{"id":20373,"date":"2023-10-23T09:25:29","date_gmt":"2023-10-23T07:25:29","guid":{"rendered":"https:\/\/integrae.it\/?p=20373"},"modified":"2023-10-23T09:25:30","modified_gmt":"2023-10-23T07:25:30","slug":"update-23-10-2023-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/","title":{"rendered":"UPDATE &#8211; 23.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H23A, The value of production stood at \u20ac 5.30 million, compared to a value of \u20ac 6.42 million recorded as of June 30th, 2022. EBITDA, amounting to \u20ac 2.50 million, decreased by 30.7% compared to the value of \u20ac 3.60 million in the first half of the previous year, from a margin of 56.0%in 1H22A to 47.1% in 1H23A. EBIT, after depreciation and amortization of \u20ac 0.25 million, stood at \u20ac 2.24 million (\u20ac 3.00 million in 1H22A). EBIT Margin was 42.3%, compared to a 1H22A figure of 46.7%. NFP shows an improvement, from \u20ac 5.38 million in FY22A to \u20ac 2.16 million.<br><br>In light of the results published in the half-year report for 1H23A, we are confirming our estimates for both the current year and subsequent years. In particular, we estimate a FY23E production value of \u20ac 13.50 million and an EBITDA of \u20ac 5.35 million, corresponding to a margin of 39.6%. For subsequent years, we expect the value of production to increase to \u20ac 23.50 million in FY25E, with an EBITDA of \u20ac 10.50 million (corresponding to a margin of 44.7%), up from \u20ac 4.24 million in FY22A (corresponding to an EBITDA margin of 38.9%).<br><br>We conducted the valuation of Renergetica\u2019s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which in the calculation of the WACC also includes a specific risk equal to 2.5% for prudential purposes) returns an equity value equal to \u20ac 115.5\u00a0million, compared to a value of \u20ac 66.8\u00a0million returned by the multiples method (applying a liquidity discount of 25.0%). The result is an average equity value of \u20ac 91.2\u00a0million.\u00a0<strong>The target price is \u20ac 11.25, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H23A, The value of production stood at \u20ac 5.30 million, compared to a value of \u20ac 6.42 million recorded as of June 30th, 2022. EBITDA, amounting to \u20ac 2.50 million, decreased by 30.7%<\/p>\n","protected":false},"author":5,"featured_media":11525,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[198],"class_list":["post-20373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-renergetica-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-23-10-2023-4\/\" \/>\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 1H23A, The value of production stood at \u20ac 5.30 million, compared to a value of \u20ac 6.42 million recorded as of June 30th, 2022. EBITDA, amounting to \u20ac 2.50 million, decreased by 30.7%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-23T07:25:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-23T07:25:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/renergetica.jpg\" \/>\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\/jpeg\" \/>\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-23-10-2023-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 23.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"In 1H23A, The value of production stood at \u20ac 5.30 million, compared to a value of \u20ac 6.42 million recorded as of June 30th, 2022. EBITDA, amounting to \u20ac 2.50 million, decreased by 30.7%","og_url":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-23T07:25:29+00:00","article_modified_time":"2023-10-23T07:25:30+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/renergetica.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/renergetica.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/renergetica.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/","name":"UPDATE - 23.10.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/#primaryimage"},"datePublished":"2023-10-23T07:25:29+00:00","dateModified":"2023-10-23T07:25:30+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-23-10-2023-4\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 23.10.2023"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=20373"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20373\/revisions"}],"predecessor-version":[{"id":20374,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20373\/revisions\/20374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11525"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=20373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=20373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=20373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}