{"id":23723,"date":"2024-03-25T09:14:17","date_gmt":"2024-03-25T08:14:17","guid":{"rendered":"https:\/\/integrae.it\/?p=23723"},"modified":"2024-03-25T09:14:19","modified_gmt":"2024-03-25T08:14:19","slug":"update-25-03-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/","title":{"rendered":"UPDATE &#8211; 25.03.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production stands at \u20ac 50.52 million, compared to a value of \u20ac 46.08 million recorded at the end of 2022, and to \u20ac 49.75 million estimated in our previous report. The EBITDA, equal to \u20ac 22.53 million, recorded an increase of 13.5%, compared to \u20ac 19.85 million in the previous year, and above our previous estimate of \u20ac 21.45 million. The EBIT, after amortization and depreciation of \u20ac 9.86 million, stands at \u20ac 12.67 million (\u20ac 12.16 million in 2022), compared to our estimate of \u20ac 9.45 million. Net Income stands at \u20ac 8.19 million (\u20ac8.67 million in 2022), slightly down from the \u20ac 6.25 million of our previous estimate.\u00a0<br><br>In light of the results published in the annual report for FY23A, and the imminent finalization of the acquisition of the company Connecting Italia Srl, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of \u20ac 57.45 million, and an EBITDA of \u20ac 24.00 million, corresponding to a margin of 41.8%. In the following years, we expect the value of production to rise to \u20ac 72.45 million (CAGR 23A-26E: 12.8%) in FY26E, with an EBITDA equal to \u20ac 32.20 million (corresponding to a margin of 44.4%), up compared to \u20ac 22.53 million in FY23A (corresponding to an EBITDA margin of 44.6%).<br><br>We conducted the valuation of the equity value of Intred on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returns an equity value of \u20ac 364.4 million. Using market multiples, the equity value of Intred is \u20ac 286.4 million.\u00a0<strong>The result is an average equity value of approximately \u20ac 325.5 million. The target price is\u00a0\u20ac 20.50, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production stands at \u20ac 50.52 million, compared to a value of \u20ac 46.08 million recorded at the end of 2022, and to \u20ac 49.75 million estimated in our previous report. The<\/p>\n","protected":false},"author":5,"featured_media":22239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[199],"class_list":["post-23723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-intred-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 25.03.2024 - 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-25-03-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 25.03.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production stands at \u20ac 50.52 million, compared to a value of \u20ac 46.08 million recorded at the end of 2022, and to \u20ac 49.75 million estimated in our previous report. 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The","og_url":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-03-25T08:14:17+00:00","article_modified_time":"2024-03-25T08:14:19+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.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; 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-25-03-2024\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.png","width":400,"height":400,"caption":"Intred"},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/","name":"UPDATE - 25.03.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/#primaryimage"},"datePublished":"2024-03-25T08:14:17+00:00","dateModified":"2024-03-25T08:14:19+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-25-03-2024\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 25.03.2024"}]},{"@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\/23723","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=23723"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/23723\/revisions"}],"predecessor-version":[{"id":23724,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/23723\/revisions\/23724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/22239"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=23723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=23723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=23723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}