{"id":24037,"date":"2024-04-08T08:58:53","date_gmt":"2024-04-08T06:58:53","guid":{"rendered":"https:\/\/integrae.it\/?p=24037"},"modified":"2024-04-08T08:58:54","modified_gmt":"2024-04-08T06:58:54","slug":"update-08-04-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/","title":{"rendered":"UPDATE &#8211; 08.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated financial statement as of December 31, 2023, the first full-year of consolidation\u00a0following the acquisition of Pinum Doors &amp; Windows in 2022, Nusco reports revenues\u00a0of \u20ac 56.73 million, an increase of 11.4% compared to the end-of-year figure for 2022, which\u00a0was \u20ac 50.92 million. Of the total revenue, 61.0% (\u20ac 34.60 million) is generated in Italy, while\u00a0the remaining 39.0% (\u20ac 22.13 million) comes from abroad, mainly from countries in the European\u00a0Union. The period\u2019s Adjusted EBITDA reached a record value of \u20ac 7.24 million, up 39.1%\u00a0vs. FY22A (\u20ac 5.20 million), with a margin of 12.8%; EBIT amounted to \u20ac 4.33 million, corresponding\u00a0to an EBIT margin of 7.6%. Net Income was also positive, reaching \u20ac 2.20 million, doubling\u00a0(+94.7%) the previous year\u2019s figure, equal to \u20ac 1.13 million.<br><br>In light of the results published in the annual report for FY23A, we have adjusted our estimates\u00a0for both the current year and the following years. In particular, we estimate an FY24E\u00a0value of production of \u20ac 63.50 million, and an EBITDA of \u20ac 8.40 million, corresponding to a\u00a0margin of 13.5%. In the following years, we expect the value of production to rise to \u20ac 76.00\u00a0million (CAGR 23A-26E: 9.0%) in FY26E, with EBITDA equal to \u20ac 11.20 million (corresponding\u00a0to a margin of 15.0%), up from \u20ac 7.24 million in FY23A (corresponding to an EBITDA margin\u00a0of 12.8%).<br><br>We conducted our valuation of the equity value of Nusco based on the DCF method. The\u00a0DCF method (including for prudential purposes, a specific risk of 2.5% in the calculation of\u00a0the WACC) returned an <strong>equity value of \u20ac 63.3 million. The target price is therefore \u20ac 3.40\u00a0(prev. \u20ac 3.15), with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statement as of December 31, 2023, the first full-year of consolidation\u00a0following the acquisition of Pinum Doors &amp; Windows in 2022, Nusco reports revenues\u00a0of \u20ac 56.73 million, an increase of 11.4%<\/p>\n","protected":false},"author":5,"featured_media":11992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[175],"class_list":["post-24037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nusco-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 08.04.2024 - 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-08-04-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 08.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the consolidated financial statement as of December 31, 2023, the first full-year of consolidation\u00a0following the acquisition of Pinum Doors &amp; Windows in 2022, Nusco reports revenues\u00a0of \u20ac 56.73 million, an increase of 11.4%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-08T06:58:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-08T06:58:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.jpg\" \/>\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\/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 - 08.04.2024 - 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-08-04-2024-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 08.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the consolidated financial statement as of December 31, 2023, the first full-year of consolidation\u00a0following the acquisition of Pinum Doors &amp; Windows in 2022, Nusco reports revenues\u00a0of \u20ac 56.73 million, an increase of 11.4%","og_url":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-08T06:58:53+00:00","article_modified_time":"2024-04-08T06:58:54+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/11\/LOGO-NUSCO1.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/","name":"UPDATE - 08.04.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/#primaryimage"},"datePublished":"2024-04-08T06:58:53+00:00","dateModified":"2024-04-08T06:58:54+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 08.04.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=24037"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24037\/revisions"}],"predecessor-version":[{"id":24038,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24037\/revisions\/24038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11992"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=24037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=24037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=24037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}