{"id":24090,"date":"2024-04-10T08:50:29","date_gmt":"2024-04-10T06:50:29","guid":{"rendered":"https:\/\/integrae.it\/?p=24090"},"modified":"2024-04-10T08:50:30","modified_gmt":"2024-04-10T06:50:30","slug":"update-10-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/","title":{"rendered":"UPDATE &#8211; 10.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production at the end of the period amounts to \u20ac 99.85 million, with a 21.2% increase compared to the FY22A (\u20ac 82.41 million). The value of EBITDA at the end of FY23A is equal to \u20ac 7.23 million, with a 14.5% growth compared to the \u20ac 6.31 million of the previous period. Marginality is equal to 7.2%, slightly lower than FY22A (7.7%). The EBIT is equal to \u20ac 2.86 million, with a 9.0% growth compared to the results of \u20ac 2.62 million of previous year. The Net Income stands at around \u20ac 0.25 million, in decrease compared to the previous period (\u20ac 0.81 million). As of December 31st, 2023, the NFP amounts to \u20ac 2.87 million, improving on FY22A results (\u20ac 3.91 million).<br><br>In light of the results published in the annual report for 2023, we modify our estimates for the current and future years. In particular, we estimate a production value for the FY24 of around \u20ac 112.50 million and an EBITDA value of \u20ac 8.75 million which corresponds to a marginality of 7.8%. For the future years, we expect the value of production to increase to up to \u20ac 148.65 million (CAGR 23A-26E: 14.2%) in FY26E, with an EBITDA equal to \u20ac 13.00 million (corresponding to a marginality of 8.7%), in growth with respect to the \u20ac 7.32 million of FY22A (corresponding to a margin EBITDA of 7.2%). Lastly, we expect an improvement in terms of NFP, which we estimate to change from a debt valure of \u20ac 2.87 million to a cash-positive value of \u20ac 0.75 million in FY26E.<br><br>We carried out the valuation of the equity value of Spindox based on the DCF method and multiples of a sample of comparable companies. The DCF method (which for prudential purposes also includes a specific risk of 2.5% in the WACC calculation) returns an equity value of \u20ac 94.6 million. The equity value of Spindox using market multiples comes out to be \u20ac 95.0 million (including a discount of 25.0%). This results in an average equity value of \u20ac 94.8 million. <strong>The target price is \u20ac 15.80, BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production at the end of the period amounts to \u20ac 99.85 million, with a 21.2% increase compared to the FY22A (\u20ac 82.41 million). The value of EBITDA at the end of<\/p>\n","protected":false},"author":5,"featured_media":14941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[284],"class_list":["post-24090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-spindox-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 10.04.2024 - 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-10-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 10.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production at the end of the period amounts to \u20ac 99.85 million, with a 21.2% increase compared to the FY22A (\u20ac 82.41 million). The value of EBITDA at the end of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-10T06:50:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-10T06:50:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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 - 10.04.2024 - 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-10-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 10.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production at the end of the period amounts to \u20ac 99.85 million, with a 21.2% increase compared to the FY22A (\u20ac 82.41 million). The value of EBITDA at the end of","og_url":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-10T06:50:29+00:00","article_modified_time":"2024-04-10T06:50:30+00:00","og_image":[{"width":900,"height":900,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.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-10-04-2024\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg","width":900,"height":900},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/","name":"UPDATE - 10.04.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/#primaryimage"},"datePublished":"2024-04-10T06:50:29+00:00","dateModified":"2024-04-10T06:50:30+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-10-04-2024\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-10-04-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 10.04.2024"}]},{"@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\/24090","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=24090"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24090\/revisions"}],"predecessor-version":[{"id":24091,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24090\/revisions\/24091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/14941"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=24090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=24090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=24090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}