{"id":26963,"date":"2024-10-07T09:59:29","date_gmt":"2024-10-07T07:59:29","guid":{"rendered":"https:\/\/integrae.it\/?p=26963"},"modified":"2024-10-07T09:59:30","modified_gmt":"2024-10-07T07:59:30","slug":"update-07-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-07-10-2024\/","title":{"rendered":"UPDATE &#8211; 07.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenue as of June 30, 2024, stands at \u20ac 29.64 million, compared to \u20ac 34.68 million recorded in 1H23A. EBITDA, amounting to \u20ac 3.70 million, shows a decline compared to the \u20ac 9.08 million in 1H23A. The EBITDA margin, at 12.4%, also decreased compared to the margin in the first half of 2023 (25.9%). EBIT stands at \u20ac 2.44 million (\u20ac 8.09 million in 1H23A). Net Income is \u20ac 1.59 million, compared to \u20ac 5.57 million in the first half of 2023. From a balance sheet perspective, the Net Financial Position (NFP) shifts from \u20ac 0.03 million in FY23A to a debt value of \u20ac 4.31 million at the end of the first half of 2024.<br><br>Given the results published in the semi-annual report for FY23A, we have partially adjusted our estimates for both the current year and the following few years. In particular, we now estimate a FY24E revenue value of \u20ac 70.00 million, and a EBITDA of \u20ac 15.60 million, corresponding to a margin of 22.3%. In the following years, we expect the value of revenues to increase up to \u20ac 91.35 million (CAGR 23A-26E: 11.0%) in FY26E, with EBITDA equal to \u20ac 22.35 million (corresponding to a margin of 24.5%), up from \u20ac 16.95 million in FY23A (corresponding to an EBITDA margin of 25.4%). On the balance sheet level, we estimate a cash positive NFP of \u20ac 9.95 million for FY26E.<br><br>We conducted our valuation of the equity value of FOPE based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of \u20ac 226.2 million. Using market multiples, we calculated the equity value of FOPE to be \u20ac 195.0 million (including a 25% discount). <strong>The results give an average equity value of approximately \u20ac 210.6 million. The target price is \u20ac 39.00, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenue as of June 30, 2024, stands at \u20ac 29.64 million, compared to \u20ac 34.68 million recorded in 1H23A. EBITDA, amounting to \u20ac 3.70 million, shows a decline compared to the \u20ac 9.08 million<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-26963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 07.10.2024 - 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-07-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 07.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenue as of June 30, 2024, stands at \u20ac 29.64 million, compared to \u20ac 34.68 million recorded in 1H23A. 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