{"id":24243,"date":"2024-04-16T11:51:39","date_gmt":"2024-04-16T09:51:39","guid":{"rendered":"https:\/\/integrae.it\/?p=24243"},"modified":"2024-04-16T11:51:40","modified_gmt":"2024-04-16T09:51:40","slug":"update-16-04-2024-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-16-04-2024-4\/","title":{"rendered":"UPDATE &#8211; 16.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Pozzi Milano, in its financial statements as of December 31, 2023, reported sales revenues from finished products of \u20ac 18.79 million, substantially in line, net of a small decline (-12.7%), with the turnover of the previous financial year, which closed with sales revenues of \u20ac 21.53 million. EBITDA for the period came in at \u20ac 2.35 million, marking an improvement (7.5%) compared to the FY22A data, equal to \u20ac 2.19 million, due to an improvement in the sales mix. EBIT was also positive, rising from \u20ac 1.65 million to \u20ac 1.90 million, while Net Income remained stable, going from \u20ac 1.01 to \u20ac 1.03 million.<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 a value of production for FY24E of \u20ac 21.20 million, and an EBITDA of \u20ac 2.50 million. In the following years, we expect the value of production to reach \u20ac 25.75 million (CAGR: FY23A\u2013FY26E: 10.1%) in FY26E, with EBITDA equal to \u20ac 3.35 million, corresponding to a margin of 13.1%, up from \u20ac 2.35 million in FY23A, corresponding to a margin of 12.5%.<br><br>We conducted our valuation of the equity value of Pozzi Milano based on the DCF method. 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 52.23 million. <strong>The target price is therefore \u20ac 1.50 (prev. \u20ac 1.75), with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Pozzi Milano, in its financial statements as of December 31, 2023, reported sales revenues from finished products of \u20ac 18.79 million, substantially in line, net of a small decline (-12.7%), with the turnover of<\/p>\n","protected":false},"author":5,"featured_media":17446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[165],"class_list":["post-24243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pozzi-milano-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-16-04-2024-4\/\" \/>\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=\"Pozzi Milano, in its financial statements as of December 31, 2023, reported sales revenues from finished products of \u20ac 18.79 million, substantially in line, net of a small decline (-12.7%), with the turnover of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-16-04-2024-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T09:51:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-16T09:51:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-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 - 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-16-04-2024-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 16.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"Pozzi Milano, in its financial statements as of December 31, 2023, reported sales revenues from finished products of \u20ac 18.79 million, substantially in line, net of a small decline (-12.7%), with the turnover of","og_url":"https:\/\/integrae.it\/en\/research\/update-16-04-2024-4\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-16T09:51:39+00:00","article_modified_time":"2024-04-16T09:51:40+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.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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