{"id":26702,"date":"2024-09-24T09:14:23","date_gmt":"2024-09-24T07:14:23","guid":{"rendered":"https:\/\/integrae.it\/?p=26702"},"modified":"2024-09-24T09:14:24","modified_gmt":"2024-09-24T07:14:24","slug":"update-24-09-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-24-09-2024\/","title":{"rendered":"UPDATE &#8211; 24.09.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td> At the end of the first half of 2024, the Group recorded revenues of \u20ac 11.09 million, an increase of 7.5% compared to 1H23A, where revenues amounted to \u20ac 10.32 million. EBITDA stood at \u20ac 2.02 million, showing a sharp increase (+46.3%) compared to \u20ac 1.38 million in 1H23A. Similarly, the EBITDA margin improved from 13.4% in 1H23A to 18.3% in the current period. EBIT as of June 30, 2024, was positive at \u20ac 0.91 million, showing a significant increase compared to the 1H23A result of \u20ac 0.21 million. Net Income for 1H24A also grew, reaching \u20ac 0.41 million, compared to a negative result of \u20ac -0.10 million in 1H23A. The NFP for the period under review stood at \u20ac 4.51 million, compared to \u20ac 3.56 million in FY23A.<br><br>In light of the results published in the half-year report for 1H24A, we are revising our estimates for both the current year and the upcoming years. Specifically, we estimate FY24E sales revenue to be \u20ac 22.40 million, with an EBITDA of \u20ac 4.00 million, corresponding to a margin of 17.9%. For the following years, we expect sales revenue to increase to \u20ac 28.10 million (CAGR 23A-26E: 12.4%) by FY26E, with an EBITDA of \u20ac 7.00 million (corresponding to a margin of 24.9%). On the balance sheet side, we estimate a cash-positive NFP of \u20ac 2.31 million for FY26E.<br><br>We conducted our valuation of the equity value of Websolute 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 50.8 million. Using market multiples, the equity value of Websolute was calculated to be \u20ac 35.2 million. <strong>The result gives an average equity value of approximately \u20ac 43.0 million. The target price is \u20ac 4.20, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2024, the Group recorded revenues of \u20ac 11.09 million, an increase of 7.5% compared to 1H23A, where revenues amounted to \u20ac 10.32 million. EBITDA stood at<\/p>\n","protected":false},"author":5,"featured_media":11482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[192],"class_list":["post-26702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-websolute-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 24.09.2024 - 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-24-09-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 24.09.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"At the end of the first half of 2024, the Group recorded revenues of \u20ac 11.09 million, an increase of 7.5% compared to 1H23A, where revenues amounted to \u20ac 10.32 million. 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