{"id":26984,"date":"2024-10-08T09:37:21","date_gmt":"2024-10-08T07:37:21","guid":{"rendered":"https:\/\/integrae.it\/?p=26984"},"modified":"2024-10-08T09:37:22","modified_gmt":"2024-10-08T07:37:22","slug":"update-08-10-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-08-10-2024-3\/","title":{"rendered":"UPDATE &#8211; 08.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production amounted to \u20ac 7.27 million, compared to a value of \u20ac 7.16 million for 1H23A (\u20ac 6.62 million in 1H23A*), marking a 1.5% increase (+9.8% vs 1H23A*).EBITDA stood at \u20ac 1.75 million, down by 10.7% compared to \u20ac 1.96 million in the first half of last year, and up by 11.7% compared to the normalised 1H23A* figure (\u20ac 1.57 million). EBIT, after depreciation and amortisation of \u20ac 0.46 million, amounted to \u20ac 1.29 million (\u20ac 1.51 million in 1H23A and \u20ac 0.97 million in 1H23A*). Net Income reached \u20ac 1.03 million, down by 8.3% compared to \u20ac 1.13 million in 1H23A, but up by 43.3% compared to 1H23A*.<br><br>In light of the published 1H24A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of \u20ac 15.70 million, and a EBITDA of \u20ac 3.80 million, corresponding to a margin of 24.2%. In the following years, we expect the value of production to reach \u20ac 30.35 million (CAGR 23A-27E: 23.1%) in FY27E, with EBITDA equal to \u20ac 7.95 million (corresponding to a margin of 26.2%), up from \u20ac 3.19 million in FY23A (corresponding to an EBITDA margin of 24.1%).<br><br>We conducted our valuation of the equity value of Circle 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 49.7 million. Using market multiples, the equity value of Circle was calculated as \u20ac 47.3 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 48.5 million. <strong>The target price is \u20ac 10.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production amounted to \u20ac 7.27 million, compared to a value of \u20ac 7.16 million for 1H23A (\u20ac 6.62 million in 1H23A*), marking a 1.5% increase (+9.8% vs 1H23A*).EBITDA stood at \u20ac<\/p>\n","protected":false},"author":5,"featured_media":11436,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[197],"class_list":["post-26984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-circle-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-08-10-2024-3\/\" \/>\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=\"The value of production amounted to \u20ac 7.27 million, compared to a value of \u20ac 7.16 million for 1H23A (\u20ac 6.62 million in 1H23A*), marking a 1.5% increase (+9.8% vs 1H23A*).EBITDA stood at \u20ac\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-08-10-2024-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T07:37:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-08T07:37:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/01\/circle400x400-o8roo45lll27bivn9rkz58h2qetsgdp6vi7y0sbd7k.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-08-10-2024-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production amounted to \u20ac 7.27 million, compared to a value of \u20ac 7.16 million for 1H23A (\u20ac 6.62 million in 1H23A*), marking a 1.5% increase (+9.8% vs 1H23A*).EBITDA stood at \u20ac","og_url":"https:\/\/integrae.it\/en\/research\/update-08-10-2024-3\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-08T07:37:21+00:00","article_modified_time":"2024-10-08T07:37:22+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/01\/circle400x400-o8roo45lll27bivn9rkz58h2qetsgdp6vi7y0sbd7k.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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