{"id":24060,"date":"2024-04-09T09:46:50","date_gmt":"2024-04-09T07:46:50","guid":{"rendered":"https:\/\/integrae.it\/?p=24060"},"modified":"2024-04-09T09:46:52","modified_gmt":"2024-04-09T07:46:52","slug":"update-09-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-04-2024\/","title":{"rendered":"UPDATE &#8211; 09.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 32.09 million, down 1.4% from \u20ac 32.54 million in FY22A. EBITDA was \u20ac 5.34 million, remaining substantially in line with that of FY22A, equal to \u20ac 5.83 million. The EBITDA margin for FY23A, calculated on the value of production, came in equal to 15.8%, compared to 17.3% in FY22A. EBIT was \u20ac 0.91 million, marking a decrease from the FY22A value of \u20ac 1.76 million. Net Income for the Group was \u20ac -0.46 million. On the balance sheet, the NFP went from \u20ac 16.51 million in FY22A to \u20ac 19.64 million in FY23A. We estimate a balance sheet debt NFP of \u20ac 7.46 million for FY26E.<br><br>In light of 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 estimate an FY24E value of production of \u20ac 40.00 million, and an EBITDA of \u20ac 8.00 million, corresponding to a margin of 20.0%. In the following years, we expect the value of production to reach \u20ac 54.00 million (CAGR 23A-26E: 16.8%) in FY26E, with EBITDA equal to \u20ac 12.50 million (corresponding to a margin of 23.1%), increasing from \u20ac 5.34 million in FY23A (corresponding to an EBITDA margin of 15.8%).\u00a0<br><br>We conducted our valuation of the equity value of Siav on the basis of 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 64.0 million. Using market multiples, the equity value of Siav was calculated to be \u20ac 60.7 million (including a 25% discount). <strong>The result gives an average equity value of approximately \u20ac 62.3 million. The target price is \u20ac 6.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 32.09 million, down 1.4% from \u20ac 32.54 million in FY22A. EBITDA was \u20ac 5.34 million, remaining substantially in line with that of FY22A, equal to \u20ac 5.83 million. The EBITDA<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-24060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 09.04.2024 - 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-09-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 09.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 32.09 million, down 1.4% from \u20ac 32.54 million in FY22A. EBITDA was \u20ac 5.34 million, remaining substantially in line with that of FY22A, equal to \u20ac 5.83 million. The EBITDA\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-09-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-09T07:46:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-09T07:46:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg\" \/>\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\/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 - 09.04.2024 - 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-09-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"Revenues amounted to \u20ac 32.09 million, down 1.4% from \u20ac 32.54 million in FY22A. 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