{"id":21042,"date":"2023-11-28T09:40:06","date_gmt":"2023-11-28T08:40:06","guid":{"rendered":"https:\/\/integrae.it\/?p=21042"},"modified":"2023-11-28T09:40:09","modified_gmt":"2023-11-28T08:40:09","slug":"update-28-11-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-28-11-2023\/","title":{"rendered":"UPDATE &#8211; 28.11.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>FAE Technology, an Italian Benefit Corporation (Societ\u00e0 Benefit) and Innovative SME (PMI Innovativa), specialized in the design, prototyping, planning and production of solutions for the electronics sector, announced the signing, on November 8th, 2023, of a binding agreement for the acquisition of 100.0% of the share capital of the company Elettronica GF Srl. Through this operation, FAE Technology will strengthen its competences in the development and engineering of highly complex proprietary electronic solutions, expand its commercial offerings, and increase the diversification of its customer base.<br><br>In light of the acquisition of Elettronica GF Srl, 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 58.35 million, with an EBITDA of \u20ac 6.35 million, corresponding to a margin of 10.9%. In the following years, we expect the value of production to rise to \u20ac 109.10 million (CAGR 22A-26E: 28.3%) in FY26E, with EBITDA equal to \u20ac 14.25 million (corresponding to a Margin of 13.1%), up from \u20ac 3.92 million in FY22A (corresponding to an EBITDA Margin of 9.7%).<br><br>We conducted our valuation of the equity value of FAE Technology based on the DCF method and on 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 76.3 million. Using market multiples, the equity value of FAE Technology is \u20ac 65.1 million (including a 25% discount). <strong>The results give an average equity value of approximately \u20ac 70.7 million. The target price is \u20ac 4.60, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>FAE Technology, an Italian Benefit Corporation (Societ\u00e0 Benefit) and Innovative SME (PMI Innovativa), specialized in the design, prototyping, planning and production of solutions for the electronics sector, announced the signing, on November 8th, 2023,<\/p>\n","protected":false},"author":5,"featured_media":17428,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[243],"class_list":["post-21042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fae-technology-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 28.11.2023 - 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-28-11-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 28.11.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"FAE Technology, an Italian Benefit Corporation (Societ\u00e0 Benefit) and Innovative SME (PMI Innovativa), specialized in the design, prototyping, planning and production of solutions for the electronics sector, announced the signing, on November 8th, 2023,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-28-11-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-28T08:40:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-28T08:40:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/11\/FAE-Technology-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 - 28.11.2023 - 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-28-11-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 28.11.2023 - integrae.it \u2013 Financial Boutique","og_description":"FAE Technology, an Italian Benefit Corporation (Societ\u00e0 Benefit) and Innovative SME (PMI Innovativa), specialized in the design, prototyping, planning and production of solutions for the electronics sector, announced the signing, on November 8th, 2023,","og_url":"https:\/\/integrae.it\/en\/research\/update-28-11-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-11-28T08:40:06+00:00","article_modified_time":"2023-11-28T08:40:09+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/11\/FAE-Technology-Logo.png","type":"image\/png"}],"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; 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