{"id":24039,"date":"2024-04-08T09:00:39","date_gmt":"2024-04-08T07:00:39","guid":{"rendered":"https:\/\/integrae.it\/?p=24039"},"modified":"2024-04-08T09:00:40","modified_gmt":"2024-04-08T07:00:40","slug":"update-08-04-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/","title":{"rendered":"UPDATE &#8211; 08.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated financial statements as of December 31, 2023, Altea Green Power communicated\u00a0sales revenues of \u20ac 3.40 million, with a value of production of \u20ac 17.30 million,\u00a0marking a 3.5% growth compared to the FY22A result, equal to \u20ac 16.70 million. EBITDA for\u00a0the period came in at \u20ac 7.30 million, recording a growth of 18.0% compared to the end of\u00a02022 result of \u20ac 6.10 million. EBIT, after depreciation and amortization of \u20ac 0.20 million, came\u00a0in at a positive \u20ac 7.10 million, again a significant 17.2% increase compared to the \u20ac 6.10 million\u00a0recorded in FY22A. Net Income was also positive, equal to \u20ac 4.90 million, compared to \u20ac\u00a04.20 million in the previous year.<br><br>In light of the results published in the annual report for FY23A, our estimates are unchanged\u00a0for both the current year and the following years. In particular, we estimate an FY24E\u00a0value of production of \u20ac 31.00 million, and an EBITDA of \u20ac 18.75 million, corresponding to a\u00a0margin of 60.5%. In the following years, we expect the value of production to rise to \u20ac 54.40\u00a0million (CAGR 23A-26E: 46.4%) in FY26E, with EBITDA equal to \u20ac 33.75 million (corresponding\u00a0to a margin of 62.0%), up from \u20ac 7.26 million in FY23A (corresponding to an EBITDA\u00a0margin of 41.9%).<br><br>We conducted our valuation of the equity value of Altea Green Power based on the DCF\u00a0method and multiples of a sample of comparable companies. The DCF method (including,\u00a0for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned\u00a0an equity value of \u20ac 271.9 million. Using market multiples, the equity value of Altea Green\u00a0Power is \u20ac 223.2 million. The results give an average <strong>equity value of \u20ac 247.6 million. The\u00a0target price is \u20ac 14.30 (prev. \u20ac 14.00). We confirm a BUY rating and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statements as of December 31, 2023, Altea Green Power communicated\u00a0sales revenues of \u20ac 3.40 million, with a value of production of \u20ac 17.30 million,\u00a0marking a 3.5% growth compared to the<\/p>\n","protected":false},"author":5,"featured_media":12058,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[169],"class_list":["post-24039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-altea-green-power-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-08-04-2024-3\/\" \/>\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 statements as of December 31, 2023, Altea Green Power communicated\u00a0sales revenues of \u20ac 3.40 million, with a value of production of \u20ac 17.30 million,\u00a0marking a 3.5% growth compared to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-08T07:00:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-08T07:00:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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 - 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-08-04-2024-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 08.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the consolidated financial statements as of December 31, 2023, Altea Green Power communicated\u00a0sales revenues of \u20ac 3.40 million, with a value of production of \u20ac 17.30 million,\u00a0marking a 3.5% growth compared to the","og_url":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-08T07:00:39+00:00","article_modified_time":"2024-04-08T07:00:40+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","type":"image\/png"}],"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-08-04-2024-3\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","width":1748,"height":1240},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/","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-08-04-2024-3\/#primaryimage"},"datePublished":"2024-04-08T07:00:39+00:00","dateModified":"2024-04-08T07:00:40+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-08-04-2024-3\/#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\/24039","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=24039"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24039\/revisions"}],"predecessor-version":[{"id":24040,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24039\/revisions\/24040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12058"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=24039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=24039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=24039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}