{"id":24426,"date":"2024-04-24T09:10:01","date_gmt":"2024-04-24T07:10:01","guid":{"rendered":"https:\/\/integrae.it\/?p=24426"},"modified":"2024-04-24T09:10:03","modified_gmt":"2024-04-24T07:10:03","slug":"update-24-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-24-04-2024\/","title":{"rendered":"UPDATE &#8211; 24.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>FY23A sales revenues amounted to \u20ac 29.60 million, up 9.9% compared to \u20ac 26.94 million in FY22A. After other revenues of \u20ac 0.29 million, the value of production saw a similar growth of 10.6%, rising from \u20ac 27.02 million in FY22A to \u20ac 29.89 million in FY23A. EBITDA amounted to \u20ac 5.41 million, down 24.3% from \u20ac 7.15 million in FY22A, with an EBITDA margin of 18.1%, compared to 26.4% in FY22A. EBIT, after depreciation and amortization of \u20ac 0.39 million, came in at \u20ac 5.02 million, marking a decrease of 28.7% compared to the FY22A value of \u20ac 7.04 million. The EBIT margin for FY23A was 16.8%, compared to 26.0% for FY22A. The company\u2019s Net Income amounted to \u20ac 1.54 million, compared to \u20ac 2.23 million in FY22A.<br><br>In light of the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate an FY24E value of production of \u20ac 33.65 million, and an EBITDA of \u20ac 6.85 million, corresponding to a margin of 20.4%. In the following years, we expect the value of production to reach \u20ac 42.65 million (CAGR 23A-26E: 12.6%) in FY26E, with EBITDA equal to \u20ac 10.25 million (corresponding to a margin of 24.0%), up from \u20ac 5.41 million in FY23A (corresponding to an EBITDA margin of 18.1%). On the balance sheet, for FY24E, we estimate a cash positive NFP of \u20ac 8.04 million.<br><br>We conducted our valuation of the equity value of E-Globe based on the DCF method. 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 50.5 million. <strong>The target price is \u20ac 2.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>FY23A sales revenues amounted to \u20ac 29.60 million, up 9.9% compared to \u20ac 26.94 million in FY22A. After other revenues of \u20ac 0.29 million, the value of production saw a similar growth of 10.6%,<\/p>\n","protected":false},"author":5,"featured_media":19022,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[299],"class_list":["post-24426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-e-globe-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 24.04.2024 - 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-24-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 24.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"FY23A sales revenues amounted to \u20ac 29.60 million, up 9.9% compared to \u20ac 26.94 million in FY22A. After other revenues of \u20ac 0.29 million, the value of production saw a similar growth of 10.6%,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-24-04-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-24T07:10:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-24T07:10:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.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 - 24.04.2024 - 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-24-04-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 24.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"FY23A sales revenues amounted to \u20ac 29.60 million, up 9.9% compared to \u20ac 26.94 million in FY22A. 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