{"id":24307,"date":"2024-04-18T15:53:37","date_gmt":"2024-04-18T13:53:37","guid":{"rendered":"https:\/\/integrae.it\/?p=24307"},"modified":"2024-04-18T15:53:39","modified_gmt":"2024-04-18T13:53:39","slug":"update-18-04-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-04-2024-3\/","title":{"rendered":"UPDATE &#8211; 18.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the 2023 annual report, the Group closed the fiscal year with revenue of \u20ac2.58 million. This result is lowen than \u20ac4.45 million recorded in FY22A and below our previous report\u2019s estimates. This is attributable to the absence of proceeds from resale activities, which had contributed approximately \u20ac3.00 million in the previous year and were expected to generate most of the period\u2019s revenue in 2023. EBITDA is equal to -\u20ac2.34 million, compared to \u20ac0.95 million in 2022 and was affected by the absence of resale activity revenue. Consequently, EBIT was also negative at -\u20ac3.35 million, against \u20ac0.03 million in FY22A, and Net Income settled at -\u20ac3.39 million (-\u20ac0.03 million in FY22A).<br><br>In light of the results published in the annual report for FY23A, we are revising our estimates for the current year and beyond. Specifically, we estimate a production value for FY24E of \u20ac10.00 million, with an EBITDA of \u20ac4.40 million, corresponding to a margin of 44.0%; in subsequent years, we expect the production value to grow to \u20ac19.10 million, with an EBITDA of \u20ac11.20 million and a margin of 58.6%.<br><br>We conducted a valuation of ISCC Fintech\u2019s equity value using the DCF and Excess Return methodologies. The DCF method, which prudently includes a specific risk of 2.5% in the WACC calculation, gives an equity value of \u20ac106.2 million. Using the Excess Return method, the equity value of ISCC Fintech is \u20ac75.7 million. This results in an average equity value of approximately \u20ac90.9 million.<strong> The target price is \u20ac7.05, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the 2023 annual report, the Group closed the fiscal year with revenue of \u20ac2.58 million. This result is lowen than \u20ac4.45 million recorded in FY22A and below our previous report\u2019s estimates. This is<\/p>\n","protected":false},"author":5,"featured_media":12122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[171],"class_list":["post-24307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-iscc-fintech-en"],"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-18-04-2024-3\/\" \/>\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=\"In the 2023 annual report, the Group closed the fiscal year with revenue of \u20ac2.58 million. 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