{"id":22243,"date":"2023-12-21T11:19:00","date_gmt":"2023-12-21T10:19:00","guid":{"rendered":"https:\/\/integrae.it\/?p=22243"},"modified":"2024-01-31T11:20:39","modified_gmt":"2024-01-31T10:20:39","slug":"update-21-12-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-21-12-2023\/","title":{"rendered":"UPDATE &#8211; 21.12.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>On December 11th, 2023, Redelfi announced the approval of the 2023-2026 Business Plan update, which occurred as a result of the change of focus that includes the Company\u2019s acceleration of the expansion of the Green BU, in addition to the development of the recently launched BESS projects in Italy. With the Business Plan update, the Company confirms its intention to focus exclusively on the development of the Green BU.<br><br>In light of the publication of the New Business Plan 2023-2026 and following the further development of the Green BU, we adjust our estimates for both the current year and the coming years. Specifically, we estimate FY23E value of production of \u20ac 10.35 million and EBITDA Adj. of \u20ac 4.80 million, corresponding to a margin of 46.4%. For subsequent years, we expect value of production to increase to \u20ac 34.85 million (CAGR FY22A &#8211; FY26E: 49.9%) in FY26E, with EBITDA Adj. of \u20ac 24.15 million (corresponding to a marginality of 69.3%), up from \u20ac 1.27 million in FY22A (corresponding to an EBITDA Adj. Margin of 28.2%).<br><br>We conducted the assessment of Redelfi\u2019s equity value based on the DCF method and multiples of a sample of comparable companies. The DCF method (which in the calculation of WACC also includes for prudential purposes a specific risk of 2.5%) returns an equity value of \u20ac 95.8 million. Redelfi\u2019s equity value using market multiples turns out to be \u20ac 90.4 million (including a discount of 25.0%).\u00a0<strong>This results in an average equity value of approximately \u20ac 93.1 million. The target price is \u20ac 11.00, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>On December 11th, 2023, Redelfi announced the approval of the 2023-2026 Business Plan update, which occurred as a result of the change of focus that includes the Company\u2019s acceleration of the expansion of the<\/p>\n","protected":false},"author":5,"featured_media":12219,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[168],"class_list":["post-22243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-redelfi-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 21.12.2023 - 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-21-12-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 21.12.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"On December 11th, 2023, Redelfi announced the approval of the 2023-2026 Business Plan update, which occurred as a result of the change of focus that includes the Company\u2019s acceleration of the expansion of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-21-12-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-21T10:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-31T10:20:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/logo-sito.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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 - 21.12.2023 - 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-21-12-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 21.12.2023 - integrae.it \u2013 Financial Boutique","og_description":"On December 11th, 2023, Redelfi announced the approval of the 2023-2026 Business Plan update, which occurred as a result of the change of focus that includes the Company\u2019s acceleration of the expansion of the","og_url":"https:\/\/integrae.it\/en\/research\/update-21-12-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-12-21T10:19:00+00:00","article_modified_time":"2024-01-31T10:20:39+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/logo-sito.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; 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