{"id":24395,"date":"2024-04-22T09:17:00","date_gmt":"2024-04-22T07:17:00","guid":{"rendered":"https:\/\/integrae.it\/?p=24395"},"modified":"2024-04-23T09:19:24","modified_gmt":"2024-04-23T07:19:24","slug":"update-22-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-22-04-2024\/","title":{"rendered":"UPDATE – 22.04.2024"},"content":{"rendered":"\n


At the close of the financial year FY23A, the value of production amounted to \u20ac 10.52 million, slightly down (-0.6%) on the result recorded for the previous year, equal to \u20ac 10.58 million. EBITDA came in at \u20ac 2.13 million, marking an increase of 56.7% compared to \u20ac 1.36 million in the previous period. Consequently, the EBITDA margin (calculated on the value of production) came in at a value of 20.3%, a strong improvement compared to 12.9% in FY22A. Adjusted EBITDA amounted to \u20ac 1.45 million, showing a clear improvement on the FY22A figure of \u20ac 0.66 million. The Adjusted EBITDA margin was 13.8%. EBIT was \u20ac 0.48 million, compared to the FY22A figure amounting to \u20ac 0.30 million. Net Income was \u20ac 0.13 million, compared to the \u20ac 0.28 million recorded at the end of the previous financial year. The NFP is \u20ac 2.71 million, an improvement on the FY22A figure of \u20ac 3.02 million.

In light of the results published in the annual report for FY23A, we have slightly adjusted our estimates for both the current year and the following years. In particular, we estimate a value of production for FY24E equal to \u20ac 18.10 million, and an Adjusted EBITDA equal to \u20ac 3.15 million, corresponding to a margin of 17.4%. In the following years, we expect the value of production to reach \u20ac 27.20 million (CAGR 23A-26E: 37.3%) in FY26E, with Adjusted EBITDA equal to \u20ac 5.45 million (corresponding to a margin of 20.0%), up from \u20ac 1.45 million in FY23A (corresponding to an Adjusted EBITDA margin of 13.8%).

We conducted our valuation of the equity value of iVision Tech 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 21.7 million. Using market multiples, the equity value of iVision Tech was calculated to be \u20ac 24.2 million (including a 25% discount). The results give an average equity value of \u20ac 22.9 million. The target price is \u20ac 3.30, with a BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

At the close of the financial year FY23A, the value of production amounted to \u20ac 10.52 million, slightly down (-0.6%) on the result recorded for the previous year, equal to \u20ac 10.58 million. EBITDA<\/p>\n","protected":false},"author":5,"featured_media":18939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[302],"class_list":["post-24395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-ivision-tech-2"],"acf":[],"yoast_head":"\nUPDATE - 22.04.2024 - 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-22-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 22.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the close of the financial year FY23A, the value of production amounted to \u20ac 10.52 million, slightly down (-0.6%) on the result recorded for the previous year, equal to \u20ac 10.58 million. 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