{"id":20414,"date":"2023-10-24T15:00:24","date_gmt":"2023-10-24T13:00:24","guid":{"rendered":"https:\/\/integrae.it\/?p=20414"},"modified":"2023-10-24T15:00:25","modified_gmt":"2023-10-24T13:00:25","slug":"update-06-10-2023-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-06-10-2023-4\/","title":{"rendered":"UPDATE &#8211; 06.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production amounted to \u20ac 7.16 million, compared to a value of \u20ac 5.22 million reported for 1H23A, marking an increase of 37.0%. EBITDA, equal to \u20ac 1.96 million, saw an increase of 127.3% compared to the value of \u20ac 0.86 million recorded for the first half of the previous financial year. The EBITDA Margin, equal to 27.4%, also came in higher compared to the 1H23A figure of 16.5%. EBIT, after depreciation and amortization of \u20ac 0.45 million, stands at \u20ac 1.51 million (\u20ac 0.44 million in 1H22A). Finally, on the balance sheet, we note a slight improvement in the NFP, which amounted to a cash positive \u20ac 2.00 million, compared to the cash positive value of \u20ac 1.82 million as of December 31, 2022.\u00a0<br><br>In light of the results published in the half-year report for 1H23A, 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 14.60 million, and an EBITDA of \u20ac 3.10 million, corresponding to a margin of 21.2%. In the following years, we expect the value of production to rise to \u20ac 23.10 million (CAGR 22A-26E: 20.8%) in FY26E, with EBITDA equal to \u20ac 5.50 million (corresponding to a margin of 23.8%), up compared to \u20ac 1.96 million in FY22A (corresponding to an EBITDA Margin of 18.1%).<br><br>We conducted our valuation of the equity value of Circle 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 33.7 million. Using market multiples, the equity value of Circle is \u20ac 28.3 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 31.0 million. <strong>The target price is \u20ac 7.70, with a BUY rating, and MEDIUM risk.\u00a0<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production amounted to \u20ac 7.16 million, compared to a value of \u20ac 5.22 million reported for 1H23A, marking an increase of 37.0%. EBITDA, equal to \u20ac 1.96 million, saw an increase<\/p>\n","protected":false},"author":5,"featured_media":11526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[197],"class_list":["post-20414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-circle-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 06.10.2023 - 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-06-10-2023-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 06.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production amounted to \u20ac 7.16 million, compared to a value of \u20ac 5.22 million reported for 1H23A, marking an increase of 37.0%. EBITDA, equal to \u20ac 1.96 million, saw an increase\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-06-10-2023-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-24T13:00:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-24T13:00:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/circle400x400-o8roo45lll27bivn9rkz58h2qetsgdp6vi7y0sbd7k.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 - 06.10.2023 - 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-06-10-2023-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 06.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The value of production amounted to \u20ac 7.16 million, compared to a value of \u20ac 5.22 million reported for 1H23A, marking an increase of 37.0%. 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