{"id":24455,"date":"2024-04-26T08:43:33","date_gmt":"2024-04-26T06:43:33","guid":{"rendered":"https:\/\/integrae.it\/?p=24455"},"modified":"2024-04-26T16:30:15","modified_gmt":"2024-04-26T14:30:15","slug":"update-24-04-2024-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-4\/","title":{"rendered":"UPDATE &#8211; 26.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Company\u2019s revenues at the end of FY23A stood at \u20ac 6.77 million, marking a growth of 21.6% compared to the figure of \u20ac 5.57 million for FY22A, and in line with our estimate of \u20ac 6.80 million. EBITDA for the period, equal to \u20ac -0.32 million, was an improvement on our estimate of \u20ac -0.50 million, and substantially in line with the value for the previous financial year of \u20ac -0.34 million. EBIT came in at \u20ac -1.06 million, in line with the result of the previous year of \u20ac -1.00 million, and better than our expectation of \u20ac -1.15 million. Consequently, the Net Income was also negative at \u20ac -0.90 million. The NFP came in at a cash positive \u20ac 0.51 million, slightly up on last year\u2019s figure of \u20ac 0.45 million (cash positive).<br><br>In light of the results published in the annual report for 2023, we have updated our estimates for both the current year and the following years. In particular, we now estimate an FY24E value of production of \u20ac 9.80 million, and an EBITDA of \u20ac 0.75 million, corresponding to a margin of 8.1%. In the following years, we expect the value of production to reach \u20ac 12.95 million (CAGR 23A-25E: 20.4%) in FY26E, with EBITDA equal to \u20ac 2.55 million (corresponding to a margin of 20.5%), up from \u20ac -0.32 million in FY23A (corresponding to an EBITDA margin of -4.7%). On the balance sheet, we estimate a cash positive NFP for FY26E of \u20ac 5.04 million.<br><br>We conducted our valuation of the equity value of ICC 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 14.3 million. <strong>The target price is \u20ac 3.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Company\u2019s revenues at the end of FY23A stood at \u20ac 6.77 million, marking a growth of 21.6% compared to the figure of \u20ac 5.57 million for FY22A, and in line with our estimate<\/p>\n","protected":false},"author":5,"featured_media":12109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[173],"class_list":["post-24455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-icc-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 26.04.2024 - 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-24-04-2024-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 26.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Company\u2019s revenues at the end of FY23A stood at \u20ac 6.77 million, marking a growth of 21.6% compared to the figure of \u20ac 5.57 million for FY22A, and in line with our estimate\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-24-04-2024-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-26T06:43:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-26T14:30:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/1532426516899.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\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 - 26.04.2024 - 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-24-04-2024-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 26.04.2024 - integrae.it \u2013 Financial Boutique","og_description":"The Company\u2019s revenues at the end of FY23A stood at \u20ac 6.77 million, marking a growth of 21.6% compared to the figure of \u20ac 5.57 million for FY22A, and in line with our estimate","og_url":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-4\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-04-26T06:43:33+00:00","article_modified_time":"2024-04-26T14:30:15+00:00","og_image":[{"width":512,"height":512,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/1532426516899.jpeg","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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