{"id":24184,"date":"2024-04-15T14:56:15","date_gmt":"2024-04-15T12:56:15","guid":{"rendered":"https:\/\/integrae.it\/?p=24184"},"modified":"2024-04-15T14:56:16","modified_gmt":"2024-04-15T12:56:16","slug":"update-15-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-15-04-2024\/","title":{"rendered":"UPDATE &#8211; 15.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>TThe value of production amounted to \u20ac 22.56 million, marking a growth of 21.9% compared to the FY22A value of \u20ac 18.51 million, despite the uncertain geopolitical context and highly unstable raw material and energy prices. EBITDA came in at \u20ac 0.84 million, compared to \u20ac 0.14 million in FY22A, recording an increase of 495.0%. EBIT, after depreciation and amortization of \u20ac 0.56 million, was \u20ac 0.27 million. Net Income amounted to \u20ac 0.11 million, up 151.0% compared to the negative data reported for FY22A of \u20ac -0.21 million. The NFP was \u20ac 0.00 million, reaching the parity threshold from the FY22A figure of \u20ac 0.87 million of debt.<br><br>Given 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 an FY24E value of production of \u20ac 24.00 million, and an EBITDA of \u20ac 1.10 million, corresponding to a margin of 4.6%. In the following years, we expect the value of production to reach \u20ac 42.30 million (CAGR 23A-28E: 13.4%) in FY28E, with EBITDA equal to \u20ac 3.40 million (corresponding to a margin of 8.0%), up from \u20ac 0.84 million in FY23A (corresponding to an EBITDA margin of 3.7%). On the balance sheet, on the other hand, we estimate a cash positive NFP of \u20ac 0.24 million for FY24E.<br><br>We conducted our valuation of the equity value of Acquazzurra 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 25.1 million. <strong>The target price is \u20ac 9.70, with a HOLD rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>TThe value of production amounted to \u20ac 22.56 million, marking a growth of 21.9% compared to the FY22A value of \u20ac 18.51 million, despite the uncertain geopolitical context and highly unstable raw material and<\/p>\n","protected":false},"author":5,"featured_media":11793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[177],"class_list":["post-24184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-acquazzurra-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 15.04.2024 - 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-15-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 15.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"TThe value of production amounted to \u20ac 22.56 million, marking a growth of 21.9% compared to the FY22A value of \u20ac 18.51 million, despite the uncertain geopolitical context and highly unstable raw material and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-15-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T12:56:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-15T12:56:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/acquazzurra-400X400.png\" \/>\n\t<meta property=\"og:image:width\" content=\"398\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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 - 15.04.2024 - 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-15-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 15.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"TThe value of production amounted to \u20ac 22.56 million, marking a growth of 21.9% compared to the FY22A value of \u20ac 18.51 million, despite the uncertain geopolitical context and highly unstable raw material and","og_url":"https:\/\/integrae.it\/en\/research\/update-15-04-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-15T12:56:15+00:00","article_modified_time":"2024-04-15T12:56:16+00:00","og_image":[{"width":398,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/acquazzurra-400X400.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; 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