{"id":24428,"date":"2024-04-24T09:15:31","date_gmt":"2024-04-24T07:15:31","guid":{"rendered":"https:\/\/integrae.it\/?p=24428"},"modified":"2024-04-24T09:15:33","modified_gmt":"2024-04-24T07:15:33","slug":"update-24-04-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/","title":{"rendered":"UPDATE &#8211; 24.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>During the year, the Group recorded revenues of \u20ac 59.17 million, marking a 13.4% increase compared to the previous year\u2019s result of \u20ac 51.19 million. The EBITDA for the period was \u20ac 7.66 million, showing a substantial growth of 25.9% compared to the FY22A figure of \u20ac 6.08 million, thus marking a margin on production value of 12.9% (up from 11.7% in FY22A). EBIT, after depreciation and amortization totaling \u20ac 4.66 million, amounted to \u20ac 3.00 million, compared to \u20ac 2.31 million in 2022. Consequently, the EBIT margin also increased from 4.4% to 5.1%. Net income was also positive at \u20ac 1.96 million, marking an increase from \u20ac 1.75 million recorded in the previous year.<br><br>In light of the results published in the annual report for FY23A, we are slightly adjusting our estimates for the current year and the coming years. Specifically, we estimate a consolidated production value for FY24E of \u20ac 61.50 million and an EBITDA of \u20ac 7.75 million, corresponding to a margin of 12.9%. For the following years, we expect the production value to increase to \u20ac 70.00 million (CAGR 23A-26E: 4.5%) by FY26E, with an EBITDA of \u20ac 9.25 million (corresponding to a margin of 13.5%), an increase from \u20ac 7.66 million in FY23A (which corresponded to an EBITDA margin of 12.9%)<br><br>We conducted the equity value assessment of Vimi Fasteners using the DCF methodology and the multiples from a sample of comparable companies. The DCF method, which includes a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of \u20ac 37.8 million. The equity value of Vimi Fasteners using market multiples is approximately \u20ac 37.1 million (including a 25.0% discount). This results in an average equity value of about \u20ac 37.4 million. <strong>The target price is \u20ac 2.75, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During the year, the Group recorded revenues of \u20ac 59.17 million, marking a 13.4% increase compared to the previous year\u2019s result of \u20ac 51.19 million. The EBITDA for the period was \u20ac 7.66 million,<\/p>\n","protected":false},"author":5,"featured_media":12069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[251],"class_list":["post-24428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vimi-fasteners"],"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-24-04-2024-2\/\" \/>\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=\"During the year, the Group recorded revenues of \u20ac 59.17 million, marking a 13.4% increase compared to the previous year\u2019s result of \u20ac 51.19 million. The EBITDA for the period was \u20ac 7.66 million,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-24T07:15:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-24T07:15:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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-24-04-2024-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 24.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"During the year, the Group recorded revenues of \u20ac 59.17 million, marking a 13.4% increase compared to the previous year\u2019s result of \u20ac 51.19 million. The EBITDA for the period was \u20ac 7.66 million,","og_url":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-24T07:15:31+00:00","article_modified_time":"2024-04-24T07:15:33+00:00","og_image":[{"width":500,"height":500,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png","width":500,"height":500},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/","name":"UPDATE - 24.04.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/#primaryimage"},"datePublished":"2024-04-24T07:15:31+00:00","dateModified":"2024-04-24T07:15:33+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 24.04.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=24428"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24428\/revisions"}],"predecessor-version":[{"id":24429,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/24428\/revisions\/24429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12069"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=24428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=24428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=24428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}