{"id":23948,"date":"2024-04-04T08:49:18","date_gmt":"2024-04-04T06:49:18","guid":{"rendered":"https:\/\/integrae.it\/?p=23948"},"modified":"2024-04-04T08:49:49","modified_gmt":"2024-04-04T06:49:49","slug":"update-04-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-04-2024\/","title":{"rendered":"UPDATE &#8211; 04.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production for FY23A amounted to \u20ac 248.23 million, up 21.8% compared to \u20ac 203.81 million in FY22A, and in line with our estimate of \u20ac 243.00 million. EBITDA for the period amounted to \u20ac 9.51 million, down 1.8% compared to \u20ac 9.69 million in FY22A, with an EBITDA Margin equal to 3.8%, down from last year\u2019s margin of 4.8%. EBIT, after amortization and depreciation of \u20ac 2.00 million, came in equal to \u20ac 7.51 million, marking a decrease of 7.7% compared to the FY22A result (\u20ac 8.13 million). The company\u2019s Net Income stands at \u20ac 4.24 million, compared to \u20ac 5.50 million recorded in FY22A, and the \u20ac 7.35 million reported in our previous estimates.\u00a0<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 estimate an FY24E value of production of \u20ac 315.00 million, and an EBITDA of \u20ac 15.60 million, corresponding to a margin of 5.0%. In the following years, we expect the value of production to reach \u20ac 435.50 million (CAGR 23A-26E: 20.6%) in FY26E, with EBITDA equal to \u20ac 27.30 million (corresponding to a margin of 6.3%), up compared to \u20ac 9.51 million in FY23A (corresponding to an EBITDA margin of 3.8%).<br><br>We conducted our valuation of the equity value of Pasquarelli Auto based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.5% in the calculation of the WACC) returned an equity value of \u20ac 81.1 million. Using market multiples, the equity value was calculated to be \u20ac 105.3 million (including a 25.0% discount). <strong>The results give an average equity value of approximately \u20ac 93.2 million. The target price is \u20ac 3.75, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production for FY23A amounted to \u20ac 248.23 million, up 21.8% compared to \u20ac 203.81 million in FY22A, and in line with our estimate of \u20ac 243.00 million. EBITDA for the period<\/p>\n","protected":false},"author":5,"featured_media":17226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[288],"class_list":["post-23948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pasquarelli-auto-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 04.04.2024 - 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-04-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 04.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production for FY23A amounted to \u20ac 248.23 million, up 21.8% compared to \u20ac 203.81 million in FY22A, and in line with our estimate of \u20ac 243.00 million. 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