{"id":25434,"date":"2024-06-26T10:44:30","date_gmt":"2024-06-26T08:44:30","guid":{"rendered":"https:\/\/integrae.it\/?p=25434"},"modified":"2024-06-26T10:44:31","modified_gmt":"2024-06-26T08:44:31","slug":"update-26-06-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-26-06-2024\/","title":{"rendered":"UPDATE &#8211; 26.06.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the Consolidated Financial Statements as of December 31, 2023, SolidWorld Group recorded net sales revenues of \u20ac 61.98 million, up 7.3% on the result at the end of 2022 (equal to \u20ac 57.75 million), mainly driven by its industrial business activities, responsible for 95.6% of overall revenues in 2023. The value of production went from \u20ac 60.76 million in FY22A to \u20ac 66.56 million in 2023, marking a growth of 9.5%. EBITDA as of December 31, 2023, amounted to \u20ac 3.40 million, down on the figure for the previous year of \u20ac 4.02 million, with an EBITDA margin on the value of production of 5.5%. The EBIT for the period, after depreciation and amortization of \u20ac 3.98 million, came in at \u20ac -0.58 million, with an EBIT margin of -0.9%, down from 1.40% in FY22A. Net Income for the Group in 2023 therefore went from \u20ac 0.11 million in 2022 to \u20ac -1.88 million in the financial year just ended.<br><br>In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of \u20ac 71.00 million, and an EBITDA of \u20ac 5.00 million, corresponding to a margin of 7.5%. In the following years, we expect the value of production to reach \u20ac 95.00 million (CAGR FY23A &#8211; FY26E: 15.7%) in FY26E, with EBITDA equal to \u20ac 9.00 million (corresponding to a margin of 10.0%), up from \u20ac 3.40 million in FY23A (corresponding to an EBITDA margin of 5.5%).<br><br>We conducted our valuation of the equity value of SolidWorld Group on the basis of 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 106,7 million. Using market multiples, the equity value of SolidWorld Group was estimated at \u20ac 81,4 mln million (including a 25% discount). This gives an average equity value of approximately \u20ac 94,0 million. <strong>The target price is \u20ac 6.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the Consolidated Financial Statements as of December 31, 2023, SolidWorld Group recorded net sales revenues of \u20ac 61.98 million, up 7.3% on the result at the end of 2022 (equal to \u20ac 57.75<\/p>\n","protected":false},"author":5,"featured_media":12144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[167],"class_list":["post-25434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-solidworld-group-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 26.06.2024 - 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-26-06-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 26.06.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the Consolidated Financial Statements as of December 31, 2023, SolidWorld Group recorded net sales revenues of \u20ac 61.98 million, up 7.3% on the result at the end of 2022 (equal to \u20ac 57.75\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-26-06-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T08:44:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-26T08:44:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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 - 26.06.2024 - 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-26-06-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 26.06.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the Consolidated Financial Statements as of December 31, 2023, SolidWorld Group recorded net sales revenues of \u20ac 61.98 million, up 7.3% on the result at the end of 2022 (equal to \u20ac 57.75","og_url":"https:\/\/integrae.it\/en\/research\/update-26-06-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-06-26T08:44:30+00:00","article_modified_time":"2024-06-26T08:44:31+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.jpg","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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