{"id":23998,"date":"2024-04-05T18:41:52","date_gmt":"2024-04-05T16:41:52","guid":{"rendered":"https:\/\/integrae.it\/?p=23998"},"modified":"2024-04-05T18:41:54","modified_gmt":"2024-04-05T16:41:54","slug":"update-03-04-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-04-2024-3\/","title":{"rendered":"UPDATE &#8211; 03.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 2023, revenues from sales and services closed at \u20ac 6.15 million, making a 29.7% increase from \u20ac 4.74 million in 2022. At the end of the 2023 fiscal year, the EBITDA stands at \u20ac 2.54 million, showing growth compared to the \u20ac1.84 million in 2022 (+37.9%) and remaining substantially consistent with our previous estimates. The period\u2019s EBITDA margin (calculated on revenues) consequently amounts to 41.2%, a clear increase from both the 38.8% of the previous fiscal year and our estimated 40.2%. EBIT was \u20ac 2.03 million, up from \u20ac 1.63 million in FY22A. At the end of 2023, Net Profit stood at \u20ac 1.24 million. The NFP as of December 31, 2023, was at \u20ac 0.42 million in debt, declining from the \u20ac 0.16 million (cash positive) recorded in FY22A.\u00a0<br><br>In the light of the results published in the annual report for FY23A, we are re-calculating the estimates for both the current year and the coming years. In particular, we estimate FY24E value of production equal to \u20ac 10.00 million and an EBITDA equal to \u20ac 3.70 million, corresponding to a margin of 40.2%. For the following years, we expect the production value to increase up to \u20ac 16.50 million (CAGR 23A-26E: 33.0%) in FY26E, with EBITDA equal to \u20ac 6.70 million (corresponding to a margin of 40.6%), up from \u20ac 2.54 million in FY23A (corresponding to an EBITDA margin by 41.2%). At balance sheet level, we estimate a cash positive NFP for FY26A of \u20ac 1.30 million.<br><br>Given the lack of comparable companies, we conducted our valuation of the equity value of Franchetti based on the DCF method alone. <strong>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 53.8 million. The target price is \u20ac 7.70, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2023, revenues from sales and services closed at \u20ac 6.15 million, making a 29.7% increase from \u20ac 4.74 million in 2022. At the end of the 2023 fiscal year, the EBITDA stands at<\/p>\n","protected":false},"author":5,"featured_media":17433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[163],"class_list":["post-23998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-franchetti-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-03-04-2024-3\/\" \/>\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=\"In 2023, revenues from sales and services closed at \u20ac 6.15 million, making a 29.7% increase from \u20ac 4.74 million in 2022. At the end of the 2023 fiscal year, the EBITDA stands at\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-03-04-2024-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-05T16:41:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-05T16:41:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/09\/Franchetti-Logo.png\" \/>\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\/png\" \/>\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-03-04-2024-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 03.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"In 2023, revenues from sales and services closed at \u20ac 6.15 million, making a 29.7% increase from \u20ac 4.74 million in 2022. 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