{"id":24140,"date":"2024-04-12T15:53:29","date_gmt":"2024-04-12T13:53:29","guid":{"rendered":"https:\/\/integrae.it\/?p=24140"},"modified":"2024-04-12T15:53:30","modified_gmt":"2024-04-12T13:53:30","slug":"update-11-04-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-11-04-2024-2\/","title":{"rendered":"UPDATE &#8211; 11.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 40.90 million, in line with the end of 2022 figure of \u20ac 40.83 million, and slightly lower than the \u20ac 45.50 million estimated in our previous report. EBITDA, at \u20ac 6.18 million, saw a growth of 24.2% compared to the \u20ac 4.98 million of the previous year, in line with our previous estimate of \u20ac 6.18 million. The EBITDA margin, equal to 15.1%, was higher than both the previous year\u2019s figure (12.2%) and our estimate (13.2%). EBIT, after depreciation and amortization of \u20ac 2.26 million (\u20ac 1.68 million in FY22A), came in at \u20ac 3.92 million (\u20ac 3.30 million in FY22A), compared to our estimate of \u20ac 3.80 million. Net Income stands at \u20ac 2.04 million (\u20ac 2.01 million in FY22A), in line with the \u20ac 2.10 million of our previous estimate.\u00a0<br><br>In light of the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate FY24E Revenues of \u20ac 50.00 million, and an EBITDA of \u20ac 7.60 million, corresponding to a margin of 15.2%. In the following years, we expect Revenues to reach \u20ac 77.00 million (CAGR 23A-27E: 17.1%) in FY27E, with EBITDA equal to \u20ac 12.35 million (corresponding to a margin of 16.0%), up from \u20ac 6.18 million in FY23A (corresponding to an EBITDA margin of 15.1%). On the balance sheet, on the other hand, we have adjusted our previous NFP estimate for FY24E, arriving at a value of approximately \u20ac 22.44 million of debt.<br><br>We conducted our valuation of the equity value of G.M. Leather based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of \u20ac 59.5 \u00a0million. <strong>The target price is \u20ac 5.30, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 40.90 million, in line with the end of 2022 figure of \u20ac 40.83 million, and slightly lower than the \u20ac 45.50 million estimated in our previous report. EBITDA, at \u20ac<\/p>\n","protected":false},"author":5,"featured_media":17421,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[166],"class_list":["post-24140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-g-m-leather-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 11.04.2024 - 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-11-04-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 11.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 40.90 million, in line with the end of 2022 figure of \u20ac 40.83 million, and slightly lower than the \u20ac 45.50 million estimated in our previous report. 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