{"id":24399,"date":"2024-04-22T09:20:00","date_gmt":"2024-04-22T07:20:00","guid":{"rendered":"https:\/\/integrae.it\/?p=24399"},"modified":"2024-04-23T09:21:35","modified_gmt":"2024-04-23T07:21:35","slug":"update-22-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-22-04-2023\/","title":{"rendered":"UPDATE &#8211; 22.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Consolidated revenues amounted to \u20ac 19.31 million, compared to \u20ac 9.91 million recorded at the end of 2022 (up 94.9%), though slightly lower than the value estimated in our previous report of \u20ac 20.60 million. EBITDA, equal to \u20ac 3.51 million, saw an increase of 30.9% compared to the FY22A figure of \u20ac 2.68 million. The EBITDA margin went from 27.0% in FY22A to the current 18.2%, in line with the figure forecast by management. EBIT, after depreciation and amortization of \u20ac 0.60 million, came in at \u20ac 2.90 million, marking an increase of 26.1% compared to the FY22A figure of \u20ac 2.30 million. Net Income amounted to \u20ac 1.69 million, up 19.9% from \u20ac 1.41 million in FY22A.<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 following years. In particular, we now estimate FY24A revenues of \u20ac 22.30 million, and an EBITDA of \u20ac 4.10 million, corresponding to a margin of 18.4%. In the following years, we expect the value of revenues to reach \u20ac 27.80 million (CAGR 23A-26E: 12.9%) in FY26E, with EBITDA equal to \u20ac 5.60 million (corresponding to a margin of 20.1%), up from \u20ac 3.51 million in FY23A (corresponding to an EBITDA margin of 18.2%).\u00a0<br><br>We conducted our valuation of the equity value of IDNTT 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 54.5 million. Using market multiples, the equity value of IDNTT was calculated to be \u20ac 44.6 million (including a 25% discount). <strong>The results give an average equity value of approximately \u20ac 49.6 million. The target price is \u20ac 6.60, with a BUY rating and MEDIUM risk.<\/strong><br><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Consolidated revenues amounted to \u20ac 19.31 million, compared to \u20ac 9.91 million recorded at the end of 2022 (up 94.9%), though slightly lower than the value estimated in our previous report of \u20ac 20.60<\/p>\n","protected":false},"author":5,"featured_media":11759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[290],"class_list":["post-24399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-idntt-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 22.04.2023 - 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-22-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 22.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Consolidated revenues amounted to \u20ac 19.31 million, compared to \u20ac 9.91 million recorded at the end of 2022 (up 94.9%), though slightly lower than the value estimated in our previous report of \u20ac 20.60\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-22-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-22T07:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-23T07:21:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/IDNTT-400X400.jpg\" \/>\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\/jpeg\" \/>\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 - 22.04.2023 - 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-22-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 22.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"Consolidated revenues amounted to \u20ac 19.31 million, compared to \u20ac 9.91 million recorded at the end of 2022 (up 94.9%), though slightly lower than the value estimated in our previous report of \u20ac 20.60","og_url":"https:\/\/integrae.it\/en\/research\/update-22-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-22T07:20:00+00:00","article_modified_time":"2024-04-23T07:21:35+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/07\/IDNTT-400X400.jpg","type":"image\/jpeg"}],"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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