{"id":24241,"date":"2024-04-16T11:50:11","date_gmt":"2024-04-16T09:50:11","guid":{"rendered":"https:\/\/integrae.it\/?p=24241"},"modified":"2024-04-16T11:50:13","modified_gmt":"2024-04-16T09:50:13","slug":"update-16-04-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-16-04-2024-3\/","title":{"rendered":"UPDATE &#8211; 16.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated financial statements as of December 31, 2023, NVP reported revenues of \u20ac 27.48 million, marking a growth of 57.9% compared to \u20ac 17.41 million in FY22A, and exceeding the estimate of our previous report of \u20ac 24.50 million. EBITDA for the period was \u20ac 7.75 million, up 38.2% compared to \u20ac 5.61 million in FY22A. The EBITDA margin fell slightly, from 32.2% in FY22A to 28.2% in 2023. EBIT came in at \u20ac 3.11 million, up 47.0% from \u20ac 2.11 million in FY21A, substantially in line with our previous report\u2019s estimate of \u20ac 3.25 million. Net Income was also positive, at \u20ac 0.73 million.<br><br>In light of the results published in the financial statements for FY23A, we have adjusted our estimates for both the current year and the following years. In particular, we now estimate an FY24E value of production of \u20ac 35.50 million, with an EBITDA of \u20ac 10.25 million, corresponding to a margin of 31.1%. In the following years, we expect the value of production to reach \u20ac 49.50 in FY26E, with EBITDA equal to \u20ac 16.45 million (corresponding to an EBITDA margin of 35.0%), up from \u20ac 7.75 million in FY23A (corresponding to an EBITDA margin of 28.2%).<br><br>We conducted our valuation of the equity value of NVP based on 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 74.02 million. Using market multiples, the equity value of NVP is \u20ac 66.57 million (including a 25.0% discount). The results gives an average equity value of approximately \u20ac 70.29 million. <strong>The target price is \u20ac 9.25, with a BUY rating and MEDIUM risk<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statements as of December 31, 2023, NVP reported revenues of \u20ac 27.48 million, marking a growth of 57.9% compared to \u20ac 17.41 million in FY22A, and exceeding the estimate of<\/p>\n","protected":false},"author":5,"featured_media":11532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[189],"class_list":["post-24241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nvp-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 16.04.2024 - 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-16-04-2024-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 16.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the consolidated financial statements as of December 31, 2023, NVP reported revenues of \u20ac 27.48 million, marking a growth of 57.9% compared to \u20ac 17.41 million in FY22A, and exceeding the estimate of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-16-04-2024-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T09:50:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-16T09:50:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/nvp-ooqhb6sdkr0mft4enjsosypycio5ghawxsd523nnvk.jpg\" \/>\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\/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 - 16.04.2024 - 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-16-04-2024-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 16.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the consolidated financial statements as of December 31, 2023, NVP reported revenues of \u20ac 27.48 million, marking a growth of 57.9% compared to \u20ac 17.41 million in FY22A, and exceeding the estimate of","og_url":"https:\/\/integrae.it\/en\/research\/update-16-04-2024-3\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-16T09:50:11+00:00","article_modified_time":"2024-04-16T09:50:13+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/nvp-ooqhb6sdkr0mft4enjsosypycio5ghawxsd523nnvk.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; 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