{"id":24300,"date":"2024-04-18T15:46:50","date_gmt":"2024-04-18T13:46:50","guid":{"rendered":"https:\/\/integrae.it\/?p=24300"},"modified":"2024-04-18T15:46:52","modified_gmt":"2024-04-18T13:46:52","slug":"update-18-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/","title":{"rendered":"UPDATE &#8211; 18.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production amounted to \u20ac 34.54 million, marking a decrease of 13.8% compared to the \u20ac 40.04 million reported in the 2022\u00a0financial statements, and essentially consistent with the \u20ac 34.50 million estimated in our previous report. EBITDA, at \u20ac 2.26 million, decreased compared to the value for the previous year, equal to \u20ac 7.19 million, and was slightly below our estimate of \u20ac 2.50 million. The EBITDA margin, at 6.5%, was below the equivalent figure for 2022 of 18.0%, and slightly lower than our expectation of 7.2%. EBIT amounted to \u20ac -3.05 million (\u20ac 1.25 million in FY22A*), slightly lower than our estimate of \u20ac -2.60 million. Net Income came in at \u20ac -2.39 million, compared to \u20ac 2.50 million recorded in FY22A*, and slightly lower than our expectation (\u20ac -1.95 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 39.55 million, and an EBITDA of \u20ac 5.00 million, corresponding to a margin of 12.6%. In the following years, we expect the value of production to reach \u20ac 51.05 million (CAGR 23A-26E: 13.9%) in FY26E, with EBITDA equal to \u20ac 10.00 million (corresponding to a margin of 19.6%), up from \u20ac 2.26 million in FY23A (corresponding to an EBITDA margin of 6.5%).\u00a0<br><br>We conducted our valuation of the equity value of SEIF based on the DCF methodology and the 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 17.1 million. Using market multiples, the equity value of SEIF was calculated to be \u20ac 16.9 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 17.0 million. <strong>The target price is \u20ac 0.75, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production amounted to \u20ac 34.54 million, marking a decrease of 13.8% compared to the \u20ac 40.04 million reported in the 2022\u00a0financial statements, and essentially consistent with the \u20ac 34.50 million estimated<\/p>\n","protected":false},"author":5,"featured_media":24293,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[309],"class_list":["post-24300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-seif-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 18.04.2024 - 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-18-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 18.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production amounted to \u20ac 34.54 million, marking a decrease of 13.8% compared to the \u20ac 40.04 million reported in the 2022\u00a0financial statements, and essentially consistent with the \u20ac 34.50 million estimated\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-18T13:46:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-18T13:46:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Seif.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 - 18.04.2024 - 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-18-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 18.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production amounted to \u20ac 34.54 million, marking a decrease of 13.8% compared to the \u20ac 40.04 million reported in the 2022\u00a0financial statements, and essentially consistent with the \u20ac 34.50 million estimated","og_url":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-18T13:46:50+00:00","article_modified_time":"2024-04-18T13:46:52+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Seif.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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Seif.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Seif.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/","name":"UPDATE - 18.04.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/#primaryimage"},"datePublished":"2024-04-18T13:46:50+00:00","dateModified":"2024-04-18T13:46:52+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-18-04-2024\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-18-04-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 18.04.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=24300"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24300\/revisions"}],"predecessor-version":[{"id":24303,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24300\/revisions\/24303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/24293"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=24300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=24300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=24300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}