{"id":24901,"date":"2024-05-22T16:24:10","date_gmt":"2024-05-22T14:24:10","guid":{"rendered":"https:\/\/integrae.it\/?p=24901"},"modified":"2024-05-22T16:25:31","modified_gmt":"2024-05-22T14:25:31","slug":"update-22-05-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-22-05-2024\/","title":{"rendered":"UPDATE 21.05.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production came in at \u20ac 18.87 million, compared to \u20ac 16.46 million recorded at the end of 2022, and to our previous report\u2019s estimated of \u20ac 18.95 million. EBITDA, at the end of the 2023 financial year, amounted to \u20ac 3.02 million, up from \u20ac 1.74 million in 2022 (+73.5%), and essentially consistent with our estimate. The EBITDA margin for the period was therefore 16.0%, clearly growing from the 10.6% of the previous year and our estimate of 15.6%. Net income, at the end of 2023, amounted to \u20ac 1.21 million, higher than the figure for the previous period, equal to \u20ac 0.74 million.&nbsp;<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 an FY24E value of production of \u20ac 20.45 million, and an EBITDA of \u20ac 3.35 million, corresponding to a margin of 16.4%. In the following years, we expect the value of production to reach \u20ac 23.45 million (CAGR 23A-26E: 7.5%) in FY26E, with EBITDA equal to \u20ac 4.50 million (corresponding to a margin of 19.2%), up from \u20ac 3.02 million in FY23A (corresponding to an EBITDA margin of 16.0%).&nbsp;<br><br>We conducted our valuation of the equity value of Simone 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 24.4 million. Using market multiples, the equity value of Simone was calculated as \u20ac 22.1 million (including a 25.0% discount). <strong>The result is an average equity value of approximately \u20ac 23.3 million. The target price is \u20ac 3.10, with a BUY rating and MEDIUM risk.<\/strong> &nbsp;&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production came in at \u20ac 18.87 million, compared to \u20ac 16.46 million recorded at the end of 2022, and to our previous report\u2019s estimated of \u20ac 18.95 million. EBITDA, at the<\/p>\n","protected":false},"author":5,"featured_media":21603,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[316],"class_list":["post-24901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-simone-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE 21.05.2024 - 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-22-05-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE 21.05.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production came in at \u20ac 18.87 million, compared to \u20ac 16.46 million recorded at the end of 2022, and to our previous report\u2019s estimated of \u20ac 18.95 million. EBITDA, at the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-22-05-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-22T14:24:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-22T14:25:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/12\/Simone-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 21.05.2024 - 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-22-05-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE 21.05.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production came in at \u20ac 18.87 million, compared to \u20ac 16.46 million recorded at the end of 2022, and to our previous report\u2019s estimated of \u20ac 18.95 million. 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