{"id":23950,"date":"2024-04-04T08:52:35","date_gmt":"2024-04-04T06:52:35","guid":{"rendered":"https:\/\/integrae.it\/?p=23950"},"modified":"2024-04-04T08:52:36","modified_gmt":"2024-04-04T06:52:36","slug":"update-04-04-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-04-2024-2\/","title":{"rendered":"UPDATE &#8211; 04.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production amounted to \u20ac 13.21 million, compared to \u20ac 10.85 million recorded at the end of 2022, and \u20ac 14.60 million estimated in our previous report. EBITDA, equal to \u20ac 3.19 million, saw an increase of 62.5% compared to \u20ac 1.96 million in the previous year, and came in slightly better than our expectation of \u20ac 3.10 million. The EBITDA margin, equal to 24.1%, came in higher than both the previous year\u2019s figure (18.1%) and our estimate (21.2 %). EBIT, after depreciation and amortization of \u20ac 1.14 million, stands at \u20ac 2.05 million (\u20ac 1.00 million in FY22A). Net Income amounted to \u20ac 1.68 million, marking a relevant growth of 101.8% compared to \u20ac 0.83 million in FY22A.<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 following years. In particular, we now estimate an FY24E value of production of \u20ac 15.70 million, and an EBITDA of \u20ac 3.80 million, corresponding to a margin of 24.2%. In the following years, we expect the value of production to reach \u20ac 26.00 million (CAGR 23A-27E: 18.4%) in FY27E, with EBITDA equal to \u20ac 6.40 million (corresponding to a margin of 24.6%), up from \u20ac 3.19 million in FY23A (corresponding to an EBITDA margin of 24.1%).<br><br>We conducted our valuation of the equity value of Circle 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 31.5 million. Using market multiples, the equity value of Circle was calculated as \u20ac 33.0 million (including a 25.0% discount). <strong>The result is an average equity value of approximately \u20ac 32.2 million. The target price is \u20ac 8.00, with a BUY rating, and MEDIUM risk.\u00a0<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production amounted to \u20ac 13.21 million, compared to \u20ac 10.85 million recorded at the end of 2022, and \u20ac 14.60 million estimated in our previous report. EBITDA, equal to \u20ac 3.19<\/p>\n","protected":false},"author":5,"featured_media":11526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[197],"class_list":["post-23950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-circle-en"],"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-04-04-2024-2\/\" \/>\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 amounted to \u20ac 13.21 million, compared to \u20ac 10.85 million recorded at the end of 2022, and \u20ac 14.60 million estimated in our previous report. 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