{"id":24401,"date":"2024-04-22T09:22:00","date_gmt":"2024-04-22T07:22:00","guid":{"rendered":"https:\/\/integrae.it\/?p=24401"},"modified":"2024-04-23T09:23:56","modified_gmt":"2024-04-23T07:23:56","slug":"initiation-of-coverage-22-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-22-04-2024\/","title":{"rendered":"Initiation of Coverage &#8211; 22.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>ESPE SpA (\u201cESPE\u201d, or the \u201cCompany\u201d) was founded in 1974, in Grantorto, in the Province of Padua, Italy, as an artisan company in the industrial plant engineering sector, and then embarked on a growth path in the field of renewable energies, technological systems and automations. To date, the Company is active in the renewable energy sector, specializing in the design and construction of innovative, high efficiency and high performance eco-sustainable electrical systems, including small wind power systems, biomass cogenerators, and ground and roof photovoltaic solutions. Furthermore, the Company is one the first Energy Systems Integrators at the national level in Italy.<br><br>ESPE is able to design and build various kinds of plants, covering all the key phases of the renewable energy value chain, from project development and plant engineering through to actual construction, according to financial sustainability planning. The business is organized in two divisions: Production, and Plant Engineering. For the small wind power and biomass market, the Production division designs and develops a series of proprietary technology systems and solutions, including wind turbines for small wind farms, and biomass cogenerators, ready for installation at the customer\u2019s site. The Plant Engineering division, on the other hand, realizes turnkey photovoltaic systems as an EPC Contractor, and installs industrial electrical systems as Energy Systems Integrator.<br><br>We conducted the valuation of ESPE&#8217;s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The value resulting from the application of the DCF method (which includes a prudential specific risk of 2.5% in the WACC calculation) is \u20ac 60.7 million, while the value resulting from the multiples method is \u20ac 37.7 million. This results in an average equity value of \u20ac 49.2 million. <strong>The target price is \u20ac 4.15, with a BUY rating and MEDIUM risk.<\/strong><br>\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>ESPE SpA (\u201cESPE\u201d, or the \u201cCompany\u201d) was founded in 1974, in Grantorto, in the Province of Padua, Italy, as an artisan company in the industrial plant engineering sector, and then embarked on a growth<\/p>\n","protected":false},"author":5,"featured_media":22655,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,241],"tags":[322],"class_list":["post-24401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-initiation-of-coverage-en","tag-espe-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Initiation of Coverage - 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\/initiation-of-coverage-22-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Initiation of Coverage - 22.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"ESPE SpA (\u201cESPE\u201d, or the \u201cCompany\u201d) was founded in 1974, in Grantorto, in the Province of Padua, Italy, as an artisan company in the industrial plant engineering sector, and then embarked on a growth\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-22-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-22T07:22:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-23T07:23:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/02\/espe-logo-2020.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1753\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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":"Initiation of Coverage - 22.04.2024 - 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\/initiation-of-coverage-22-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"Initiation of Coverage - 22.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"ESPE SpA (\u201cESPE\u201d, or the \u201cCompany\u201d) was founded in 1974, in Grantorto, in the Province of Padua, Italy, as an artisan company in the industrial plant engineering sector, and then embarked on a growth","og_url":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-22-04-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-22T07:22:00+00:00","article_modified_time":"2024-04-23T07:23:56+00:00","og_image":[{"width":1753,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/02\/espe-logo-2020.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; 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