{"id":26982,"date":"2024-10-08T09:36:27","date_gmt":"2024-10-08T07:36:27","guid":{"rendered":"https:\/\/integrae.it\/?p=26982"},"modified":"2024-10-08T09:36:28","modified_gmt":"2024-10-08T07:36:28","slug":"update-08-10-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-08-10-2024-2\/","title":{"rendered":"UPDATE &#8211; 08.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the semi-annual financial report as of 30th June 2024, Convergenze recorded a value of production of \u20ac 12.10 million, attributed to the activities of its two Business Units: TLC (\u20ac 5.56 million, representing 46.0% of the total) and Energy (\u20ac 6.45 million, representing 53.3%), with other revenues of \u20ac 0.09 million (0.7%). The EBITDA for the period amounted to \u20ac 2.27 million, marking a sharp increase of 73.0% compared to the previous year (\u20ac 1.31 million), with an EBITDA margin of 18.7%. EBIT followed the same upward trend as EBITDA, showing significant growth, reaching \u20ac 1.27 million compared to \u20ac 0.40 million in 1H23A. Net Income was also positive, amounting to \u20ac 0.61 million, up from \u20ac 0.05 million in the first half of 2023.<br><br>In light of the results published in the 1H24A semi-annual report, we fully confirm our estimates for both the current year and the upcoming years. Specifically, we estimate a value of production of \u20ac 25.50 million for FY24E and an EBITDA of \u20ac 3.95 million, corresponding to a margin of 15.5%. We expect the value of production to increase to \u20ac 31.05 million (CAGR 23A-26E: 10.8%) by FY26E, with an EBITDA of \u20ac 5.75 million (EBITDA margin of 18.5%), growing from \u20ac 3.22 million in FY23A (EBITDA margin of 14.1%).<br><br>We conducted the equity value assessment of Convergenze based on the discounted cash flow (DCF) methodology and the multiples of a sample of comparable companies. The DCF method (which includes a specific risk of 2.5% in the WACC calculation for prudential purposes) yields an equity value of \u20ac37.6 million. The equity value of Convergenze, using market multiples, amounts to \u20ac26.0 million (including a 25.0% discount). This results in an average equity value of approximately \u20ac31.8 million. <strong>The target price is \u20ac4.25 (unchanged), with a BUY rating and MEDIUM risk.<\/strong><br><br><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the semi-annual financial report as of 30th June 2024, Convergenze recorded a value of production of \u20ac 12.10 million, attributed to the activities of its two Business Units: TLC (\u20ac 5.56 million, representing<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-26982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 08.10.2024 - 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-08-10-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the semi-annual financial report as of 30th June 2024, Convergenze recorded a value of production of \u20ac 12.10 million, attributed to the activities of its two Business Units: TLC (\u20ac 5.56 million, representing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-08-10-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T07:36:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-08T07:36:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.jpg\" \/>\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\/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 - 08.10.2024 - 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-08-10-2024-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the semi-annual financial report as of 30th June 2024, Convergenze recorded a value of production of \u20ac 12.10 million, attributed to the activities of its two Business Units: TLC (\u20ac 5.56 million, representing","og_url":"https:\/\/integrae.it\/en\/research\/update-08-10-2024-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-08T07:36:27+00:00","article_modified_time":"2024-10-08T07:36:28+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.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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