{"id":23996,"date":"2024-04-05T18:40:26","date_gmt":"2024-04-05T16:40:26","guid":{"rendered":"https:\/\/integrae.it\/?p=23996"},"modified":"2024-04-05T18:40:27","modified_gmt":"2024-04-05T16:40:27","slug":"update-03-04-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2024-2\/","title":{"rendered":"UPDATE &#8211; 03.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 66.77 million, compared to \u20ac 62.16 million recorded at the end of 2022. EBITDA, equal to \u20ac 16.95 million, recorded an increase from \u20ac 15.83 million in the previous year (up 7.1%). The EBITDA margin, equal to 25.4%, was in line with the 2022 margin (25.5%). EBIT came in at \u20ac 14.66 million, up from \u20ac 13.91 million in the previous year. Net Income amounted to \u20ac 10.08 million (\u20ac 10.83 million in FY22A). The NFP, equal to \u20ac 0.03 million of debt, saw a slight decline compared to FY22A (cash positive by \u20ac 1.50 million), and was better than our expectation of \u20ac 1.54 million of debt.<br><br>Given the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the following few years. In particular, we now estimate a FY24E revenue value of \u20ac 72.80 million, and a EBITDA of \u20ac 18.60 million, corresponding to a margin of 25.5%. In the following years, we expect the value of revenues to increase up to \u20ac 91.35 million (CAGR 23A-26E: 11.0%) in FY26E, with EBITDA equal to \u20ac 23.65 million (corresponding to a margin of 25.9%), up from \u20ac 16.95 million in FY23A (corresponding to an EBITDA margin of 25.4%). On the balance sheet level, we estimate a cash positive NFP of \u20ac 12.30 million for FY26E.<br><br>We conducted our valuation of the equity value of FOPE based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of \u20ac 218.0 million. Using market multiples, we calculated the equity value of FOPE to be \u20ac 219.3 million (including a 25% discount). <strong>The results give an average equity value of approximately \u20ac 218.7 million. The target price is \u20ac 40.50, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 66.77 million, compared to \u20ac 62.16 million recorded at the end of 2022. EBITDA, equal to \u20ac 16.95 million, recorded an increase from \u20ac 15.83 million in the previous year<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-23996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-en"],"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-03-04-2024-2\/\" \/>\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 66.77 million, compared to \u20ac 62.16 million recorded at the end of 2022. 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