{"id":24188,"date":"2024-04-15T14:59:12","date_gmt":"2024-04-15T12:59:12","guid":{"rendered":"https:\/\/integrae.it\/?p=24188"},"modified":"2024-04-15T14:59:14","modified_gmt":"2024-04-15T12:59:14","slug":"update-15-04-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-15-04-2024-3\/","title":{"rendered":"UPDATE &#8211; 15.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production came in at \u20ac 11.37 million, higher than both the \u20ac 9.47 million recorded at the end of 2022 (+20.1%) and our previous report\u2019s estimate of \u20ac 10.95 million. EBITDA amounted to \u20ac 0.53 million, marking a 71.6% decrease compared to the value recorded at the end of the previous financial year (\u20ac 1.87 million) and coming in below our expectation of \u20ac 1.65 million. The EBITDA margin was 4.7%, similarly down on the FY22A value of 19.8% and our estimate of 15.1%. EBIT amounted to \u20ac 0.14 million (\u20ac 1.67 million in 2022), compared to our estimate of \u20ac 1.35 million. Net Income stands at \u20ac 0.01 million (\u20ac 1.13 million in 2022), also showing a decline compared to the \u20ac 0.85 million projected in our previous estimates. Furthermore, the NFP worsened, going from \u20ac 0.88 million in FY22A to \u20ac 1.49 million.<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 now estimate an FY24E value of production of \u20ac 11.90 million, and an EBITDA of \u20ac 1.15 million, corresponding to a margin of 9.7%. In the following years, we expect the value of production to reach \u20ac 15.65 million (CAGR 23A-26E: 11.2%) in FY26E, with EBITDA equal to \u20ac 2.70 million (corresponding to a margin of 17.3%), up from \u20ac 0.53 million in FY23A (corresponding to an EBITDA margin of 4.7%).<br><br>Given the lack of comparable companies, we conducted our valuation of the equity value of Deodato Arte based on the DCF method alone. 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 26.5 million. <strong>The target price is \u20ac 0.85, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production came in at \u20ac 11.37 million, higher than both the \u20ac 9.47 million recorded at the end of 2022 (+20.1%) and our previous report\u2019s estimate of \u20ac 10.95 million. EBITDA<\/p>\n","protected":false},"author":5,"featured_media":17423,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,252],"tags":[276],"class_list":["post-24188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-breaking-news-en","tag-deodato-gallery-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-15-04-2024-3\/\" \/>\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=\"The value of production came in at \u20ac 11.37 million, higher than both the \u20ac 9.47 million recorded at the end of 2022 (+20.1%) and our previous report\u2019s estimate of \u20ac 10.95 million. EBITDA\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-15-04-2024-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T12:59:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-15T12:59:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/01\/Deodato-Arte-Logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\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-15-04-2024-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 15.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production came in at \u20ac 11.37 million, higher than both the \u20ac 9.47 million recorded at the end of 2022 (+20.1%) and our previous report\u2019s estimate of \u20ac 10.95 million. 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