{"id":23727,"date":"2024-03-25T12:16:33","date_gmt":"2024-03-25T11:16:33","guid":{"rendered":"https:\/\/integrae.it\/?p=23727"},"modified":"2024-03-25T12:18:21","modified_gmt":"2024-03-25T11:18:21","slug":"update-25-03-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/","title":{"rendered":"UPDATE &#8211; 25.03.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues came in at \u20ac 15.16 million, down 11.9% compared to \u20ac 17.20 million in FY22A, and to the \u20ac 14.80 million estimated in our previous report. The company\u2019s EBITDA, at \u20ac 1.68 million, fell 24.2% compared to the FY22A value of \u20ac 2.21 million, but was up on our previous estimate of \u20ac 1.55 million. Margins also saw a decrease, with the EBITDA margin falling from 12.9% in FY22A to 11.1% in the financial year just ended. Net Income stands at \u20ac 0.20 million, down compared to the \u20ac 0.30 million of our previous estimate.<br><br>In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate 2024E revenues of \u20ac 15.50 million, and an EBITDA of \u20ac 2.00 million, corresponding to a margin of 12.9%. In the following years, we expect revenues to rise to \u20ac 16.60 million (CAGR 23A-26E: 3.1%) in 2026E, with an EBITDA of \u20ac 2.45 million (corresponding to an EBITDA margin of 14.8%), up from \u20ac 1.68 million in FY23A (corresponding to an EBITDA margin of 11.1%). On the balance sheet, we estimate an NFP of \u20ac 2.77 million for FY24E.<br><br>We conducted the valuation of GEL\u2019s equity value 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 16.7 million. Using market multiples, the equity value of Gel came in at \u20ac 16.4 million (including a 25% discount). The result is an average equity value of approximately \u20ac 16.6 million. The target price is \u20ac 2.30, with a BUY rating, and MEDIUM risk. \u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues came in at \u20ac 15.16 million, down 11.9% compared to \u20ac 17.20 million in FY22A, and to the \u20ac 14.80 million estimated in our previous report. The company\u2019s EBITDA, at \u20ac 1.68 million,<\/p>\n","protected":false},"author":5,"featured_media":11521,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[202],"class_list":["post-23727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-gel-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-25-03-2024-2\/\" \/>\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=\"Revenues came in at \u20ac 15.16 million, down 11.9% compared to \u20ac 17.20 million in FY22A, and to the \u20ac 14.80 million estimated in our previous report. The company\u2019s EBITDA, at \u20ac 1.68 million,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-25T11:16:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-25T11:18:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/gel400x400-1-o8xguly30egikephosw33ixk01f3ppbllt3nj25k80.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 - 25.03.2024 - 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-25-03-2024-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 25.03.2024 - integrae.it \u2013 Financial Boutique","og_description":"Revenues came in at \u20ac 15.16 million, down 11.9% compared to \u20ac 17.20 million in FY22A, and to the \u20ac 14.80 million estimated in our previous report. The company\u2019s EBITDA, at \u20ac 1.68 million,","og_url":"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-03-25T11:16:33+00:00","article_modified_time":"2024-03-25T11:18:21+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/gel400x400-1-o8xguly30egikephosw33ixk01f3ppbllt3nj25k80.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-25-03-2024-2\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/gel400x400-1-o8xguly30egikephosw33ixk01f3ppbllt3nj25k80.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/gel400x400-1-o8xguly30egikephosw33ixk01f3ppbllt3nj25k80.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/","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-25-03-2024-2\/#primaryimage"},"datePublished":"2024-03-25T11:16:33+00:00","dateModified":"2024-03-25T11:18:21+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-25-03-2024-2\/#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\/23727","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=23727"}],"version-history":[{"count":2,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/23727\/revisions"}],"predecessor-version":[{"id":23730,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/23727\/revisions\/23730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11521"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=23727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=23727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=23727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}