{"id":26917,"date":"2024-10-03T11:11:53","date_gmt":"2024-10-03T09:11:53","guid":{"rendered":"https:\/\/integrae.it\/?p=26917"},"modified":"2024-10-03T11:11:54","modified_gmt":"2024-10-03T09:11:54","slug":"update-03-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-03-10-2024\/","title":{"rendered":"UPDATE &#8211; 03.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenue for the first half of 2024 amounts to \u20ac 44.21 million. Consolidated EBITDA as of June 30, 2024, stands at \u20ac 5.82 million, corresponding to an EBITDA margin of 13.0%. EBIT, after depreciation and amortization amounting to \u20ac 1.15 million, is \u20ac 4.67 million, with an EBIT margin of 10.4%. Net Income stands at \u20ac 3.04 million. Lastly, the NFP has increased from \u20ac 7.14 million at FY23A to \u20ac 8.34 million of debt as of 1H24A.\u00a0<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 revenues to be \u20ac 77.00 million, with an EBITDA of \u20ac 8.15 million, corresponding to a margin of 10.5%. For the following years, we expect revenues to increase to \u20ac 108.50 million (CAGR 23A-27E: 15.6%) by FY27E, with EBITDA reaching \u20ac 13.05 million (corresponding to a margin of 12.0%), up from \u20ac 6.37 million in FY23A (with an EBITDA margin of 10.0%).<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 85.5 million. Using market multiples, the equity value of FAE Technology is \u20ac 83.6 million (including a 25.0% discount). <strong>The results give an average equity value of approximately \u20ac 84.5 million. The target price is \u20ac 4.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenue for the first half of 2024 amounts to \u20ac 44.21 million. Consolidated EBITDA as of June 30, 2024, stands at \u20ac 5.82 million, corresponding to an EBITDA margin of 13.0%. EBIT, after depreciation<\/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-26917","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 - 03.10.2024 - 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-03-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 03.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenue for the first half of 2024 amounts to \u20ac 44.21 million. Consolidated EBITDA as of June 30, 2024, stands at \u20ac 5.82 million, corresponding to an EBITDA margin of 13.0%. 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