenues in 1H23A amounted to \u20ac 13.08 million, up 12.5% compared to \u20ac 11.62 million in 1H22A. 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