{"id":24264,"date":"2024-04-17T09:11:07","date_gmt":"2024-04-17T07:11:07","guid":{"rendered":"https:\/\/integrae.it\/?p=24264"},"modified":"2024-04-17T09:11:09","modified_gmt":"2024-04-17T07:11:09","slug":"update-17-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17-04-2024\/","title":{"rendered":"UPDATE &#8211; 17.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated financial statement as of December 31, 2023, Palingeo recorded revenues of \u20ac58.50 million, a 14.7% increase compared to the \u20ac 51.02 million from the previous fiscal year. The EBITDA for the period amounts to \u20ac 13.14 million, showing significant growth compared to the FY22A value of \u20ac 7.96 million and our estimate of \u20ac 11.05 million. The EBITDA margin stands at 21.4%, a strong increase compared to the 2022 figure (14.9%) and our previous estimate of 16.1%. EBIT stands at \u20ac 9.47 million, markedly improved from the \u20ac 5.42 million of the previous year (+74.7%). Net Income is at \u20ac 6.71 million, an 84.3% annual increase compared to the previous year\u2019s \u20ac 3.64 million.\u00a0<br><br>In light of the results published in the annual report for FY23A, we modify our estimates both for the current year and for the coming years. In particular, we estimate the value of production for FY24E at \u20ac 71.45 million and an EBITDA of \u20ac 15.35 million, corresponding to a margin of 21.5%. For the following years, we expect the value of production to increase up to \u20ac 80.75 million (CAGR 23A-27E: 7.0%) in FY27E, with an EBITDA of \u20ac 17.85 million (corresponding to a margin of 22.1%), growing compared to \u20ac 13.14 million of FY23A (corresponding to an EBITDA margin of 21.4%).<br><br>We conducted the valuation of Palingeo\u2019s equity value based on the DCF methodology and the multiples from a sample of comparable companies. The DCF method (which includes a prudential specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 84.1 million. The equity value of Palingeo using market multiples is \u20ac 74.5 million. <strong>This results in an average equity value of about \u20ac 79.3 million. The target price is \u20ac 12.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statement as of December 31, 2023, Palingeo recorded revenues of \u20ac58.50 million, a 14.7% increase compared to the \u20ac 51.02 million from the previous fiscal year. The EBITDA for the<\/p>\n","protected":false},"author":5,"featured_media":22249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[320],"class_list":["post-24264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-palingeo-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 17.04.2024 - 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-17-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 17.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the consolidated financial statement as of December 31, 2023, Palingeo recorded revenues of \u20ac58.50 million, a 14.7% increase compared to the \u20ac 51.02 million from the previous fiscal year. 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