{"id":24582,"date":"2024-05-06T09:22:41","date_gmt":"2024-05-06T07:22:41","guid":{"rendered":"https:\/\/integrae.it\/?p=24582"},"modified":"2024-05-06T09:22:43","modified_gmt":"2024-05-06T07:22:43","slug":"update-06-05-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-06-05-2024\/","title":{"rendered":"UPDATE &#8211; 06.05.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 61.68 million, compared to \u20ac 39.41 million recorded at the end of 2022 (up 56.5%) for FAE Technology alone, and a consolidated figure of \u20ac 60.72 million. The FY23A figure came in higher than our previous estimate, equal to \u20ac 58.00 million. EBITDA, equal to \u20ac 6.38 million, increased substantially compared to the FY22A figure (\u20ac 3.92 million), corresponding to an EBITDA margin of 9.8%, slightly up on the equivalent figure for 2022 of 9.7%. A consolidated EBITDA of \u20ac 6.37 million was recorded, corresponding to a margin of 10.0%. This FY23A figure was, in fact, in line with the estimate of our latest report (\u20ac 6.35 million). EBIT amounted to \u20ac 5.15 million (with the consolidated figure at \u20ac 4.99 million), compared to \u20ac 3.14 million in FY22A. The FY23A result was in line with our expectation, which estimated a value of \u20ac 5.20 million. Net Income came in at \u20ac 3.42 million, marking an increase on the FY22A figure (\u20ac2.11 million), with the consolidated figure amounting to \u20ac 3.25 million.\u00a0<br><br>In light of the results published in the annual report for FY23A, we substantially confirm our estimates for both the current year and the following years. In particular, we estimate FY24E revenues of \u20ac 83.00 million, and an EBITDA of \u20ac 9.75 million, corresponding to a margin of 11.7%. In the following years, we expect turnover to reach \u20ac 108.50 million (CAGR 23A-26E: 20.7%) in FY26E, with EBITDA equal to \u20ac 14.25 million (corresponding to a margin of 13.1%), up from \u20ac 6.38 million in FY23A (corresponding to an EBITDA margin of 9.8%).<br><br>We conducted our valuation of the equity value of FAE Technology 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 94.0 million. Using market multiples, the equity value of FAE Technology is \u20ac 80.3 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 87.2 million.<strong> The target price is \u20ac 5.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 61.68 million, compared to \u20ac 39.41 million recorded at the end of 2022 (up 56.5%) for FAE Technology alone, and a consolidated figure of \u20ac 60.72 million. The FY23A figure<\/p>\n","protected":false},"author":5,"featured_media":17428,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[243],"class_list":["post-24582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fae-technology-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 06.05.2024 - 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-06-05-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 06.05.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 61.68 million, compared to \u20ac 39.41 million recorded at the end of 2022 (up 56.5%) for FAE Technology alone, and a consolidated figure of \u20ac 60.72 million. 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