{"id":26874,"date":"2024-10-01T09:27:13","date_gmt":"2024-10-01T07:27:13","guid":{"rendered":"https:\/\/integrae.it\/?p=26874"},"modified":"2024-10-01T09:27:14","modified_gmt":"2024-10-01T07:27:14","slug":"update-01-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/","title":{"rendered":"UPDATE &#8211; 01.10.2024"},"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 \u20ac11.29 million, a growth of 114.7% compared to 1H23A, where they amounted to \u20ac5.26 million. EBITDA stands at \u20ac0.90 million, up (+15.8%) compared to 1H23A, where it was \u20ac0.78 million. However, the EBITDA margin, calculated on the value of production, decreased from 10.0% in 1H23A to 7.6% in the period under review. EBIT as of June 30, 2024, net of amortization and impairments of \u20ac0.33 million, is positive at \u20ac0.58 million, in line with the result of \u20ac0.60 million in 1H23A. The Net Income for 1H24A decreased to \u20ac0.28 million (\u20ac0.43 million in 1H23A). The NFP for the analysis period amounts to \u20ac2.24 million, compared to \u20ac3.65 million in FY23A*.<br><br>In light of the results published in the half-year report for 1H24A, we fully confirm our estimates for both the current year and the coming years. Specifically, we estimate a Production Value for FY24E of \u20ac20.45 million and an EBITDA of \u20ac1.30 million, corresponding to a margin of 6.4%. For the following years, we expect the Production Value to increase to \u20ac57.85 million (CAGR 23A*-27E: 32.7%) in FY27E, with an EBITDA of \u20ac9.00 million (corresponding to a margin of 15.6%), up from \u20ac1.17 million in FY23A* (with an EBITDA Margin of 6.3%).<br><br>We conducted the valuation of Bellini Nautica\u2019s equity value based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac33.5 million. <strong>The target price is \u20ac5.25, with a BUY rating and a MEDIUM risk.\u00a0<\/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 \u20ac11.29 million, a growth of 114.7% compared to 1H23A, where they amounted to \u20ac5.26 million. EBITDA stands at \u20ac0.90 million,<\/p>\n","protected":false},"author":5,"featured_media":24334,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[329],"class_list":["post-26874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-bellini-nautica-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 01.10.2024 - 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-01-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 01.10.2024 - 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 \u20ac11.29 million, a growth of 114.7% compared to 1H23A, where they amounted to \u20ac5.26 million. EBITDA stands at \u20ac0.90 million,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-01T07:27:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-01T07:27:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Bellini.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 - 01.10.2024 - 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-01-10-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 01.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half of 2024, the Group recorded revenues of \u20ac11.29 million, a growth of 114.7% compared to 1H23A, where they amounted to \u20ac5.26 million. EBITDA stands at \u20ac0.90 million,","og_url":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-01T07:27:13+00:00","article_modified_time":"2024-10-01T07:27:14+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Bellini.png","type":"image\/png"}],"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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Bellini.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Bellini.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/","name":"UPDATE - 01.10.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/#primaryimage"},"datePublished":"2024-10-01T07:27:13+00:00","dateModified":"2024-10-01T07:27:14+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-01-10-2024\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-01-10-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 01.10.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/26874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=26874"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/26874\/revisions"}],"predecessor-version":[{"id":26875,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/26874\/revisions\/26875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/24334"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=26874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=26874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=26874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}