{"id":23993,"date":"2024-04-05T18:38:54","date_gmt":"2024-04-05T16:38:54","guid":{"rendered":"https:\/\/integrae.it\/?p=23993"},"modified":"2024-04-05T18:38:56","modified_gmt":"2024-04-05T16:38:56","slug":"update-03-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2024\/","title":{"rendered":"UPDATE &#8211; 03.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 49.75 million, up 2.5% from the FY22A value (\u20ac 48.51 million) and our previous report\u2019s estimate of \u20ac 49.00 million. EBITDA reached \u20ac 8.10 million, marking an increase of 7.2% compared to \u20ac 7.56 million in FY22A. The EBITDA margin was 16.3%, compared to a value of 15.6% for FY22A. Adjusted EBIT, after amortization and depreciation of \u20ac 3.04 million, amounted to \u20ac 5.06 million, up 39.9% compared to \u20ac 3.61 million in FY22A, and substantially in line with our estimate of \u20ac 5.55 million. \u00a0Net income amounted to \u20ac 3.01 million, up 53.2% compared to the result of the previous year (\u20ac 1.96 million). The NFP is equal to\u00a0\u20ac 5.34 million, versus the \u20ac 7.85 million as of December 31, 2022.<br><br>Based on 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 FY24E revenues of \u20ac 46.00 million, and an EBITDA of \u20ac 6.45 million, corresponding to a margin of 14.0%. In the following years, we expect revenues to reach \u20ac 50.00 million in FY27E, with EBITDA equal to \u20ac 8.75 million (corresponding to a margin of 17.5%), up from \u20ac 8.10 million in FY23A (corresponding to an EBITDA margin of 16.3%).\u00a0<br><br>We conducted our valuation of the equity value of Marzocchi Pompe 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 69.2 million. Market multiples approach led to an equity value of Marzocchi Pompe of \u20ac 41.9 million (including a 25% discount). <strong>The result is an average equity value of approximately \u20ac 55.6 million. The target price is \u20ac 8.50, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 49.75 million, up 2.5% from the FY22A value (\u20ac 48.51 million) and our previous report\u2019s estimate of \u20ac 49.00 million. EBITDA reached \u20ac 8.10 million, marking an increase of 7.2%<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[271],"class_list":["post-23993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-marzocchi-pompe-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 03.04.2024 - 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-03-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 03.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 49.75 million, up 2.5% from the FY22A value (\u20ac 48.51 million) and our previous report\u2019s estimate of \u20ac 49.00 million. EBITDA reached \u20ac 8.10 million, marking an increase of 7.2%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-05T16:38:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-05T16:38:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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 - 03.04.2024 - 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-03-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 03.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"Revenues amounted to \u20ac 49.75 million, up 2.5% from the FY22A value (\u20ac 48.51 million) and our previous report\u2019s estimate of \u20ac 49.00 million. 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